Turbine Truck Engines Secures $5 Million in Funding

Tag : litz wires

DELAND, Fla., Jun 06, 2008 (BUSINESS WIRE) ----Turbine TruckEngines, Inc. ("TTE") (OTCBB:TTEG) is extremely pleased to announcetoday that the corporation has finalized a financial transactionthrough Golden Gate Investors Inc. ("GGII"), a financial fund basedin La Jolla, California. Highlights of the transaction reveal thatTTE has entered into a Securities Purchase Agreement with GGII,which provides for the issuance and sale of up to $5 million ofconvertible debentures, with the initial issuance of a $1 milliondebenture. Further details of the initial debenture include apayment of cash by GGII to TTE of $100,000 upon closing and thedelivery by GGII to TTE of a $900,000 Secured Promissory Note. ThePurchase Agreement provides GGII with the right to lend, over fouradditional and separate debenture transactions, an additional $4million of funding to TTE.
"Golden Gate is the type of Professional Corporation thatunderstands the financial requirements necessary to achieve thegoals of a developing technology company," stated Mr. MichaelRouse, CEO of Turbine Truck Engines, Inc. "The funding has zerofees or commissions attached to the transaction. Also the debentureinterest is seven and three quarters percent with the note interestpayable to Turbine Truck pegged at eight percent, resulting in astatic costing expense associated with this transaction," he added.
About Golden Gate Investors, Inc.
Golden Gate Investors goal is to establish relationships and addvalue to public companies by providing financial resources,experience, and industry knowledge. A group led by Norman Litzmanages the fund. Mr. Litz graduated at the top of his class fromWharton and Berkeley (MBA in Finance) and went on to hold numerouspositions on Wall Street as an analyst for Value Line, Wertheim,and Lehman Brothers. He was a Portfolio Manager for the No. 1ranked Oppenheimer Fund. Mr. Litz was also the President of acommercial real estate brokerage firm and the Senior Partner of aprivate investment partnership.
http://www.ljcinvestors.com/team.php
About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on thedevelopment, manufacture and marketing of its New Energy andEnvironmental Efficient Truck Engine intended for mass market inthe United States and abroad. This new engine design when completewill be able to utilize any known fuel source (gasoline, diesel,propane, natural gas, hydrogen, methanol, ethanol or LPG) or fuelmixture, yet needs zero coolant, lube oil, filters, or pumps. Theunique, lightweight turbine design has few moving parts,significantly reducing maintenance costs. The innovative cyclicdetonation process produces a complete combustion of fuel-oxidationmixtures, resulting in greater fuel economy and fewer harmfulexhaust emissions. For more information concerning Turbine Truck,Engines Inc., kindly visit our website at www.ttengines.com.
Safe Harbor: This release may contain forward-looking statementswithin the meaning of the Private Securities Litigation Reform Actof 1995. The risks and uncertainties that may affect theoperations, performance development and results of the company'sbusiness include, but are not limited to, fluctuations in financialresults, availability and customer acceptance of our products andservices, the impact of competitive products, services and pricing,general market trends and conditions, and other risks detailed inthe company's SEC reports.
SOURCE: Turbine Truck Engines, Inc.