TTE Signs Asset Purchase Agreement for the DCGT and GTL Technologies
Paisley Florida | October 22, 2014
Turbine Truck Engines, Inc., Paisley, FL. (“TTE”) (OTCBB:TTEG, OTCQB:TTEG) -- Turbine Truck Engines, Inc. (“TTE”) has signed both an Asset Purchase Agreement and a Technology Sale/Transfer/Assignment for all Intellectual Property (IP) Agreement, with Robert & Barbara Scragg as well as Alpha Engines, Inc., for TTE to obtain all rights, title, interest, patents, trademarks, and inventor notes for both the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL) technologies.
The closing of the DCGT & GTL Asset Purchase Agreement has entered into an escrow period, defined as on or before November 20, 2014.The purchase price and terms of the Asset Purchase Agreement are confidential and will be released upon closing.
Enzo Cirillo, TTE’s Chairman and Interim CEO states, “With the signing of this agreement, TTE has commenced discussions with several prospective research & development partners that possess the unique blend of knowledge required to understand the intricacies of the relationship between the electro-magnetic and the mechanical components found in both technologies.TTE’s Board of Directors and management are grateful to Robert & Barbara Scragg for their commitment and understanding that TTE having ownership of both the DCGT and GTL technologies is paramount to TTE expending valuable resources and shareholder equity to pursue thedevelopment and advancement ofthe DCGT and GTL technologies.”
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.