Turbine Truck Engines, Inc. Announces Board and Management Transitions
Paisley, Florida | August 14, 2014
Turbine Truck Engines, Inc. (OTCBB: TTEG) (OTCQB: TTEG) -- Turbine Truck Engines, Inc. (the "Company" or "TTE") announced today that, effective August 13, 2014, Michael Rouse has resigned his position as the Company's Chairman of the Board and Chief Executive Officer and that Phyllis Rouse has resigned her position as the Company's Secretary-Treasurer and member of the Board of Directors. Michael Rouse will retain his duties and responsibilities as a member of the Company's Board of Directors and President.
The Company also announced today that Enzo Cirillo, a majority stakeholder in Turbine Truck Engines, has been appointed to the Company's board as its Chairman of the Board. Also, Mr. Cirillo has become TTE's interim Chief Executive Officer, effective immediately, until a permanent replacement has been hired. Additionally, the Company's Board of Directors appointed Christopher David, a long-time TTE shareholder, to serve as both a member of the Company's Board of Directors and the Company's Secretary-Treasurer.
Mr. Cirillo stated: "The new Board of Directors wishes to thank both Michael Rouse and Phyllis Rouse for their contributions to Turbine Truck Engines, Inc. over the last 14 years. Both myself and Mr. David look forward to working with Michael during this orderly transition of the Company's board and Senior Management. We are determined to identify and execute the best path forward to strengthen TTE's balance sheet and increase shareholder value."
Michael Rouse commented: "We are privileged to have Mr. Cirillo as a majority stakeholder, Chairman of the Board and interim CEO. Over the past several years, both Enzo and Chris have acquired a deep understanding of and commitment to our company. Their proven background in driving growth and creating shareholder value is a significant asset to the company and its shareholders."
Mr. Cirillo is the CEO/President/Owner of a number of private companies doing business, in both Canada and the United States, in a variety of industries such as technology, commercial and residential high-rise real estate development, health/fitness facilities and transportation. Enzo is an active private equity investor in both private and public entities worldwide. Mr. Cirillo holds a BA, Math from York University in Toronto. Prior to his business career, Mr. Cirillo was captain of the York University football team preceded by his time playing for the Toronto Athletics, a semi-professional football development team for the Toronto Argonauts of the Canadian Football League.
Mr. David has been a private venture investor for 20 years in both private and public companies. In addition, Mr. David has been an advisor on operational, internal control, marketing and finance matters to numerous small and medium size businesses in the pharmaceutical, bio-tech, television-movie media, real-estate, technology and industrial commodity industries. Prior to Mr. David's professional business career, he retired from the US Navy officer ranks in 1994. Chris holds a BA from the University of Washington.
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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.