Turbine Truck Engines Signs First $1M Lease Contract for HPBS
June 06 2013 - 8:00AM
Marketwired
Turbine Truck Engines, Inc. ("TTE") (OTCQB: TTEG) (OTCBB: TTEG) is
very pleased to announce it has secured a definitive Lease
Agreement with Fujian XinChang Leather, Co. Ltd., located at
Jinjiang City, Fujian Province, China, for the operation of the
Hydrogen Production Burner System ("HPBS") to be installed at the
Fujian XinChang Leather, Co. manufacturing facility. The HPBS
allows Fujian XinChang Leather, Co. to expedite switching the
companies' primary "burner fuel" from coal to hydrogen as industry
throughout China undergoes increasing pressure to find solutions to
reducing air pollutant emissions. Additionally, Fujian XinChang
Leather, Co. has agreed to allow Turbine Truck Engines to conduct
the testing and data collection necessary for final certification
of the HPBS for use throughout 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, TTE CEO and President stated, "The Hydrogen
Production Burner System allows Fujian XinChang Leather. Co. to
realize an annual fuel cost savings of 30-60% while significantly
reducing the companies' carbon emissions and the negative
environmental impact on the nearby communities from its current
coal consumption. I am personally grateful to the ownership and
management of Fujian XinChang Leather, Co. Ltd for allowing Turbine
Truck Engines the ability to access its on-site HPBS unit during
operations for the completion of certification."
Fujian XinChang Leather, Co., Ltd. is an international industry
leader offering its clients a variety of leather manufacturing
products for application in shoes, bags, clothing, and fabrics.
Fujian XinChang Leather, Co. was founded in 1993 and currently
employs over 800 with its facility having a footprint over 33,000
sq. meters.
ABOUT TTE 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. In addition to the
HPBS, Turbine Truck Engines also holds the exclusive license to
develop, commercialize, manufacture, market, and distribute the
Detonation Cycle Gas Turbine (DCGT) engine worldwide. For more
information concerning Turbine Truck Engines, Inc., please 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.
Contacts Turbine Truck Engines, Inc. Michael Patterson CIO
TMPatterson@ttengines.com TEL: 386-943-8358 FAX: 386-943-6232