Turbine Truck Engines to Form Joint Venture with Leading Chinese Mining Company | Companies Agree to Adapt Technology for Power Generation
DeLand, Florida | September 11, 2009
Turbine Truck Engines, Inc. (TTE) (OTCBB: TTEG) is pleased to announce that the company has entered into an agreement with Genes Guohao Technology Co., Ltd. ("Guohao"), a Chinese corporation. The agreement stipulates that the companies will collaborate on modifying TTE's Detonation Cycle Gas Turbine (DCGT) engine for coal fired power generation applications utilizing Dry Coal Slurry Fuel. The agreement specifies that Guohao will fully fund the project and commit its industrial, engineering, and technical development resources to its success. Guohao has committed $300,000 U.S. dollars to initially fund the project.
The agreement also stipulates that TTE and Guohao will form a joint venture whereby Guohao will be licensed to manufacture, market and sell the DCGT coal fired engines in Mongolia. The Joint Venture Letter of Intent further specifies that Guohao, as part of the Joint Venture Agreement, will form a new corporation, and that TTE will license the DCGT to the new entity for a 49% stake in the newly formed corporation.
Michael Rouse, the President and CEO of TTE, observed, "The signing of this agreement marks a meaningful diversification for our technology. When the engine is developed for this application, it will significantly reduce airborne pollutants that are prevalent with coal fired generating stations. This is especially important in Mongolia where coal is, practically speaking, the only fuel source available for power generation."
"There is an additional opportunity that this initiative brings into play," Rouse continued. "The DCGT is scalable, and the successful completion of this project will be the stepping stone to the production of gensets that could generate megawatts of electrical power and do so in an environmentally friendly way. That would have a high-order impact on the global energy and climate crisis."
About Genes Guohao Technology, Co. Ltd.
Genes Guohao Technology Co., Ltd. is a conglomerate with industrial interests in the Mining, LED Lighting, and Biotech Pharmaceuticals sectors. The company’s mining operations are located in Mongolia and China with the largest coal mining operation spanning 500 square kilometers. The company's annual sales exceed 300 million U.S dollars.
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.
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