PROVO, Utah, March 14 /PRNewswire/ -- Galtech Semiconductor Materials
Corp. (OTC Bulletin Board: GTSM) today announced that it has entered into an
agreement to obtain the funding necessary to begin the next phase of its
commercial development program. Company President and CEO Dr. William F.
Pratt, announced that the funding agreement was finalized and approved by the
Board of Directors earlier this month. This will allow Galtech Semiconductor
Materials Corp. access to the additional funding needed to expand its product
development, manufacturing capabilities and marketing efforts. Dr. Pratt went
on to say that the agreement makes available future additional funding should
it be necessary to support the activities of the company.
This announcement follows closely the announcement in November of the
Securities and Exchange Commission acceptance of the company's Form 10-SB
filing. These two developments substantially strengthen Galtech's access to
the resources it needs for product and commercial development.
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. Galtech also recently announced
further progress in its Energy Research Division in its ability to develop and
test the motor/generator technology.
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.