TTE Announces Michael Rouse Resignation and Appointment of New President
Daytona Beach, FL | May 12, 2015
Daytona Beach, FL – May 12, 2015 - Michael Rouse, the founder of Turbine Truck Engines, Inc. (the “Company” or “TTE”) (OTCQB:TTEGD) (OTCBB:TTEGD), has resigned his corporate positions as both the Company’s President and as a member of the Board of Directors. Christopher David, serving the company as its Secretary, Treasurer, and Board of Directors member since August 2014, has been appointed to fulfill the roles and responsibilities as the new President of Turbine Truck Engines, effective May 10, 2015.
The Board of Directors will begin a search immediately to replace Mr. Rouse on the Company’s Board of Directors. Mr. Rouse has agreed to remain available to the Company as a consultant.
Enzo Cirillo, TTE’s Interim CEO, Board Chairman & majority stakeholder states, “The Board of Directors is grateful to both Michael for his years of dedication and service and to Chris for agreeing to assume the role of TTE’s President. Since joining TTE as part of the Company’s August 2014 management transition, Chris has demonstrated a powerful ability over the last 9 months to drive TTE forward through his leadership on all aspects of the Company’s operations, strategic planning, capital restructure and audit reporting regulatory requirements.”
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 announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements, among others, relating to our future capital requirements, including our expected liquidity position and timing of the receipt of certain milestone payments, and the sufficiency of our current assets to meet these requirements, our future results of operations, and our plans, objectives, expectations and intentions. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words "anticipate", "believe", "estimate", "expect", "expectation", "goal", "should", "would", "project", "plan", "predict", "intend", "target" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, expected liquidity or achievements to differ materially from those projected in, or implied by, these forward-looking statements. Factors that may cause such a difference include, without limitation, our need for substantial additional financing and the availability and terms of any such financing, ability to comply with ongoing governmental regulation, our ability to commercialize, manufacture and achieve market acceptance of any of our product candidates, for which we rely heavily on collaboration with third parties, and our ability to protect and enforce our intellectual property rights and to operate without infringing upon the proprietary rights of third parties, and general market trends and conditions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements and no assurance can be given that the actual results will be consistent with these forward-looking statements.
We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.
Turbine Truck Engines, Inc.
Board Of Directors
Secretary - Treasurer