GDT Tek Files with the SEC-A Petition for Review and a Motion for a Stay Of Actions Taken by the DTCC
LARGO, Fla., July 24, 2012 /PRNewswire/ -- GDT Tek, Inc., (OTC: GDTK) announced today that GDTK has filed with the SEC a Petition for Review and a Motion for a Stay of actions taken by the DTCC. The actions taken by DTCC restricted the Company's shareholders abilities from trading and depositing Company's stock since February 2012. DTCC has placed 2 separate chills on the stock; the initial one was resolved on April 18, 2012. Then unannounced to the Company, DTCC placed another chill on the Company's stock within days of the first Chill being resolved. After a month of asking DTCC the cause of the second Chill DTCC finally responded late May 2012. The Company was informed that this Chill arose out of concerns that DTCC had about large deposits of our common stock that occurred in the first half of 2009. After months of reviewing documents our Attorney issued confirming legal opinions that the shares issued through the Transfer Agent were legally issued which satisfied DTCC concerns. DTCC then sought supplemental legal opinions about shares that were already legally issued and then redistributed through brokers which did not involve the Transfer Agent. Our Attorney requested the transfer documents from DTCC in order to write a confirming legal opinion on those redistributed shares transferred through DTCC. These documents were never received from DTCC. This impasse leaves the Chill unresolved until DTCC sends the Company's Attorney the required documents. The Company was left with no other option but to proceed with these actions.
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. Professor Robert W. Dibble of the University of California at Berkeley assessed the GDT Tek system and stated that "Of the many technologies that I have evaluated over the course of the past several decades, GDT Tek's heat to power conversion solution has 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.
GDT Tek, Inc.'s website is www.gdttek.com, which is in the process of being updated; please sign up for our newsletter (http://www.gdttek.com/info-signup.php) for future information about the company.
Safe Harbor Statement: This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as GDTK or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
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SOURCE GDT Tek, Inc.