GDT Tek, Inc. Contracts with Cannery Row Funding for its 5.5Million Dollar Project
LARGO, Fla., April 18, 2012 /PRNewswire/ -- GDT Tek, Inc. (OTC: GDTK) President Bo Linton announced today that GDTK has contracted with Cannery Row Capital Funding, Inc., to monetize its Energy Service Agreement (ESA) with CAL MC2.
Mr. Linton President stated, "The Company has reviewed several different loan programs to fund the One Mega Watt-$5.5 million project and Cannery Row Capital, Inc. has the best program for this project because it is using the end users credit rating to qualify the project for our loan. Cannery Row has several different funding options available for this project and we are anticipating completion of this process within the next 60 days."
Eric Pedersen Vice President of Cannery Row Capital stated, "First I want to state that I am pleased to work with Mr. Linton and GDT Tek, Inc. I believe that they have an exceptional green environment project and green technology that converts heat into electricity. This project meets our loan program criteria for monetization of contracts, and enables growing companies to utilize the end-user's credit rating to qualify for the funding. Monetization Financing is an excellent financing option that can be used to fund transactions in a broad array of industries and has many advantages over traditional funding. There are basically no industry limitations where a transaction may come from or for what products or services that can be monetized."
About Cannery Row Capital Funding, Inc.: Cannery Row Capital Funding, Inc., located Claremont, California, specializes in commercial and industrial financing including real estate, power facilities and multi-family projects. Eric Pedersen can be reached at email@example.com.
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. It 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.
Steriwave-GDT Tek LTD is a JV company with Steriwave Hungary LTD and is 50% owned subsidiary of GDT Tek. Steriwave-GDT Tek holds the ownership of the American Canyon Landfill project and has filed a patent application for a system that safely removes and captures methane hydrates from undersea reserves. Steriwave Startec LTD core competencies are in the design and realization of industrial prototypes of devices with ultrasonic sonotrode.
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.