Turbine Truck Engines Secures up to $10M in Funding
Paisley, Florida | August 6, 2013
Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG, OTCQB:TTEG) is very pleased to announce it has secured $450,000 (CAD) through a loan agreement of up to $10 million (CAD) with 2367416 Ontario, Inc., an Ontario province corporation. The initial secured amount is earmarked to purchase and install TTE's first Hydrogen Production Burner System (HPBS) under its definitive Lease Agreement with Fujian XinChang Leather Co., Ltd., located at Jinjiang City, Fujian Province, 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, Turbine Truck Engines CEO, stated, "Our company continues to evolve with an unwavering vision focused on development, manufacture and world-wide distribution of its energy efficient and environmentally-friendly products. I am grateful to 2367416 Ontario, Inc. for working together with TTE to determine the best path forward for TTE to both fulfill its mission statement and to increase shareholder value. Throughout China, the pressure is rapidly increasing for industry across all spectrums to aggressively seek out new technologies to replace coal, petrochemical oil, gas, or electric energy as a fuel source for burning. Today, market acceptance of the commercial viability and risk assessment of the HPBS has reached criticality."
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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.