PROVO, Utah, Nov. 2 /PRNewswire/ -- Galtech Semiconductor Materials Corp. (OTC Bulletin Board: GTSM) today announced that it has reached an important milestone in its business development. The Securities and Exchange Commission has informed the company that its Form 10-SB filing was accepted as of the 29th of October and that it is now a full reporting company. In reiterating his earlier comments President and CEO Dr. William F. Pratt explained the importance of this new securities approval by saying, "This application, now approved by the SEC, greatly enhances Galtech's ability to source the funding it needs to commercialize its product line in both our semiconductor materials area and the motor/generator areas. The approval also gives us greater access to new market makers, financial institutions, fund portfolio managers as well as a wide range of individual brokers and analysts." As was mentioned at the time of filing this development marks the next step in bringing Galtech's proprietary technology into commercial reality. 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 involved 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.