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Turbine Truck Engines, Inc. Takes Ownership of the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL)
Turbine Truck Engines, Inc. Takes Ownership of the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL).
About this update from Novo Integrated Sciences, Inc.
[{"type":"text","content":"Paisley, FL - November 18, 2014 - InvestorsHub NewsWire - Turbine Truck Engines, Inc. (\"TTE\") (OTCBB:TTEG, OTCQB:TTEG) announces that all conditions, terms and guarantees of escrow were satisfied allowing Turbine Truck Engines, Inc. (the “Company” or “TTE”) to close, effective November 14, 2014, both the Asset Purchase Agreement and the Technology Sale/Transfer/Assignment for all Intellectual Property (IP) Agreement (the “Agreements”) to obtain ownership, and all rights, title, interest, patents, trademarks, and inventor notes for both the Detonation Cycle Gas Turbine Engine (DCGT) and Gas-to-Liquid (GTL) technologies.\nEnzo Cirillo, TTE’s Interim CEO and Board Chairman states, “Having secured ownership of both the DCGT and the GTL technology, our company can now advance active communications with several prospective North American based development partners with the intention of securing an alliance with a partner that has the proven background capable of determining both the viability and the “quickest-to-market” commercial application for both the DCGT and GTL technologies. Since TTE’s new management and board transition on August 13, 2014, TTE has focused its efforts on improving the companies’ balance sheet to better position our company as we evaluate multiple paths to grow TTE and increase shareholder equity value. The acquisition of the DCGT and GTL technology fulfills our initial intentions, announced August 19, 2014, to add these assets to the companies’ balance sheet. ”\nThe Asset Purchase Agreement also terminates all previous licensing agreements between TTE as well as it provides for the forgiveness of any and all accrued and outstanding royalty payments or other compensation owed by TTE to the Sellers.\nAs part of the Agreements, the seller, Robert & Barbara Scragg (the “Scraggs”), will consult with TTE for the purpose of the turnover of all applicable intellectual property, proprietary information, data, notes, hardware, pertinent material, improvements and advancements directly or indirectly related to both technologies.\nAbout Turbine Truck Engines, Inc.\nTurbine Truck Engines, Inc. is a clean-air technology company dedicated to identifying, developing and commercializing important scientific innovations designed to enhance both environmental conservation and cost savings in how the world consumes e...