Turbine Truck Engines' $1.5 million for clean-air engine innovations

New engine funded by private placement of 23,076,924 common shares

By Sahara Marte

New York, July 3 - Turbine Truck Engines Inc. plans to use $1.5 million raised from a private placement to invest in engine innovations, Michael Rouse, chief executive officer and president, told Prospect News.

The company is completing the final stages of its new engine that uses hydrogen as fuel to eliminate harmful emissions.

"These engines can replace industrial oil burners," added Rouse.

Turbine Truck Engines contracted its partner, Taiwan-based Energy Technology Services, to have the first engines installed in about 100 days.

There are about 22 companies in China interested in converting to the clean technology, said Rouse. The companies will be able to reduce their fuel costs by 50%.

Turbine Truck Engines ordered the new equipment to arrive in North America for demonstration purposes. It is interested in finding possible distributors.

On June 27, the company sold 23,076,924 class A common shares at $0.065 each for a total of $1.5 million. The price per share was a 7.14% discount to the June 26 closing price of $0.07. Elysian Shores Holdings was the investor.

Based in Deland, Fla., Turbine Truck Engines manufactures and markets heavy-duty highway truck engines.

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