TTE Announces Program and Project Manager for Development of Gas-to-Liquid Process Technology
Bellevue, WA | June 10, 2015
Bellevue, WA--June 10, 2015 (Globe NewsWire) – Turbine Truck Engines, Inc. (the “Company” or “TTE”) (OTCQB:TTEG)announces the Company has executed a Consulting Services Agreement, dated June 3, 2015, with Justin Dean to provide TTE with technical and analytical leadership as the Project and Program Manager for TTE’s Gas-to-Liquid (“GTL”) Process Technology development.
The agreement defines specific areas of responsibility to include Conceptual Design Analysis, Product Development Analysis, Product Commercialization Analysis, Business Plan Analysis, Product Application Analysis, and Industry Analysis for the Phase 1 development of TTE’s GTL Process Technology. The initial target, by TTE, for the commercialization of the GTL Process will be focused to the Oil/Gas and Power/Utility energy sectors.
Enzo Cirillo, TTE Interim CEO and Board Chairman, states, “The TTE Board of Directors is determined to build long-term shareholder value through both product development and quality asset acquisition. Given Justin’s vast experience garnered over 20 years of Project and Program Management on 6 continents in the oil/gas, power/utilities and space travel/exploration industries designing and implementing large process application solutions in the areas of Electrical/Electronics & Power Systems Engineering, Process Control and Automation, developing potential paths forward for the commercialization of TTE’s GTL Process technology is in very strong hands with both Justin Dean and his company, Sahoma Controlware.”
Working at NASA, Mr. Dean was the lead Electrical & Control Systems Engineer for several International Space Station missions as well as developing Facility Process Systems which remain integral components in the training of today’s astronauts. Additionally, many solutions designed and implemented by Justin Dean are installed and in-use on the International Space Station, Rover, and Space Shuttle. In the oil/gas and power/utility industries, Mr. Dean has worked extensively in developing electrical motor, variable speed drives, pumping solutions/systems, gas processing, compression, and water management/disposal systems.
In 2013, Justin Dean founded Sahoma Controlware, an Engineering Design & Systems Integration Company in Oklahoma City, that provides its Oil/Gas, Water/Wastewater, and Power/Utility industries clients with a broad scope of expertise proven to optimize operational efficiencies and improve production. For more information concerning both Justin Dean and Sahoma Controlware, please visit www.sahomacontrolware.com.
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