TTEG great news
Post# of 23
Posted On: 11/22/2013 6:44:04 PM
Turbine Truck Engines Secures up to $10M in Funding
Turbine Truck Engines, Inc. ("TTE") (OTCBB: TTEG) (OTCQB: TTEG) is very pleased to announce it has secured $450,000 (CAD) through a loan agreement of up to $10 million (CAD) with 2367416 Ontario, Inc, an Ontario province corporation. The initial secured amount is earmarked to purchase and install TTE's first Hydrogen Production Burner System (HPBS) under its definitive Lease Agreement with Fujian XinChang Leather, Co. Ltd., located at Jinjiang City, Fujian Province, China.
Under TTE's Hydrogen Production Burner System Lease Program, once the HPBS is installed and operational, Fujian XinChang Leather, Co.'s lease payments to Turbine Truck Engines for the lease's initial 6-year term project to a minimum of $1,036,000 (USD). Through qualified Carbon Credit Asset Programs and based on Fujian XinChang Leather's current carbon footprint, the Hydrogen Production Burner System projects an additional 30% annual revenue increase above the noted lease payments.
Michael Rouse, Turbine Truck Engines CEO, stated, "Our company continues to evolve with an unwavering vision focused on development, manufacture and world-wide distribution of its energy efficient and environmentally-friendly products. I am grateful to 2367416 Ontario, Inc. for working together with TTE to determine the best path forward for TTE to both fulfill its mission statement and to increase shareholder value. Throughout China, the pressure is rapidly increasing for industry across all spectrums to aggressively seek out new technologies to replace coal, petrochemical oil, gas, or electric energy as a fuel source for burning. Today, market acceptance of the commercial viability and risk assessment of the HPBS has reached criticality."
Dated 8/6/2013
Turbine Truck Engines, Inc. ("TTE") (OTCBB: TTEG) (OTCQB: TTEG) is very pleased to announce it has secured $450,000 (CAD) through a loan agreement of up to $10 million (CAD) with 2367416 Ontario, Inc, an Ontario province corporation. The initial secured amount is earmarked to purchase and install TTE's first Hydrogen Production Burner System (HPBS) under its definitive Lease Agreement with Fujian XinChang Leather, Co. Ltd., located at Jinjiang City, Fujian Province, China.
Under TTE's Hydrogen Production Burner System Lease Program, once the HPBS is installed and operational, Fujian XinChang Leather, Co.'s lease payments to Turbine Truck Engines for the lease's initial 6-year term project to a minimum of $1,036,000 (USD). Through qualified Carbon Credit Asset Programs and based on Fujian XinChang Leather's current carbon footprint, the Hydrogen Production Burner System projects an additional 30% annual revenue increase above the noted lease payments.
Michael Rouse, Turbine Truck Engines CEO, stated, "Our company continues to evolve with an unwavering vision focused on development, manufacture and world-wide distribution of its energy efficient and environmentally-friendly products. I am grateful to 2367416 Ontario, Inc. for working together with TTE to determine the best path forward for TTE to both fulfill its mission statement and to increase shareholder value. Throughout China, the pressure is rapidly increasing for industry across all spectrums to aggressively seek out new technologies to replace coal, petrochemical oil, gas, or electric energy as a fuel source for burning. Today, market acceptance of the commercial viability and risk assessment of the HPBS has reached criticality."
Dated 8/6/2013
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