Turbine Truck Engines, a technology company focused on the development, manufacture, and distribution of its new energy efficient and environmentally friendly products, today announced it has reached an agreement with Energy Technology Services Co., Ltd. (ETS), specifically pertaining to the structure and financial terms for the joint venture announced January 12, 2012.
Joint-venture entity Global Hydrogen Energy Holding Group Ltd. (NYSEARCA:GHE) was formed to develop and market worldwide ETS' energy-related products and energy saving devices, including the Hydrogen Energy Production System (HEPS), which converts common methanol into clean-burning hydrogen gas for immediate on-site use.
Per the joint-venture agreement: all revenues for the joint venture will be booked by Turbine Truck Engines with TTE and ETS sharing net profit 50/50 after "reasonable expenses." TTE has complete operational control of all marketing, sales, and equipment leases. All GHE management will be TTE employees with an employee agreement that reflects an annual salary of $1 (NYSEARCA:USD) and 100,000 stock options with their value not to exceed $150,000 (USD).
Additionally, ETS will contribute all licensing rights for the HEPS hydrogen generator technology and all other hydrogen energy-related devices and technology. TTE will contribute $450,000(USD) and 5M Rule 144 common shares in exchange for 10 percent non-dilutive beneficial ownership of GHE. In addition, TTE is authorized a one-year option to acquire an additional 10 percent interest of GHE for 5M Rule 144 common shares.
With the financial terms in place, TTE president and CEO Michael Rouse said HEPS is ready to hit the market.
"The Hydrogen Energy Production System (HEPS) is ready for commercialization today. This joint venture between TTE and ETS having minimal dilution to TTE shareholders, places TTE at the doorstep of realizing revenue and growth. Having the opportunity to combine the resources of TTE with the outstanding management and hydrogen related technologies of ETS is a significant milestone for both companies," Rouse stated in the press release. "Over the last several months, all parties involved have worked in good faith with the shared goal of accelerating the development of innovative green-energy solutions in the way the world generates and consumes 'clean fuel' to produce power."
For more information visit ttengines.com
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