Turbine Truck Engines (TTEG.OB) Inks Acquisition Agreement with Hua Tec Enterprise
Turbine Truck Engines Inc. and Hua Tec Enterprise Co. Ltd. recently entered into a Share Purchase Agreement in which TTE will acquire 80 percent of the issued shares of Hua Tec. Hua Tec owns all of the issued capital stock of its subsidiary Guangdong Kingtec Electrical Co. Ltd. Per the agreement, TTE will assume control of all Kingtec’s resources, which it will use to assist in developing its patented Detonation Cycle Gas Turbine (DCGT) engine. “This acquisition should accelerate the process of advancing the DCGT through the design and manufacturing process. Our team is also determined to promote Kingtec as…