PROVO, Utah, March 1 /PRNewswire/ -- Galtech Semiconductor Materials Corp.
(OTC Bulletin Board: GTSM) -- Galtech's president William F. Pratt today
issued a website letter to stockholders which included the following
statement, "As a management team we continue to be encouraged by our progress
in the manufacture of cadmium telluride compound semiconductor materials and
our opportunities to commercialize our crystal growing process. As we
announced in our December news release, we completed construction of our
testing and production facility, and calibration and testing of equipment.
Since that time Galtech has been engaged in production trials to improve its
crystal growth process. We are optimistic about what we have seen to date;
the facility and equipment are performing well, and confirm our earlier
expectations and analysis.
"In a September 20, 1999 press release, Galtech announced that it had
completed the construction of a test automobile that was to be used as a
platform for testing and developing of its unique electrical motor/generator
technology. While our main focus remains the development and production of
compound semiconductor materials, the company has continued to gather baseline
information on the performance of the electric vehicle using existing
technology in our test vehicle. As we stated in September, as time and
resources permit we will continue to further the development of our patented
motor/generator technology. Additional information can be seen on our
"We appreciate your patience and will continue positive, constructive
progress toward achieving our business and technical objectives."
Galtech is an innovative research and development company with its
beginnings in the development and manufacture of high quality, specialty,
compound semiconductor materials. Galtech was reorganized in 1998 to
manufacture compound semiconductor materials and is based in cadmium telluride
(CdTe) process and product development. Crystalline material made from this
compound is capable of converting solar or other sources of radiant energy to
electrical current. Such materials are widely used in solar-cell arrays,
lasers, infrared detectors and other devices.
This press release includes forward-looking statements that involve risks
and uncertainties. It is not a solicitation to purchase or sell securities of
Galtech Semiconductor Materials Corporation. Readers should consult with
their own independent tax, business or financial advisors with respect to any
investment in this company. For investor relations please contact William R.
Tunnell at (623-825-2550) or consult our web site at www.galtech-corp.com.
SOURCE Galtech Semiconductor Materials Corp.