Turbine Truck Engines Signs Definitive Share Purchase Agreement
Company Set to Acquire Guangdong Kingtec Electrical Co., Ltd.
Deland, Florida | May 19, 2010
Turbine Truck Engines, Inc. (TTE) (OTCBB: TTEG) On May 10, 2010, TTE and Hua Tec Enterprise Co., Ltd. ("Hua Tec") signed a Share Purchase Agreement detailing the terms and conditions whereby TTE is set to acquire 80% of the issued shares of Hua Tec, a Samoan Corporation. Hua Tec is the owner of all of the issued Capital Stock of Guangdong Kingtec Electrical Co., Ltd., (Kingtec), which Hua Tec represents is its sole subsidiary.
After the closing, TTE would assume control of all of the resources of Kingtec and intends to use those resources to help facilitate the development of TTE's patented Detonation Cycle Gas Turbine (DCGT) engine. TTE would also acquire control over Kingtec's business specialty (starter motors and alternators), with its management, engineering, and manufacturing capabilities, and gain access to the company's established vertical channels. Kingtec views the acquisition as an opportunity for it to broaden its interests and, as TTE introduces the DCGT to continents and countries around the world, to expand distribution of Kingtec's core product lines. The principals and the executive staff of both companies unanimously agree that the acquisition enhances the goals of each corporation while providing the tools necessary to the achievement of those goals.
Turbine Truck Engines' President and CEO, Michael Rouse, commented, "By the end of the second quarter, 2009, we determined that growing TTE through mergers and acquisitions would play a pivotal role in our corporate strategy and we retained Greenberg Traurig LLP to assist us in the process. Kingtec will be our first acquisition, and it is a perfect fit for our company. It is an industry leader with a strong management team, state-of-the-art facilities, and established marketing channels that complement our ambitions. This acquisition should accelerate the process of advancing the DCGT through the design and manufacturing process. Our team is also determined to promote Kingtec as a global leader in their core business. I invite readers to visit Kingtec's website (see below) to get a better understanding of the assets and expertise we will be acquiring."
About Guangdong Kingtec Electrical Co., Ltd.
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 little or no 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.