TTE to Share in Energy Savings
Paisley, Florida | April 12, 2012
Turbine Truck Engines, Inc. (“TTE”) (OTCBB: TTEG) and Energy Technology Services, Inc ("ETS") are pleased to announce that through its joint venture entity, Global Hydrogen Energy Holding Group Limited ("GHE"), the agreement of terms and have signed a lease letter with Chou Chin Industrial Co., Ltd, located in Fu-Hsing Industrial Park, Chang-hua Country, Taiwan, R.O.C., for up to 2 (two) Hydrogen Energy Production Systems (HEPS) installed at their food manufacturing facility. The Chou Chin Chang-hua factory is the largest OEM beverage manufacturing facility in Taiwan and one of the biggest OEM beverage factories throughout SE Asia. Chou Chin is an affiliated enterprise of China Man-made Fiber Corporation.
Based on an on-site survey and review of historical data, GHE has determined the current cost of using heavy-oils as the fuel source for the burners attached to the facilities' steam furnaces is close to $85,000 (USD) monthly. Switching Chin Chou Industrial Co. from heavy oil to hydrogen as the fuel source for their steam furnace burners will generate a monthly cost savings of close to 50% or $42,500 (USD). In addition to the identified cost savings for Chou Chin, the clean burning HEPS hydrogen generator system will significantly reduce the companies' current carbon emission output and environmental impact on the nearby communities. The HEPS system burner emits only pure water vapor (H2O) and "food-grade" carbon dioxide which is eligible to be captured and sold as part of a Carbon Credit Asset Program.
In addition to offering the HEPS as a "purchase expenditure" for customers, we have developed a Lease Program as an alternative option for companies to install HEPS. Under the terms of the GHE Lease Program, generally the customer pays GHE based on the actual monthly savings realized as a percentage of the original heavy-oil energy consumption cost. For year 1 of the lease, the GHE monthly payment received is 70% of savings (example for Chin Chou, 70% of $42,500 (USD) is $29,750 (USD) paid to GHE monthly). For years 2 through 5 of the lease, the customer's monthly percentage payment to GHE is still based on savings from original consumption cost with the percent reducing annually as follows, 60%, 50%, 40% and 30% with year 6 and beyond maintained at 30% for ongoing maintenance of the system.
Michael Rouse, CEO and President of Turbine Truck Engines, states, "For all entities involved this initial lease letter agreement is a significant milestone for both our shareholders and our joint venture partners from ETS and HUE. Offering the HEPS to our customer base under the terms of leasing is a 'win-win' for all parties. Our customers' monthly payment is based on savings without a significant initial capital outlay, TTE secures long-term revenue and balance sheet assets, and all parties involved in each transaction are truly having a positive environmental impact on the communities surrounding their facilities."
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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.