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The agreement also stipulates that TTE and Guohao will form a joint venture whereby Guohao will be licensed to manufacture, market and sell the DCGT coal fired engines in Mongolia. The Joint Venture Letter Intent further specifies that Guohao, as part of the Joint Venture Agreement, will form a new corporation, and that TTE will license the DCGT to the new entity for a 49% stake in the newly formed corporation.
Michael Rouse, the President and CEO of TTE, observed, "The signing of this agreement marks a meaningful diversification for our technology. When the engine is developed for this application, it will significantly reduce airborne pollutants that are prevalent with coal fired generating stations. This is especially important in Mongolia where coal is, practically speaking, the only fuel source available for power generation."
"There is an additional opportunity that this initiative brings into play," Rouse continued. "The DCGT is scalable, and the successful completion of this project will be the stepping stone to the production of gensets that could generate megawatts of electrical power and do so in an environmentally friendly way. That would have a high-order impact on the global energy and climate crisis."
About Genes Guohao Technology, Co. Ltd.
Genes Guohao Technology Co., Ltd. is a conglomerate with industrial interests in mining, LED lighting, and biotech pharmaceuticals. The company's mining operations are located in Mongolia and China with the largest coal mining operation spanning 500 square kilometers. The company's annual sales exceed 330 million U.S dollars.
About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture, and testing of its New Energy and Environmentally Efficient Truck Engine intended for mass-market distribution in the United States and abroad. This new engine can utilize any known fuel source (gasoline, diesel, propane, natural gas, hydrogen, methanol, ethanol, or LPG) or fuel mixture. Its unique, lightweight turbine design has no pumps, few moving parts, and needs zero coolant, lube, oil, or filters, significantly reducing maintenance costs. The innovative cycle detonation process produces a complete combustion of fuel-oxidation mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions. For more information concerning Turbine Truck Engines, Inc. visit www.ttengines.com.
Safe Harbor: 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. DeLand, Florida Sandy Gregory TEL: 386-943-8358 FAX: 386-943-6232 SGregory@ttengines.com
SOURCE: Turbine Truck Engines, Inc.
mailto:SGregory@ttengines.com
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