Turbine Truck Engines, Inc. announced today that they've finalized a financial transaction through Golden Gate Investors Inc. 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.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture and marketing of its New Energy and Environmental Efficient Truck Engine intended for mass market in the United States and abroad. This new engine design when complete will be able to utilize any known fuel source (gasoline, diesel, propane, natural gas, hydrogen, methanol, ethanol or LPG) or fuel mixture, yet needs zero coolant, lube oil, filters, or pumps. The unique, lightweight turbine design has few moving parts, significantly reducing maintenance costs. The innovative cyclic detonation process produces a complete combustion of fuel-oxidation mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions.
Source: BUSINESS WIRE