Paisley, FL - October 22, 2014 - InvestorsHub NewsWire -
Turbine Truck Engines, Inc. ("TTE") (OTCBB:TTEG,
OTCQB:TTEG)
has signed both an Asset Purchase Agreement and a Technology
Sale/Transfer/Assignment for all Intellectual Property (IP)
Agreement, with Robert & Barbara Scragg as well as Alpha
Engines, Inc., for TTE to obtain all rights, title, interest,
patents, trademarks, and inventor notes for both the Detonation
Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL)
technologies.
The closing of the DCGT & GTL Asset Purchase Agreement has
entered into an escrow period, defined as on or before November 20,
2014. The purchase price and terms of the Asset Purchase Agreement
are confidential and will be released upon closing.
Enzo Cirillo, TTE’s Chairman and Interim CEO states, “With the
signing of this agreement, TTE has commenced discussions with
several prospective research & development partners that
possess the unique blend of knowledge required to understand the
intricacies of the relationship between the electro-magnetic and
the mechanical components found in both technologies. TTE’s Board
of Directors and management are grateful to Robert & Barbara
Scragg for their commitment and understanding that TTE having
ownership of both the DCGT and GTL technologies is paramount to TTE
expending valuable resources and shareholder equity to pursue the
development and advancement of the DCGT and GTL 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 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.
Chris David
Secretary-Treasurer
cdavid@ttengines.com
TEL: 386-943-8358
FAX: 386-943-6232