TTE Announces Agreement to Develop Gas-to-Liquid Process Technology
Bellevue, WA | June 5, 2015
Bellevue, WA -- June 5, 2015 (PR Newswire) -- Turbine Truck Engines, Inc. (the “Company” or “TTE”) (OTCQB:TTEG) announces the Company has signed an engineering services agreement on June 3, 2015 with Sahoma Controlware, LLC (“Sahoma”) to commence development of TTE’s Gas-to-Liquid Process (“GTL Process”) technology for converting Methane and Oxygen Gas into Methanol Liquid. The initial target for commercialization of the GTL Process will be focused to the Oil/Gas and Power/Utility energy sectors.
This agreement made with Sahoma Controlware, an Oklahoma City, OK engineering firm, provides for the design, modeling and simulation of TTE’s Gas-to-Liquid Process technology, to include the Electromagnetic Generator, Chemical Reactor and Process Gas Feed Systems products. Sahoma will develop individual product simulation models & analysis for flow, thermal, vibration, structural/stress and electrical while also developing simulation models for the entire GTL Process to determine maximum operational effectiveness and efficiency.
Chris David, TTE’s President, states, “With over 120 years of combined expertise in Design & System Integration, Sahoma Controlware’s staff of Electrical, Instrumentation, Mechanical, Process/Piping, Control System, SCADA/Telemetry, and Process Safety engineers, designers and programmers are imminently qualified to work with TTE in the product development of its GTL technology. TTE’s GTL technology potentially offers multiple applications and solutions to certain challenges currently facing both the oil/gas and the power/energy sectors such as capturing, instead of flare-burning, natural gas being produced at the wellhead and converting it to liquid methanol for either resale or as a fuel source for energy production at that same wellhead.”
Under the terms of this June 3, 2015 agreement, TTE owns 100% of all created Intellectual Property, data, designs, notes and potential patent filings generated during and as a result of the product development of the GTL technology.
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
TEL: (206) 617-9797