Turbine Truck Engines' Intentions on the DCGT and Gas-to-Liquid Technologies
Paisley Florida | August 19, 2014
Turbine Truck Engines, Inc. (OTCBB:TTEG) (OTCQB:TTEG) - Turbine Truck Engines, Inc. (the “Company” or “TTE”) is engaged in negotiations, with the inventor and patent holder Robert Scragg, to finalize a Purchase and Sale Agreement for the purchase and assignment of all patents, intellectual property, notes, trade secrets, copyrights and trademarks, including improvements and advancements, for (1) the Detonation Cycle Gas Turbine Engine (“DCGT”), including but not limited to the Rotary Mechanically Reciprocated Sliding Metal Vane Air Pump and Boundary Layer Gas Turbines integrated with a Pulse Gas Turbine Engine System; and, (2) his Electromagnetic process and apparatus for making methanol from methane, also referred to as the Gas-to-Liquid (“GTL”) technology.
The Company’s new management, Board of Directors and Robert Scragg agree on the value and importance of TTE having ownership, versus licensing rights, of both the DCGT and the GTL technologies as TTE pursues the best path forward to develop and commercialize the technologies.
Enzo Cirillo, TTE’s Chairman and interim CEO states, “In developing a patented or proprietary technology, ownership of that technology dramatically expands access to both the funding and the development partners required to prove the technologies’ viability and ultimate commercialization. TTE is not interested in expending valuable resources and shareholder equity developing either the DCGT or the GTL technologies under a licensing agreement. If we expend the resources to develop it, we must own it.”
About Turbine Truck Engines
Turbine Truck Engines, Inc. is a 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. 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.