Daytona Beach, FL -- May 4, 2015 -- InvestorsHub NewsWire --
Turbine Truck Engines, Inc. (OTCQB:TTEG)
(OTCBB:TTEG)
announces that on April 6, 2015, the Board of Directors of Turbine
Truck Engines, Inc. (the “Company”) approved a one-for-twenty
(1:20) reverse split of its common stock, par value $0.001 per
share and filed a Certificate of Change to its Articles of
Incorporation with the State of Nevada to reflect the reverse stock
split. On April 28, 2015, the Company received FINRA approval for
the reverse split for shareholders of record as of the close of
business on May 4, 2015, with a market effective date of May 5,
2015.
Enzo Cirillo, TTE’s Interim CEO, Board Chairman & majority
stake shareholder stated, “Since TTE’s Board of Directors and
management transition in August 2014, the Company has been
primarily focused on (1) improving TTE’s capital structure
including the over 80% reduction of the Companies’ Balance Sheet
debt and liabilities from the August 2014 total amount that
exceeded $1.3m; (2) identifying and developing a cost-effective
path forward for product development of both the DCGT engine
technology, to turn a shaft for power generation, and the
Gas-to-Liquid technology, both of which TTE purchased, free and
clear, in November 2014; (3) continuing extensive due diligence to
determine the viability of purchasing the Hydrogen Production
Burner System (“HPBS”) technology; (4) continuing diligence to
identify prospective asset acquisitions candidates; (5) maintaining
the Company’s SEC audited and reporting status; and (6) completing
the verification and approval process for TTE to remain on the
OTCQB marketplace.”
As of a result of the reverse stock split, every twenty (20)
shares of the Company’s issued and outstanding common stock will be
converted into one (1) share of the Company’s common stock under a
new CUSIP of 89989X 204. Any fractional shares resulting from the
reverse stock split will be rounded up to the nearest whole
share.
Effective May 5, 2015, the Company’s common stock will begin
trading, under the symbol “TTEGD”
with the “D” added for 20 trading days signifying the reverse stock
split has occurred. Immediately following the reverse stock split,
the Company’s outstanding common stock will be decreased to
approximately 20,826,842 shares.
Shareholders who hold their shares in brokerage accounts or
“street name” will have their shares automatically adjusted,
marketplace effective, to reflect the reverse. Additionally,
for shareholders of physical share certificates, the Company’s
transfer agent, Pacific Stock Transfer, will automatically adjust
the books and records to reflect each certificates reverse split
common share adjusted amount. For any questions or information
regarding share certificates, please contact Pacific Stock Transfer
(Issuer Services) at (702) 361-3033.
About Turbine Truck Engines
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 produces and
consumes energy. For more information concerning Turbine Truck
Engines, Inc., please visit www.ttengines.com.
Safe Harbor
This announcement may contain forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements,
among others, relating to our future capital requirements,
including our expected liquidity position and timing of the receipt
of certain milestone payments, and the sufficiency of our current
assets to meet these requirements, our future results of
operations, and our plans, objectives, expectations and intentions.
Because these statements apply to future events, they are subject
to risks and uncertainties. When used in this announcement, the
words "anticipate", "believe", "estimate", "expect", "expectation",
"goal", "should", "would", "project", "plan", "predict", "intend",
"target" and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
based on information currently available to us and are subject to a
number of risks, uncertainties and other factors that could cause
our actual results, performance, expected liquidity or achievements
to differ materially from those projected in, or implied by, these
forward-looking statements. Factors that may cause such a
difference include, without limitation, our need for substantial
additional financing and the availability and terms of any such
financing, ability to comply with ongoing governmental regulation,
our ability to commercialize, manufacture and achieve market
acceptance of any of our product candidates, for which we rely
heavily on collaboration with third parties, and our ability to
protect and enforce our intellectual property rights and to operate
without infringing upon the proprietary rights of third parties,
and general market trends and conditions. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, performance or
achievements and no assurance can be given that the actual results
will be consistent with these forward-looking statements.
We do not intend to update any of the forward-looking statements
after the date of this announcement to conform these statements to
actual results, to changes in management's expectations or
otherwise, except as may be required by law.
Contact:
Chris David
Turbine Truck Engines, Inc.
Officer-Director
(386) 275-1515
cdavid@ttengines.com