Ever since Turbine Truck Engines, Inc. (OTC:TTEG)
announced it had granted its approval to the formation of a JV between the company, on the one hand, and Energy Technology Services Co., on the other, TTEG stock has more or less been on an upward trend.
Last Friday, TTEG went up 16% to $0.2099 per share, its highest close for the last six months. Due to increased investor interest, TTEG shifted a total of 237,842 shares, up 49.6% from its daily average trading volume. Thus, TTEG has once again solidified the uptrend which started in early 2012 when TTEG stock consecutively surpassed the MA (50) and MA(200) curves.
Founded in 2000, Turbine Truck Engines, Inc. is still a development-stage company focused on developing novel energy efficient technologies and eco-friendly products. Following the aforementioned JV, TTEG, through the newly created entity known as Global Hydrogen Energy Co. Ltd., is expected to enter the hydrogen energy business worldwide.
TTEG closed Q3 of 2011 with:
- cash reserves of $8,604 vs. $128,264 in Q4 2010;
- $164K in assets vs. $2.4M in liabilities;
- net quarterly loss of $501K as opposed to a loss of $250K incurred in Q3 2010.