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Turbine Truck Engines, Inc. (TTEG) Inks 6-Year HPBS Lease Agreement With Fujian XinChang Leather

|Includes: Turbine Truck Engines, Inc. (TTEG)

Turbine Truck Engines, a clean-air technology company, has secured a definitive lease agreement with Fujian XinChang Leather, Co. Ltd. in China for the operation of the Hydrogen Production Burner System (HPBS) to be installed at Fujian XinChang Leather's manufacturing facility. In addition, Fujian XinChang Leather has agreed to allow TTEG to test and collect data necessary for final certification of the HPBS for use throughout China.

Once the HPBS is installed and operational, Fujian XinChang Leather will pay lease payments to TTEG for the lease's initial six-year term project to a minimum of USD$1,036,000. Because of qualified Carbon Credit Asset Programs and based on Fujian XinChang Leather's current carbon footprint, TTEG said the HPBS projects an additional 30 percent annual revenue increase above the lease payments.

By installing the HPBS, Fujian XinChang Leather will be able to accelerate switching the company's primary "burner fuel" from coal to hydrogen. Fujian XinChang Leather will also benefit from cost savings and reduction of carbon emissions.

"The Hydrogen Production Burner System allows Fujian XinChang Leather. Co. to realize an annual fuel cost savings of 30-60 percent while significantly reducing the companies' carbon emissions and the negative environmental impact on the nearby communities from its current coal consumption," Michael Rouse, TTE CEO and president stated in the press release. "I am personally grateful to the ownership and management of Fujian XinChang Leather, Co. Ltd for allowing Turbine Truck Engines the ability to access its on-site HPBS unit during operations for the completion of certification."

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