Hydrogen Engine Center, Inc. (OTCPK:HYEG) (HEC) entered into an agreement to acquire assets of TINA Energy Systems for $1.3 million on November 6, 2014. As payment for the TINA assets, HEC will issue warrants to purchase 7 million shares exercisable before July 11, 2015 at a price of $0.15 per Share and warrants to purchase 6,000,000 shares exercisable before July 11, 2016 at a price of $0.20. In addition, Hydrogen Engine Center will issue 6 million shares to TINA Energy Systems, of which 0.84 million shares have been purchased and the remaining will be purchased over a period of 6 months.

TINA's President, Pedro Blach, will join Bill Ayres, Vice President and Ted Hollinger, Chief Executive Officer on HEC's Board of Directors. HEC expects the transaction to close on or about December 31, 2014.