Galtech Management Enters Agreement to Fund The Next Phase of its Business Development Plan

    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.