In search of the next hot penny stock on the OTC, stumbling upon Turbine Truck Engines Inc. (TTEG) seemed appropriate for a Wednesday evening. Determined to change the world by creating clean-air technology for use on an array of different applications, the announcement of their first order to manufacture their Hydrogen Production Burner System come just weeks after having secured $10 million in funding. On the rise, petty much smoke and vapor, TTGE stock could try to “shoot for 2” on news like that.
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TTEG Stock Quote
Market Cap: 2.26M
Last: 0.0125 ▲ +0.0022 (+21.36%)
Dollar Volume: $14,152
Issued and Outstanding: 180,834,689
14-Day Rel Strength: 55.92%
1st Resistance Point: 0.0136
1st Support Level: 0.0103
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After reporting on Friday of last week their Q for the 3 months ended June 30, 2013, all hope for something positive seemed to fade after Turbine Truck Engines reported a very lopsided balance sheet. With assets worth just $21,906 and liabilities, current and long-term, valued at $243,266 and $713,769, respectively, shareholders of TTGE assumed the “death march” to under 0.01 was inevitable.
However, bouncing off the lows of 0.007 on Monday, the rush from the August 6th announcement that Fujian XinChang Leather, Co. would be on the hook for a 6-year term project with minimum lease payments to Turbine Truck Engines for $1,036,000 finally faded away. News from last night that the Fujian Province, China based leather company will be installing the Hydrogen Production Burner System in the next 60-90 days could just be enough to put some gas into the engine of TTGE stock.
Being that the Fujian XinChang Leather deal would be the first time the Company has put some numbers into the revenue column could be the small breathe of fresh air investors needed. Despite the fact that R&D costs, as well as operating costs, have declined by more than -50% in comparison to the prior year’s periods, issued and outstanding shares of TTGE stock have nearly tripled during that time from 65,640,469 on June 30, 2012 to 180,834,689 as of August 9, 2013.
Even if pressure is rapidly increasing for industries across all sectors to aggressively seek out new technologies to replace coal, petrochemical oil, gas, or electric energy as a fuel source for burning, the chances of Turbine Truck Engines making something happen with their relatively weak balance sheet seems unlikely, but it doesn’t mean TTGE can’t see a bit of a push towards 2 before the weekend.
About TTEG Stock
Turbine Truck Engines, Inc. is a development stage enterprise currently working on the development of 3 separate clean-energy technologies: (i) Hyrdrogen Production Burner System; (ii) Detonation Cycle Gas Turbine Engine; and (iii) the Gas To Methanol Technology.
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The true driving force behind TTGE stock is the optimism that the Company can get a working 540 horsepower, heavy-duty highway truck engine. If they can actually pull that off, TTGE could become a penny stock on fire. But until then, it’s just a lot of smoke and vapor which still could be enough to see the 2’s.
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