Turbine Truck Engines Secures $5 Million in Funding

DELAND, Fla.--(BUSINESS WIRE)--Turbine Truck Engines, Inc. (“TTE”) (OTCBB:TTEG) 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.

About Golden Gate Investors, Inc.

Golden Gate Investors goal is to establish relationships and add value to public companies by providing financial resources, experience, and industry knowledge. A group led by Norman Litz manages the fund. Mr. Litz graduated at the top of his class from Wharton and Berkeley (MBA in Finance) and went on to hold numerous positions on Wall Street as an analyst for Value Line, Wertheim, and Lehman Brothers. He was a Portfolio Manager for the No. 1 ranked Oppenheimer Fund. Mr. Litz was also the President of a commercial real estate brokerage firm and the Senior Partner of a private investment partnership.

http://www.ljcinvestors.com/team.php

About Turbine Truck Engines, Inc.

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. For more information concerning Turbine Truck, Engines Inc., kindly visit our website at www.ttengines.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.