MILESTONES
June 6, 2008
Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG - News) is extremely pleased to announce today that the corporation has finalized a financial transaction through Golden Gate Investors Inc. (“GGII”), a financial fund based in La Jolla, California. Highlights of the transaction reveal that TTE has entered into a Securities Purchase Agreement with GGII, which provides for the issuance and sale of up to $5 million of convertible debentures, with the initial issuance of a $1 million debenture. Further details of the initial debenture include a payment of cash by GGII to TTE of $100,000 upon closing and the delivery by GGII to TTE of a $900,000 Secured Promissory Note. The Purchase Agreement provides GGII with the right to lend, over four additional and separate debenture transactions, an additional $4 million of funding to TTE.
“Golden Gate is the type of Professional Corporation that understands the financial requirements necessary to achieve the goals of a developing technology company,” stated Mr. Michael Rouse, CEO of Turbine Truck Engines, Inc. “The funding has zero fees or commissions attached to the transaction. Also the debenture interest is seven and three quarters percent with the note interest payable to Turbine Truck pegged at eight percent, resulting in a static costing expense associated with this transaction,” he added.
May 20, 2008
On May 13, 2008, the Company terminated the Merger and Exchange Agreement (the Agreement) dated February 6, 2008 it had entered into with High Point Acquisition Inc. (Acquisition) and High Point Transport, Inc., a Florida corporation (HPTI).
The Company entered into the Agreement for the purpose of accessing necessary funding to continue operations. Prior to the date of the Agreement, there was no relationship between Turbine Truck and High Point Transport.
Due to unforeseen circumstances of High Point Transport, the parties mutually agreed to terminate the Agreement as of the termination date. Pursuant to the term of the mutual termination, Turbine will repay High Point the sum of $2,000 which represents the parties settlement of debts owed one to the other, and that subsequent to the payment, no further obligations or liabilities will exist between the parties.
February 11, 2008
Turbine Truck Engines, Inc. (TTE) (OTCBB:TTEG - News) announced today that the company has signed a Merger and Exchange Agreement with Highpoint Transport Inc. (“HPTI”), a Nevada Corporation. Details of the Agreement specify that HPTI will merge with TTE and result in the creation of a new Nevada Corporation, Turbine Truck Engines NV, Inc., as a wholly owned subsidiary of HPTI. Further details specify a reverse split of TTE shares and a $1 million dollar commitment by HPTI to fund the Turbine Truck subsidiary over the next twelve months. A complete copy of the Merger and Exchange Agreement is exhibited as part of the TTE filed SEC Form 8K dated February 6, 2008.
“This merger will provide the much needed impetus in introducing our revolutionary engine to the trucking and transportation industry,” said Mr. Michael Rouse, CEO of Turbine Truck Engines, “We have long awaited a business opportunity with an established transportation company. Highpoint Transport is a perfect fit right down to the ground. The melding of our two companies will alleviate our capital shortfall while providing us with an actual industry specific test bed.”
Mr. Paul Henley, CEO of Highpoint Transport Inc. commented, “We are very excited for the opportunity to team up with Michael Rouse and his team at Turbine Truck Engines. The technology they are developing is revolutionary, and very much needed to enable trucking companies to become more efficient in transporting freight, and to help reduce emissions. As a rapidly growing business in the trucking/freight systems industry, we see tremendous opportunities for coordination between our businesses to attain our goals.”
December 3, 2007
The Board of Directors of Turbine Truck Engines, Inc. (TTE) (OTCBB:TTEG - News) is pleased to announce the appointment of Bob Lombard as Program Manager of Engine Development. Mr. Lombard will oversee the continued development and testing of the Detonation Cycle Gas Turbine Engine.
“I am delighted that Bob will be working with us on our industry transforming technology,” states Michael Rouse, CEO of Turbine Truck Engines, Inc. “Bob is a key addition to the TTE leadership team as he brings 37 years of aerospace engineering and program management experience.”
Mr. Lombard brings important engineering credentials and significant program management experience across a wide range of technologies. He has a BS in Engineering Management (Magna Cum Laude) and post graduate training from Georgia Tech and Lowell Institute of Technology. His credentials cover the following disciplines: Program Management, Reliability and Maintainability Engineering, Production Support Engineering, Systems Testing, Logistics Engineering and Systems Integration.
Mr. Lombard's technical experience began in the late 1960's, maintaining weapons systems with the US Navy. He then began a very successful engineering career, accepting increasingly responsible roles with such organizations as Raytheon Company and Martin Marietta. Subsequently, he transitioned to program management, and has spent most of the last twenty years at Lockheed Martin specializing in the development and integration of prototype hardware.
Mr. Lombard will be working closely with the team at Embry-Riddle University on the continued development and testing of the Detonation Cycle Gas Turbine Engine with the goal of expediting the commercialization of the technology.
Jim Teters, President of Turbine Truck Engines, Inc. states, “I cannot be more pleased to have Bob leading the continued development of the engine. His incredible experience, knowledge and leadership skills will provide the research team with the guidance to move the technology to the next stage.”
Fall, 2007
New investor Flyer released to investment community.
New web site goes online.
August 10, 2007
We filed Form 10Q with the SEC today. It is available to be viewed on Edgar Online.
May 15, 2007
We filed Form 10Q with the SEC today. It is available to be viewed on Edgar Online.
April 2, 2007
Turbine Truck Engines, Inc. (‘TTE’) (OTCBB: TTEG), a company that manufactures and markets technologically advanced engines, announced today that the TTE 540hp Prototype Detonation Cycle Gas Turbine (DCGT) was delivered to the newly acquired TTE Demonstration Facility last week.
“Cost Cast has demonstrated excellence and impeccable quality control in the construction of this engine,” said Mr. Robert Scragg, owner of Alpha Engines Corp. and inventor of the DCGT. “The end result is outstanding!” he added.
Cost Cast, Inc. (www.CostCast.com) is a high quality casting company that manufactures aluminum sand castings for the aerospace, railroad, OEM, marine, laser-optic guidance system, construction, traffic control, and many other vital industries.
“We are extremely pleased with the job done by Cost Cast,” reported Mr. Michael Rouse, CEO. “All component parts were cast and assembled by their extremely competent team within the framework of our timetable. Alpha is busy completing the remaining final touches on the engine, including the installation of the fuel and ignition systems.”
Alpha Engines Corp. is under contract with TTE to design, construct and test the 540hp Prototype Engine. “We are on schedule to begin demonstrations for the benefit of our potential joint venture partners by the end of this month,” Mr. Rouse concluded.
March 28, 2007
We filed Form 10K with the SEC today. It is available to be viewed on Edgar Online.
March 6, 2007
Turbine Truck Engines, Inc. (‘TTE’) (OTCBB: TTEG) announced today that the corporation has signed a 2-year Lease Agreement regarding a 3,600 square foot space located at 917 Biscayne Boulevard Unit 6, DeLand Florida 32724. Details of the Agreement state that the space is to be used for the purpose of demonstrating the TTE revolutionary Energy and Environmental Efficient Truck Engine. Further conditions of the Agreement allow TTE an option to purchase the space.
“This facility is perfect for our demonstration purposes,” said Mr. Michael Rouse, CEO. “The complex is located next to the airport and allows for private aircraft to taxi up to the location. It is our intention to begin demonstrating our engine, at this facility, by mid April following the successful preliminary testing in March.”
Photographs of the building are located on the TTE web site.
February 22, 2007
Mr. Michael Rouse, CEO of Turbine Truck Engines, Inc. ('TTE') is extremely pleased to announce that Dr. Magdy Attia has agreed to join the TTE Board of Directors. Dr. Attia is a respected Engineer, researcher, published author, Assistant Professor in the Department of Aerospace Engineering and Head of the Gas Turbine Research Laboratory at Embry Riddle Aeronautical University, and an Engineering Consultant to major corporations such as Siemens Westinghouse Power Corporation.
In 1995, Dr. Attia earned his Ph.D. in Mechanical Engineering from Texas A&M where his dissertation topic was Performance of Axial Compressors and Turbines for Turbomachenery Applications. In 1997, he received the George Westinghouse Signature Award of Excellence. As a research assistant, Dr. Attia participated on a NASA-Lewis funded project to create a complete engine performance code that simulated the design and off-design performance of gas turbine engines. Dr. Attia was responsible for the writing and validation of the code, resulting in the publishing of his research findings. As a Senior Engineer at Westinghouse Electric Corp., Dr. Attia was lead designer for the W501FD compressor that boasts over 200 engines currently in operation worldwide. In addition, Dr. Attia also holds a patent for High Temperature Compression and Reheat Gas Turbine Cycle and Related Method.
"Dr. Attia brings a wealth of engineering experience in the practical theory, design and application of turbine technology," commented Mr. Rouse, "His addition to our board underscores our commitment to excellence regarding both current and future applications of our technology."
January 31, 2007
Mr. Michael Rouse, CEO of Turbine Truck Engines, Inc. ('TTE'), and Mr. Robert L. Scragg, President of Alpha Engines, Corp. ('Alpha') are pleased to announce the signing of a "Right of First Refusal Agreement." Details of the Agreement specify that Alpha has granted TTE the "Right of First Refusal" to acquire Alpha should Alpha receive an offer to be acquired by a third party. Further details stipulate that TTE must make a counter offer that is equal to, or greater than, the Third Party Offer.
"The signing of this Agreement allows Turbine Truck Engines greater control over its long-term strategic planning and goals," said Mr. Michael Rouse. "This Agreement will add a new dimension to our working relationship with Alpha and provide beneficial security to both companies."
TTE has contracted Alpha to design, construct, and demonstrate the TTE 540HP Heavy Duty Highway Truck Engine Prototype. The design phase has been completed; the construction is 80% complete and the preparation for testing and demonstration are in process.
"Turbine Truck Engines has surpassed all expectations regarding the development of our patented engine design. In the natural progression of our mutual interests… it makes perfect logic to grant TTE first status to acquire Alpha," commented Mr. Robert Scragg. "It is also important to note that the acquisition of Alpha, by a Third Party, will not affect the terms and conditions of our Licensing Agreement with TTE."
January 16, 2007
Turbine Truck Engines, Inc. (TTE) is extremely pleased to announce today the signing of a conditional loan agreement and term sheet. The Agreement, between TTE and a European financial institution, provides for a 5-year, US$5,000,000.00 loan at an interest rate of 8% or LIBOR plus 3%. Additional terms include a Drawdown Schedule specifying release of the funds in multiples of $1,000,000.00. The loan schedule further defines that the first release of funds will be available after January 2007. As consideration for the financing, TTE has pledged a significant portion of its assets and has agreed to such other provisions as are customary regarding venture capital financial transactions. In addition, the Agreement is also subject to the completion of certain due diligence processes by the lender.
Michael Rouse, Chairman and CEO of TTE, stated, "We are pleased with the proposal and anxiously await its completion. The funding will enable us to complete the construction and testing of our new engine, and is vital to the successful implementation of our business plan."
January 5, 2007
Turbine Truck Engines, Inc. (TTE) has announced that Embry-Riddle Aeronautical University has granted TTE complete access to the Gas Turbine Research Laboratory (GTRL) test facilities at the University.
The GTRL in the Aerospace Engineering Department of Embry-Riddle University has opened its doors to TTE. It has offered to help by providing state of the art Turbine test equipment, duration test facilities, and personnel to help commercialize a 540hp version of the Detonation Cycle Gas Turbine Engine (DCGT) for drive shaft applications. The Testing is a necessary phase in the final development of the DCGT as it approaches the production phase. These tests will provide TTE with the data necessary for the engineered prototype for a production engine.
The GTRL has extensive expertise in gas turbine engines and in modeling of complex geometries in CATIA and external redesign. The GTRL recently completed a 3D model of the DCGT prototype and partially redesigned a potential 540hp version as shown on the corporation's web site www.TurbineTruckEngines.com. The re-design was performed in collaboration with TTE.
The GTRL proposes to further collaborate with TTE and the inventor, Mr. Robert Scragg, President of Alpha Engines Corp. "We are very fortunate to have Embry-Riddle just down the street in Daytona," said Michael Rouse. "We have developed a great relationship over the past couple of years with the GTRL headed by Dr. Magdy Attia. He has been exemplary in their CAD designs. They have now offered us total access to their testing facilities and personnel at cost; this was an unexpected surprise. TTE will save time and countless thousands of dollars. Harold Simmons, principal engineer for the Gas Turbine Technology Center from Southwest Research Institute, said he would be glad to come to Daytona to certify any of our tests."
December 20, 2006
Mr. Michael Rouse, CEO and Mr. James Teters, President of Turbine Truck Engines, Inc. ('TTE'), a company that manufactures and markets technologically advanced engines, were invited last week by Mr. Robert Scragg, President of Alpha Engines Corp. ('Alpha'), to visit the facilities of Cost Cast, Inc., located in Haines City, Florida, to view progress in the creation of the TTE 540hp Detonation Cycle Gas Turbine ('DCGT') Engine Prototype.
Cost Cast, Inc. (www.CostCast.com) is a high quality casting company that manufactures aluminum sand castings for the aerospace, railroad, OEM, marine, laser-optic guidance system, construction, traffic control, and many other vital industries.
"We are extremely pleased with the progress to date," reported Mr. Rouse. "All component parts have been cast, including the Detonation Cylinders, Housings, and Turbines."
Alpha is under contract with TTE to design, construct, and test the 540hp Prototype Engine. "Cost Cast possesses the ability and expertise to produce high quality aluminum castings, resulting in an engine that is lighter and easier to manage," commented Mr. Scragg, following the meeting. "The completion of casting the DCGT component parts has enabled Alpha to begin assembling the engine in early January."
November 14, 2006
We filed Form 10Q with the SEC today. It is available to be viewed on Edgar Online.
October 26, 2006
Turbine Truck Engines, Inc. (TTE) entered into three separate consulting agreements that are intended to provide the Company with strategic financial and corporate development services. The financial services shall include the development of a corporate financing package and assistance in completion of private placement funding. The corporate development services include the preparation of a 12-month business development strategy document that will be designed to complete the final development and commercialization of the Company's proprietary engine.
As consideration for entering into the consulting agreements, the Company has granted each consultant options to acquire up to 500,000 shares of the Company's common stock at a price of $.50 per share. This is based upon each respective consultant meeting specific milestones set forth in the consulting agreements which have been provided as exhibits to the Report on Form 8-K filed with the SEC today. They can be viewed on Edgar Online.
September 29, 2006
Turbine Truck Engines, Inc. (TTE) and Alpha Engines Corporation (AEC) settled in a written agreement for payment of the Accrued Royalty Fees due to AEC. The settlement was for a total of 100,000 shares of restricted common stock with registration rights for total payment of the amount accrued. The total amount accrued was $416,666.67. Both parties agreed to the total amount of shares valued at $0.61 a share at the time of the agreement. It is available to be viewed on form 8K filed on 10-3-2006 with the SEC on Edgar Online.
September 7, 2006
We filed an S-8 registration registering 2,000,000 shares for the purpose of employee compensation with the SEC today. It is available to be viewed on Edgar Online.
August 11, 2006
We filed Form 10Q with the SEC today. It is available to be viewed on Edgar Online.
June 6, 2006
We filed Form 8K stating the material agreement between TTE and Dutchess Private Equities Fund, LP for a $10,000,000 equity line of credit with the SEC today. It is available to be viewed on Edgar Online.
May 24, 2006
We announced today that the design for the fifth prototype is complete. A conceptual rendering is available to be viewed here.
May 12, 2006
We filed Form 10Q with the SEC today. It is available to be viewed on Edgar Online.
March 28, 2006
We filed Form 10K with the SEC today. It is available to be viewed on Edgar Online.
February 24, 2006
We filed Form 8K with the SEC today stating the resignation of Jay Hilden, our President & COO. For personal reasons, Mr. Hilden has informed TTE that he can no longer perform his duties as President. Mr. James Teters was asked by a Board Member to assume the responsibilities as President, and his appointment was approved by the Board of Directors. Mr. Teters previously served as President of the company from its inception on December 4, 2000 through January 3, 2003.
February 9, 2006
A $2,000,000 Key Man Term Life Policy from New York Life Insurance Company on our CEO Michael Rouse became effective today. The policy names Turbine Truck Engines Inc. as the sole beneficiary.
September 20, 2005
Alpha Engines Corporation has completed preliminary design of our 540 hp engine prototype.
July 12, 2005
For the purpose of allowing the Company to appoint a Chief Accounting Officer with greater expertise to assist in financial decisions affecting the Company’s growth, the Company accepted Chief Accounting Officer David M. Cox's resignation from the Company, which was tendered June 27, 2005. The Company then approved the appointment of Rebecca A. McDonald of Dickinson & McDonald, P.A. to serve as the Company’s Chief Accounting Officer.
The Company accepted the June 17 resignation of Robert Adamo from the board of directors. There are no material disagreements between Mr. Adamo and the Company and Mr. Adamo’s resignation was voluntary.
June 14, 2005
We signed a contract with U.S. Capitol Partners, Inc. as our investment banking group and market maker.
June 9, 2005
We received stock symbol today: TTEG.OB.
May 25, 2005
Our SB-2 prospectus was officially closed.
May 17, 2005
U.S. Capital Partners, Inc. filed a 15C-211 with the N.A.S.D. for a stock symbol that will allow our stock to trade.
February 4, 2005
We have paid the $250,000 license fee, which was held by Alpha Engines Corporation, with a promissory note. The note was due in full August 23, 2005.
January 14, 2005
We were in negotiation for the sale of the remainder of our common stock, but the purchase did not occur.
December 1, 2004
We hired Janet Smith of 5th Dimension Marketing to update our business plan.
November 15, 2004
We moved our offices to 1301 International Speedway Boulevard, DeLand Florida 32724.
September 28, 2004
We received our CUSIP number from Standard and Poors.
August 19, 2004
We received our SB-2 Prospectus which is available to accredited investors and to investors in our Blue Sky state filings.
August 12, 2004
The SEC accepted the SB-2 Amendment Five and it became effective at 2 p.m.
August 11, 2004
We filed SB-2 Amendment Five with the SEC. We requested acceleration for the
afternoon of August 12th.
July 27, 2004
As of July 27, we have filed our SB-2 Amendment Four with the SEC.
To view our updated financials through March 31, 2004 click on
Turbine Financials 3-31-04.
June 14, 2004
We received several additional comments from the SEC on the Amendment Three filing.
June 1, 2004
We have filed Blue Sky applications for our stock offering in New York state, Illinois, Colorado and Georgia.
May 10, 2004
As of May 10th, we have re filed with the SEC and addressed the comment for the Division of Market Regulation. SB-2 Amendment Three.
To view the updated financials through December 31, 2003, click on
Turbine Financials 12-31-03.
April 16, 2004
We received only one comment from the Division of Market Regulation.
March 4, 2004
The SEC is requiring audited financials through December 31, 2003. Our accounting firm will need 3 weeks for completion.
February 20, 2004
We received 8 comments from Amendment Two filing from the SEC. We are advised that our registration statement was forwarded to the Department of Market Regulations for their review, which is the final step before we become effective. They may have additional comments.
February 12, 2004
The SEC accepted Amendment Two filing to SB-2 on Thursday, February 12, 2004.
January 23, 2004
We received comments from the SEC on Friday, January 23, 2004. We are in the process of responding to the comments and hope to be re-filed with the SEC by February 6, 2004.
December 15, 2003
The SEC accepted Amendment One filing to SB-2.
For a printable pdf version, use the following link: SB-2 Amendment One.
December 15, 2003
New Financials: To view financials through September 30, 2003, click on Turbine Financials-9-30-03.
October 27, 2003
Received first set of comments from SEC concerning our SB2 offering.
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