TTE Completes Build of Initial HPBS Machine
Paisley, Florida | November 27, 2013
Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG, OTCQB:TTEG) is very pleased to announce the manufacture of its initial Hydrogen Production Burner System (HPBS) has been completed on schedule and it has entered the final stages of pre-shipment testing. Once testing is completed, the HPBS unit will be shipped and installed at the Fujian XinChang Leather, Co. Ltd. manufacturing facilities located at Jinjiang City, Fujian Province, China, under the terms of the definitive Lease Agreement, dated May 28, 2013.
Michael Rouse, TTE CEO, stated, "Working jointly with our on-site agents, Energy Technology Services, Co. (ETS) and our finance partners, 2367416 Ontario, Inc. we are very proud to have reached this significant milestone. Once installed and operational, 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 and additional countries."
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 based on 200 cubic meters an hour, TTE could realize projected revenues in excess of $1,036,000 (USD) per year. And through a qualified Carbon Credit Asset Programs and based on Fujian Inching Leather's current carbon footprint, the Hydrogen Production Burner System projects an additional 30% annual revenue increase above the noted lease payments.
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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.
About Fujian XinChang Leather, Co., Ltd.
Fujian XinChang Leather, Co., Ltd. is an international industry leader offering its clients a variety of synthetic 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.
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.