GDT Tek Eliminates $10,000,000 of Debt from Balance Sheet Auditor Completing First Steps to Bring All Financial Filings Current
LARGO, Fla., May 21, 2013 /PRNewswire/ -- GDT Tek, Inc., (OTC: GDTK) today announced the elimination of over $10,000,000 of debt. The debt eliminated as per agreement with regard to certain assets and corresponding debt that incurred for the development of those assets. These assets and now its corresponding debt belong to the Private Company that was once public. GDTK released all rights to those assets thereby eliminating debt from GDT Tek's balance sheet. The steps taken collectively in the past few weeks, including this debt reduction, properly positions GDTK for government grants, bonds and other quality debt financing.
The Auditor is expected to have completed the initial Audits within two weeks. It is also expected to have all quarterly filings and June 30, 2011 completed and filed before end of June 2013. The goal is to be completely current with the completion of all financials to be filed before September 2013, the due date for GDT Tek's fiscal year-end report for the year June 30, 2013.
GDTK is positioning itself and preparing to grow organically and through acquisitions. That is the reason and why the timing is perfect to become current with all filings and reporting requirements in the near future (see press release of May 14, 2013). With previously announced exclusive rights to acquire a renewable energy company (see press release of May 16, 2013) and the newly formed relationships with government agencies (see releases of April 29, 2013 and May 6, 2013) for renewable and Green energy for protection of the environment, it became imperative to clean the balance sheet of GDT Tek, Inc.
Bo Linton, President of GDT TEK Inc., stated, "All of the hard work that has been invested into GDTK is now coming to fruition. This truly is a very exciting time to be involved with the forward movement of the Company. This resolution will be reflected on the Company's audited financials and will eliminate the debt. This debt reduction reduces the Company deficit by over $10,000,000 and improves the Companies equity position," concluded Mr. Linton.
About GDT Tek, Inc.: is a Florida-based publicly traded company (OTC: GDTK) focused on renewable and sustainable energy technologies. The company has licensed patented waste heat to electric power generation technology and is driving its adoption by power plants, landfills and other waste-heat generating industries. GDT Tek's waste heat to electricity systems are powerful enough to serve as a primary energy source, highly efficient, immediately cash-flow positive when installed under a Power Purchase Agreement and are scalable with system sizes from 150 KW/Hr. to 5000 KW/Hr. currently available. The GDT Tek system has been proven through a long-term five year installation at a San Jose, California-area landfill. Waste heat captured from landfill-generated methane gas generator engine exhaust and radiator jacket coolant systems is used by the GDT Tek system to generate electricity which is then sold to the grid. GDT Tek's heat to power conversion technology solution is proven to be the most reliable, versatile, efficient, lowest emissions, and overall cost-effective solution available in today's changing world market. RTR Global Investments, LLC is a wholly owned subsidiary of GDT Tek, Inc. Its holds projects, contracts, and power purchase agreements for its parent company GDT Tek, Inc.
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SOURCE GDT Tek, Inc.