Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG, OTCQB:TTEG) announces that all conditions, terms and guarantees of escrow were satisfied allowing Turbine Truck Engines, Inc. (the “Company” or “TTE”) to close, effective November 14, 2014, both the Asset Purchase Agreement and the Technology Sale/Transfer/Assignment for all Intellectual Property (IP) Agreement (the “Agreements”) to obtain ownership, and all rights, title, interest, patents, trademarks, and inventor notes for both the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL) technologies.
Enzo Cirillo, TTE’s Interim CEO and Board Chairman states, “Having secured ownership of both the DCGT and the GTL technology, our company can now advance active communications with several prospective North American based development partners with the intention of securing an alliance with a partner that has the proven background capable of determining both the viability and the ‘quickest-to-market’ commercial application for both the DCGT and GTL technologies. Since TTE’s new management and board transition on August 13, 2014, TTE has focused its efforts on improving the companies’ balance sheet to better position our company as we evaluate multiple paths to grow TTE and increase shareholder equity value. The acquisition of the DCGT and GTL technology fulfills our initial intentions, announced August 19, 2014, to add these assets to the companies’ balance sheet.”
The Asset Purchase Agreement also terminates all previous licensing agreements between TTE as well as it provides for the forgiveness of any and all accrued and outstanding royalty payments or other compensation owed by TTE to the Sellers.
As part of the Agreements, the seller, Robert & Barbara Scragg (the “Scraggs”), will consult with TTE for the purpose of the turnover of all applicable intellectual property, proprietary information, data, notes, hardware, pertinent material, improvements and advancements directly or indirectly related to both 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.
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.
Turbine Truck Engines, Inc.