Turbine Truck Engines Enters LOI with Megrant Corporation
Regarding formation of environmentally-advanced North American Joint Venture
Paisley, Florida | August 30, 2011
Turbine Truck Engines, Inc. (“TTE”) (OTCBB: TTEG) is extremely pleased to announce that the company has signed a Letter of Intent with Megrant Corporation of New York. Highlights of the Joint Venture LOI indicate that the two companies wish to organize a company specific to the manufacturing, marketing and installation of TTE's on-demand hydrogen (H2) generator technology. Other details reveal that the two entities will formalize their intentions by signing a Joint Venture Contract Agreement within 90 days of the signing of the LOI or within 30 days subsequent to the completion of a satisfactory due diligence examination, whichever comes first.
Mr. Sam Mirian, President of Megrant Corporation said, "We anticipate a positive outcome from our due diligence assessment of Turbine Truck Engines. The TTE hydrogen generator represents a perfect solution for customers seeking a green energy solution for power generation."
"This Joint Venture promises to be a benchmark opportunity for both our companies," commented Mr. Michael Rouse, Turbine Truck Engines' CEO. "Megrant has forged strong ties within the American power industry, which will ultimately benefit from our hydrogen generator technology," he added.
Click here to see a video of the 10 m3/h hydrogen generator.
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About Megrant Corporation
Megrant Corporation www.megrant.com has been in existence since 1985, providing mechanical construction solutions for a wide variety of applications pursuant to the power industry, municipality, and government affiliated programs. The corporation has performed contracts for such entities as ConEdison, the New York Power Authority, the Port Authority of New York and New Jersey, the State Universities of New York, and Tishman Construction. Megrant employs a staff of engineers and field technicians, whose combined experience enables them to effectively and efficiently manage the design, implementation, and execution of technically complicated projects. Megrant is a private corporation which has exhibited annual growth of over 200% for the last two consecutive fiscal years. President Mr. Sam Mirian has over 45+ years experience in the utility and power industry as a boilermaker supervisor, project engineer, and executive; his involvement continues with a position on the Board of Governors of the New York City Building Trade and numerous professional affiliations, including the Boilermakers' Association of Greater New York. Megrant Corp is a member of the American Society of Mechanical Engineers and, along with Mr. Mirian, has achieved a Lifetime membership to this Association. The company continues to thrive in a mechanically rich and technologically advanced society, including green energy, high-efficiency energy, and LEED certified building technique. Poised for continued expansion and growth, Megrant's mission is simple - to provide a quality, cost conscious product that will enrich the lifestyles of our generation and the generations to follow.
About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture, and distribution of its new energy efficient and environmentally friendly technologies. Turbine Truck Engines, Inc. is the exclusive agent for Hydrogen Union Energy Co. Ltd.'s Hydrogen Generator technology for all of North America. The Hydrogen Generator produces hydrogen from methanol using a gas reformation process employing a chemical catalyst. The hydrogen generator can be used in residential and commercial applications as well as industrial boilers and steam generators. The efficiency of the hydrogen generator could save the end user 30-60% on their energy costs as compared to using electricity, heavy oils, or natural gas in the same process. The hydrogen generator also eliminates the need for high pressure storage tanks as it generates the hydrogen on demand. The hydrogen generator eliminates all emissions except for food grade carbon dioxide which could be captured and sold to the food and beverage industry. Turbine Truck Engines also holds the exclusive license to manufacture, market, and distribute the Detonation Cycle Gas Turbine engine worldwide.
For more information concerning Turbine Truck Engines, Inc., visit www.ttengines.com.
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.