PROVO, Utah, March 20 /PRNewswire/ -- Galtech Semiconductor Materials
Corp. (OTC Bulletin Board: GTSM) today announced the following information
regarding its progress in commercial development of compound semiconductor
Building on progress reported in our last press release and outlined in
the "White Paper" posted on Galtech's website http://www.galtech-corp.com.
Galtech is conducting pilot production of Cadmium Zinc Telluride(CZT). This
pilot production program will lead to the commercial production compound
semiconductor material. The company, to begin a targeted rollout of its CZT
substrate material, has established contact with a selected aerospace company
for the purpose of becoming a qualified supplier. Due to the very limited
number of suppliers of large area CZT substrate material Galtech's inquiries
were met with enthusiasm and this company is actively encouraging the
companies efforts to become qualified.
Since the "White Paper" on Galtech's website, http://www.galtech-corp.com,
was posted late last year, we have received a number of very positive reviews
and contacts with potential customers in both the United States and Europe.
All of these companies have expressed keen interest in Cadmium Zinc
Telluride(CZT) instead of the Cadmium Telluride (CT) grown last year and
discussed in the white paper. Based on these inquiries and our own assessment
of the potential markets involved, we have decided to accelerate our
development of CZT substrates. The decision to accelerate development of CZT
was due to four important reasons: 1) The market for CZT is many times larger
than the market for CT, 2) all request for samples from potential customers
have been for CZT, 3) the equipment and processes are the same for both,
4) CZT has a number of desirable characteristics that CT does not have, and
thus has a wider field of application possibilities.
Accordingly, Galtech is concentrating on two major efforts, one related to
market research and the other related to crystal growth. The companies
requesting CZT substrates for evaluation have indicated desires for different
levels of doping, Cad-Zinc ratios, and other characteristics. While we are
assessing each potential opportunity (e.g. costs, margins, sales, etc.) we are
going forward with our efforts to grow a crystal specifically for gamma-ray
detectors as requested by the national laboratory. Therefore based on the
company's past success with the national laboratory and their stated material
preference, our current crystal growth is focused on CZT that is designed to
meet their specifications. The flexibility and robust nature of the company's
plant and equipment has allowed us to accommodate these process and product
changes without further modifications.
Further, to pave the way for future growth, Galtech is actively developing
relationships with important target industry groups. Galtech's stated long
term goal is to supply devices based on CZT as detectors for use in dynamic
digital radiography (DR) in medical imaging. To this end, the company has
begun the business development study required to enter this important
marketplace. Initial results of this effort are very favorable and support
our belief that devices, based on Galtech produced substrates can open up a
large and untapped market in this industry group.
In other developments, the Company is pleased to announce that the
Securities and Exchange Commission has given final approval to Galtech's SB2
request. This will allow Galtech to obtain additional funding for current and
future development efforts. Additionally, Galtech was the subject of a very
favorable magazine article in the Jan-Feb 2001 issue of Compound Semiconductor
Magazine. The article can be seen on the Company's website at
For general information on Galtech Semiconductor Material please go to the
company's website or contact William Tunnell at (623)825-2550.
This document includes forward looking statements that involve risks and
uncertainties. It is not a solicitation to purchase or sell securities of
Galtech Semiconductor Material Corporation. Readers should consult with their
own independent tax, business or financial advisors with respect to any
investment in this company.
SOURCE Galtech Semiconductor Materials Corp.