Turbine Truck Engines, Inc. Announces Board and Management Transitions
August 14 2014 - 2:39PM
InvestorsHub NewsWire
Paisley, FL - August 14, 2014 - InvestorsHub
NewsWire - Turbine Truck Engines,
Inc. (OTCBB:TTEG) (OTCQB:TTEG)
- Turbine Truck Engines, Inc. (the “Company” or “TTE”)
announced today that, effective August 13, 2014, Michael Rouse has
resigned his position as the Company’s Chairman of the Board and
Chief Executive Officer and that Phyllis Rouse has resigned her
position as the Company’s Secretary-Treasurer and member of the
Board of Directors. Michael Rouse will retain his duties and
responsibilities as a member of the Company’s Board of Directors
and President.
The Company also announced today that Enzo
Cirillo, a majority stakeholder in Turbine Truck Engines, has been
appointed to the Company’s board as its Chairman of the Board.
Also, Mr. Cirillo has become TTE’s interim Chief Executive Officer,
effective immediately, until a permanent replacement has been
hired. Additionally, the Company’s Board of Directors
appointed Christopher David, a long-time TTE shareholder, to serve
as both a member of the Company’s Board of Directors and the
Company's Secretary-Treasurer.
Mr. Cirillo stated: “The new Board of
Directors wishes to thank both Michael Rouse and Phyllis Rouse for
their contributions to Turbine Truck Engines, Inc. over the last 14
years. Both myself and Mr. David look forward to working with
Michael during this orderly transition of the Company’s board and
Senior Management. We are determined to identify and execute the
best path forward to strengthen TTE’s balance sheet and increase
shareholder value.”
Michael Rouse commented: “We are
privileged to have Mr. Cirillo as a majority stakeholder, Chairman
of the Board and interim CEO. Over the past several years,
both Enzo and Chris have acquired a deep understanding of and
commitment to our company. Their proven background in driving
growth and creating shareholder value is a significant asset to the
company and its shareholders.”
Mr. Cirillo is the
CEO/President/Owner of a number of private companies doing
business, in both Canada and the United States, in a variety of
industries such as technology, commercial and residential high-rise
real estate development, health/fitness facilities and
transportation. Enzo is an active private equity investor in both
private and public entities worldwide. Mr. Cirillo holds a BA, Math
from York University in Toronto. Prior to his business career, Mr.
Cirillo was captain of the York University football team preceded
by his time playing for the Toronto Athletics, a semi-professional
football development team for the Toronto Argonauts of the Canadian
Football League.
Mr. David
has been a private venture
investor for 20 years in both private and public companies. In
addition, Mr. David has been an advisor on operational, internal
control, marketing and finance matters to numerous small and medium
size businesses in the pharmaceutical, bio-tech, television-movie
media, real-estate, technology and industrial commodity
industries. Prior to Mr. David professional business career,
he retired from the U S Navy officer ranks in 1994. Chris
holds a BA from University of Washington.
About Turbine Truck Engines,
Inc.
Turbine Truck Engines, Inc. is
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 Rouse
President
mrouse@ttengines.com
TEL:
386-943-8358
FAX:
386-943-6232