Turbine Truck Engines and Energy Technology Services Agree to Terms on Joint Venture
Paisley, Florida | April 11, 2012
Turbine Truck Engines, Inc. (“TTE”) (OTCBB: TTEG) is very pleased to announce it has reached agreement with Energy Technology Services Co., Ltd., a Taiwan corporation ("ETS") on the structure and financial terms for the joint venture both companies initially announced on January 12, 2012. The joint venture entity, Global Hydrogen Energy Holding Group Limited ("GHE"), has been formed to jointly develop and market worldwide Energy Technology Services' energy related products AND energy saving devices including its hydrogen generator system, referred to as Hydrogen Energy Production System (HEPS), an efficient methanol to hydrogen production technology.
Under the settled terms of the joint venture, all revenues for the joint venture will be booked by Turbine Truck Engines with TTE and ETS sharing net profit 50/50 after "reasonable expenses." TTE will have complete operational control of all marketing, sales and equipment leases. All Global Hydrogen Energy management will be TTE employees with an employee agreement that reflects an annual salary of $1 (USD) and 100,000 stock options with their value not to exceed $150,000 (USD).
Additional agreed upon terms of the joint venture are for Energy Technology Services to contribute all licensing rights for the HEPS hydrogen generator technology and all other hydrogen energy related devices and technology. TTE will contribute $450,000(USD) and 5M Rule 144 common shares in exchange for 10% non-dilutive beneficial ownership of Global Hydrogen Energy Holding Group Limited. In addition, TTE is authorized a one-year option to acquire an additional 10% interest of GHE for 5M Rule 144 common shares.
Michael Rouse, TTE President and CEO, stated, "The Hydrogen Energy Production System (HEPS) is ready for commercialization today. This joint venture between TTE and ETS having minimal dilution to TTE shareholders, places TTE at the doorstep of realizing revenue and growth. Having the opportunity to combine the resources of TTE with the outstanding management and hydrogen related technologies of ETS is a significant milestone for both companies. Over the last several months, all parties involved have worked in good faith with the shared goal of accelerating the development of innovative green-energy solutions in the way the world generates and consumes 'clean fuel' to produce power."
Utilizing a steam reformation process, employing a proprietary chemical catalyst and a unique low temperature pyrolytic reaction, the (HEPS) hydrogen generator system converts common methanol into clean-burning hydrogen gas for immediate on-site use -- no storage of hydrogen required. Hydrogen (H2) is an ideal fuel for combustion -- it burns easily and efficiently at very high temperatures and emits pure water vapor (H2O) as its only by-product except for food grade carbon dioxide which is eligible to be captured and sold as part of a Carbon Credit Asset Program.
This hydrogen generator system is applicable to a wide array of residential and commercial applications as well as industrial boilers and steam generators. The efficiency of the Hydrogen Generator and burner unit could save the end user 30-60% on their energy costs as compared to the current sources of energy such as electricity, heavy oils or natural gas. The hydrogen generator also eliminates the cost and need for high pressure storage tanks as it generates the hydrogen on demand.
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.