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.