PAISLEY, FL — (Marketwired) — 09/03/13 — Turbine Truck Engines, Inc., (“TTE”) (OTCBB: TTEG) (OTCQB: TTEG), is very pleased to announce it has retired all convertible promissory notes issued to Asher Enterprises, Inc. with the recent cash payment to retire the final convertible promissory note issued in February 2013.
Michael Rouse, Turbine Truck Engines CEO, states, “We are pleased to have reduced our total outstanding debt and derivative liability exposure on the company–s balance sheet as we focus all efforts to build long-term shareholder value. Recently, TTE has successfully completed two significant operational milestones by securing both the funding and placement of the Hydrogen Production Burner System. Our company is well positioned for long-term growth.”
The Hydrogen Production Burner System (“HPBS”) proprietary technology is the “first and only” H2 production and burner technology system worldwide able to produce a consistent, steady, non-volatile and safe-to-burn concentration of hydrogen “on-demand and on-site,” thus eliminating costly and complex transportation and storage challenges for customers wanting hydrogen as their “primary burner fuel” of choice. The HPBS provides industry the ability to achieve both energy and environmental conservation while simultaneously realizing a fuel cost savings of 30% to 70% from current expenditure levels. Learn more about the technology and testing of the HPBS at the TTE website ().
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 .
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.
Turbine Truck Engines, Inc.
Michael Patterson
CIO
TEL: 386-943-8358
FAX: 386-943-6232