TTEngines' CEO Highlights Advantages of Kingtec Acquisition
Deland, Florida | July 21, 2010
Turbine Truck Engines, Inc. (TTE) (OTCBB: TTEG) in a press release dated December 9, 2009, Mr. Michael Rouse, President and CEO of TTE, announced that the company was expanding its focus to include additional 'Cleantech' applications as part of its overall business model. On May 19, 2010, TTE announced that the company had signed a definitive Share Purchase Agreement with Guangdong Kingtec Electrical Co., Ltd., (Kingtec).
"As the Kingtec acquisition approaches finalization, perhaps the time has come to explore the significance of this purchase, not only as a lucrative business decision, but also as it enhances and furthers our ambition to become a provider of 'Cleantech' products," explained Mr. Rouse. "Aside from generating a solid revenue stream, Kingtec will provide us with an experienced electrical engineering department vital to conducting research and development into generating electricity utilizing our patented technology as the prime power source. When completed, our primary focus will be to produce generator heads for the Chinese market. We believe these next generation, environmentally friendly, fuel-efficient devices will be designed and manufactured at the Kingtec facility with model designs including both stationary and portable units. It is our intention to produce a working prototype by end of 2010. In the coming weeks, we will be releasing additional information regarding our strategies and ambitions as a developer of cleantech products, particularly in the field of alternative energy sources and supply," he added.
About GuangDong Kingtec Electrical Co., Ltd.
GuangDong Kingtec Electrical Co., Ltd is a Taiwan-invested enterprise developing & manufacturing heavy-duty starter motors & alternators for heavy equipment applications. Kingtec is a National Top-Five Heavy-duty Starter Manufacturer and a Member Company of China Heavy-duty Truck Group. Kingtec's production is strictly organized under the ISO/TS16949, G2002 System. Kingtec has produced as many as 500,000 Lotus motors per year in more than 100 models, many of which have been awarded a National Important Product designation. Kingtec motors are supplied to China's major engine manufacturers such as Shanghai Diesel Engine Co., Ltd., Weichai Power Co., Ltd., Chongqing Cummins Engine Co., Ltd., China National Heavy Duty Truck Group Hangzhou Engine Co., Ltd., Hebei North China Diesel Engine Co., Ltd., Nantong Diesel Engine Co., Ltd., Wuxi Power Engineering Co., Ltd., and Luoyang Hechai Engine Co., Ltd. Interested parties are invited to visit www.kingtecgroup.com.
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.