Turbine Truck Engines Signs First $1M Lease Contract for HPBS
Paisley, Florida | June 6, 2013
Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG, OTCQB:TTEG) is very pleased to announce it has secured a definitive Lease Agreement with Fujian XinChang Leather, Co. Ltd., located at Jinjiang City, Fujian Province, China, for the operation of the Hydrogen Production Burner System ("HPBS") to be installed at the Fujian XinChang Leather, Co. manufacturing facility. The HPBS allows Fujian XinChang Leather, Co. to expedite switching the companies' primary burner fuel from coal to hydrogen as industry throughout China undergoes increasing pressure to find solutions to reducing air pollutant emissions. Additionally, Fujian XinChang Leather, Co. has agreed to allow Turbine Truck Engines to conduct the testing and data collection necessary for final certification of the HPBS for use throughout China.
Under TTE's Hydrogen Production Burner System Lease Program, once the HPBS is installed and operational, Fujian XinChang Leather, Co.'s lease payments to Turbine Truck Engines for the lease's initial 6-year term project to a minimum of $1,036,000 (USD). Through qualified Carbon Credit Asset Programs and based on Fujian XinChang Leather's current carbon footprint, the Hydrogen Production Burner System projects an additional 30% annual revenue increase above the noted lease payments.
Michael Rouse, TTE CEO and President, stated, "The Hydrogen Production Burner System allows Fujian XinChang Leather, Co. to realize an annual fuel cost savings of 30-60% while significantly reducing the company's carbon emissions and the negative environmental impact on the nearby communities from its current coal consumption. I am personally grateful to the ownership and management of Fujian XinChang Leather, Co. Ltd. for allowing Turbine Truck Engines the ability to access its on-site HPBS unit during operations for the completion of certification."
Fujian XinChang Leather, Co., Ltd. is an international industry leader offering its clients a variety of leather manufacturing products for application in shoes, bags, clothing, and fabrics. Fujian XinChang Leather, Co. was founded in 1993 and currently employs over 800 with its facility having a footprint over 33,000 sq. meters.
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About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is clean-air technology company dedicated to identifying, developing and commercializing important scientific innovations designed to enhance both environmental conservation and cost savings in how the world consumes energy. In addition to the HPBS, Turbine Truck Engines also holds the exclusive license to develop, commercialize, manufacture, market, and distribute the Detonation Cycle Gas Turbine (DCGT) engine worldwide. For more information concerning Turbine Truck Engines, Inc., please 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.
Turbine Truck Engines, Inc.