Tuesday, January 16 2007 10:00 AM, EST
--------------------------------------------------------------------------------
Turbine Truck Engines, Inc. Confirms the Signing of a Conditional Loan Agreement
Business Wire "US Press Releases "
DELAND, Fla.--(BUSINESS WIRE)--
Turbine Truck Engines, Inc. (TTE) (OTCBB:TTEG) 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."
About Turbine Truck Engines, Inc.:
Turbine Truck Engines, Inc. is a technology company primarily focused on the development, manufacture and testing of its cutting-edge, energy and environmental-efficient, 540HP truck engine. This original, and revolutionary engine, can utilize any known fuel source (gasoline, diesel, propane, natural gas, hydrogen, methanol, ethanol or LPG) or fuel mixture, yet needs zero coolant, lubricating oil, filters, or pumps. The unique, lightweight turbine design has very few moving parts, significantly reducing maintenance costs. The patented, cyclic detonation, engine produces a complete combustion of fuel-oxidation mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions. For more information concerning Turbine Truck, Engines Inc., kindly visit our website at www.TurbineTruckEngines.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.
Source: Turbine Truck Engines, Inc.
