Turbine Truck Engines and ETS Approve Joint Venture Entity
Paisley, Florida | February 7, 2012
Turbine Truck Engines, Inc. (“TTE”) (OTCBB: TTEG) is pleased to announce that as part of the ongoing evolution of completing the joint venture between TTE (a Nevada corporation) and Energy Technology Services Co., Ltd. (“ETS”) (a Taiwan corporation), the filing of documents to form a new joint venture company has been approved by both companies. The companies have named the new entity Global Hydrogen Energy Co., Ltd. (a Taiwan corporation), with company headquarters to be located in Taipei, Taiwan.
As announced on January 12, 2012, TTE is entering into a joint venture with ETS, parent company of Hydrogen Union Energy Co., Ltd. Taiwan (“HUE”) to jointly develop and market Hydrogen Energy businesses “worldwide for both commercial and industrial applications”.
Alan Chen, currently CEO of Energy Technology Services Co., Ltd., will be the CEO of Global Hydrogen Energy Co., Ltd., while Michael Rouse, CEO of Turbine Truck Engines, Inc., will be appointed to the new company's Board of Directors. Final ownership, capital structure, cost-revenue sharing and other financial terms of the joint venture are currently being settled with the joint venture expected to become operational in the next 60 days. Additionally, Turbine Truck Engines will maintain its status as the Exclusive Agent in North America for the hydrogen production technology of Hydrogen Union Energy Co., Ltd. Taiwan under the terms of its Cooperation Agreement, dated June 16, 2011.
Michael Rouse, TTE's CEO, said, “Our company, Turbine Truck Engines, continues to evolve with an unwavering vision focused on development, manufacture and world-wide distribution of its energy efficient and environmentally-friendly products. This joint venture is the next step forward in combining the complementary talent, expertise and capabilities of both parent companies, TTE and ETS, to accelerate the development of innovative green-energy solutions in the way the world generates and consumes 'clean fuel' to produce power”.
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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 products. For more information concerning Turbine Truck Engines, Inc., please visit www.ttengines.com.
About Energy Technology Services Co., Ltd.
The company is devoted in the development of a new energy source and energy saving alternatives. Our motto is: “To protect the earth and provide total solutions to companies that need to reduce carbon emission.” We emphasize Hydrogen as the fuel source to replace heavy oil, and gas in boilers. The HEPS technology, initially intended for industrial usage, will eventually broaden to small businesses and homes. We look forward to implementing this technology as a possible replacement option for nuclear and pyro power plants. For more information concerning Energy Technology Services Co., Ltd., visit www.energyservice.com.tw.
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.