Paisley, FL - November 18, 2014 - InvestorsHub NewsWire -
Turbine Truck Engines, Inc. ("TTE") (OTCBB:TTEG,
OTCQB:TTEG)
announces that all conditions, terms and guarantees of escrow were
satisfied allowing Turbine Truck Engines, Inc. (the “Company” or
“TTE”) to close, effective November 14, 2014, both the Asset
Purchase Agreement and the Technology
Sale/Transfer/Assignment for all Intellectual Property (IP)
Agreement (the “Agreements”) to obtain ownership, and all rights,
title, interest, patents, trademarks, and inventor notes for both
the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid
(GTL) technologies.
Enzo Cirillo, TTE’s Interim CEO and Board Chairman states,
“Having secured ownership of both the DCGT and the GTL technology,
our company can now advance active communications with several
prospective North American based development partners with the
intention of securing an alliance with a partner that has the
proven background capable of determining both the viability and the
“quickest-to-market” commercial application for both the DCGT and
GTL technologies. Since TTE’s new management and board transition
on August 13, 2014, TTE has focused its efforts on improving the
companies’ balance sheet to better position our company as we
evaluate multiple paths to grow TTE and increase shareholder equity
value. The acquisition of the DCGT and GTL technology fulfills our
initial intentions, announced August 19, 2014, to add these assets
to the companies’ balance sheet. ”
The Asset Purchase Agreement also terminates all previous
licensing agreements between TTE as well as it provides for the
forgiveness of any and all accrued and outstanding royalty payments
or other compensation owed by TTE to the Sellers.
As part of the Agreements, the seller, Robert & Barbara
Scragg (the “Scraggs”), will consult with TTE for the purpose of
the turnover of all applicable intellectual property, proprietary
information, data, notes, hardware, pertinent material,
improvements and advancements directly or indirectly related to
both technologies.
About Turbine Truck Engines, Inc.
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.
Safe Harbor
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.
Contacts
Turbine Truck Engines, Inc.
Chris David
Secretary-Treasurer
cdavid@ttengines.com
TEL: 386-943-8358
FAX: 386-943-6232