Strategic Alliance Between Turbine Truck Engines and AMEC Gains Momentum | AMEC to Utilize the Resources of Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. in Strategic Alliance With TTE
DeLand, Florida | August 24, 2009
In January 2009, Turbine Truck Engines, Inc. (TTE) (OTCBB: TTEG) and China's Aerospace Machinery and Electric Equipment Co. Ltd. (AMEC) entered into a strategic alliance, agreeing to collaborate on the engineering and technical development of the patented Detonation Cycle Gas Turbine (DCGT) engine. TTE also granted AMEC the exclusive license to commercialize the engine in China's automotive and busing markets when the design process is completed. TTE has learned that AMEC will have full access to the resources of Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. (Aerospace Mitsubishi) in the engineering and development process.
Aerospace Mitsubishi is a joint venture (JV) between five companies from China, Japan, and Malaysia. AMEC's sister corporation, China Aerospace Automotive Industry Group (Aerospace Automotive), has a 30% stake in the JV, and Aerospace Automotive will be the channel through which AMEC will access Aerospace Mitsubishi resources. AMEC intends to develop 150 and 400 horsepower versions of the DCGT. Once developed, the engine will be manufactured in Aerospace Mitsubishi's state-of-the-art engine assembly plant. The plant is already producing 100,000 engines annually, and is expected to reach 15 million units annually when the facility is complete.
AMEC and Aerospace Automotive are wholly owned subsidiaries of China Aerospace Science and Industry Corp (CASIC). CASIC (www.casic.com.cn) is one of the largest state owned enterprises in China and employs more than 100,000 people, over 40% of which are technical and engineering personnel. CASIC is comprised of seven research institutions, two manufacturing bases, and several production enterprises. Of the 150 CASIC subsidiaries, six are publicly traded companies on the Hong Kong and China Exchanges. The corporation is responsible for the development of China's manned space program and is considered the most technically advanced enterprise in China.
Michael Rouse, President and CEO of TTE, is in China for high-level meetings with AMEC officials, and he observed, "AMEC's access to Aerospace Mitsubishi's resources will speed the process to which we are mutually committed, and I am excited about the implications of this development for all TTE and AMEC stakeholders."
About Aerospace Machinery and Electric Equipment Co. Ltd.
AMEC is a wholly owned subsidiary of China Aerospace Science and Industry Corporation (CASIC) which takes full advantage of the resources provided by the parent corporation. Founded in 2002, AMEC is an integrated company specializing in the manufacture of civilian products, technical and industrial engineering services, and trading. Executive management is proficient in scientific research, production capacity utilization, labor coordination, and production logistics of complete assembly systems. AMEC is located in the Haidian District, near the Aerospace Bridge in Xishanhuan, Beijing, China. Currently, the AMEC workforce consists of over 3,000 full time employees and outside researchers within universities and industrial groups.
The parent corporation, CASIC (www.casic.com.cn), is one of the largest state owned enterprises in China and employs more than 100,000 people, with over 40% technical and engineering personnel. CASIC is comprised of seven research institutions, two manufacturing bases and several production enterprises. Of the 150 CASIC subsidiaries, six are already publicly traded companies on the Hong Kong and China Exchanges. The corporation is responsible for the development of China’s manned space program and is considered the most technically advanced enterprise in China.
About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture and testing of its New Energy and Environmentally Efficient Truck Engine intended for mass market distribution in the United States and abroad. The new engine can utilize any known fuel source (gasoline, diesel, propane, natural gas, hydrogen, methanol, ethanol or LPG) or fuel mixture, yet needs zero coolant, lube oil, filters, or pumps. Its unique, lightweight turbine design has few moving parts, significantly reducing maintenance costs. The innovative cyclic detonation process produces a complete combustion of fuel-oxidizer mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions. For more information concerning Turbine Truck Engines, Inc., visit www.ttengines.com.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance, development and results of the company's business include, but are not limited to, fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services, and pricing, general market trends and conditions, and other risks detailed in the company's SEC reports.