Steriwave-GDT TEK, LTD Begins Bond Offering Process for $50,000,000
ORLANDO, Fla., Aug. 29, 2011 /PRNewswire/ -- GDT Tek, Inc. (OTC: GDTK) today announced that the Company's JV Corporation Steriwave-GDT TEK, LTD has initiated a $50,000,000 Bond offering to provide additional capital for deployment of the Companies "Phoenix" waste heat to electricity systems. The Company's planned Webinar will be postponed till August 30, 2011 so we can respond to all the questions asked by our shareholders. If needed due to time constraint any unanswered questions will be responded to it on the Company's Website in the new FAQ category tab. Examples of some of the questions asked are as follows: How do you plan to expand operations based upon expected increased demand for the Phoenix system with your current level of employees: why the rapid increase in the number of shares issued, and the most frequently asked question being, will the Company recapitalize the companies share structure.
Bo Linton , President of GDT Tek, Inc. stated that, "The Company has now submitted proposals to deploy the Phoenix to several different companies that could increase GDT Tek's electricity generation to over 50 MW. This is based upon the expectation of acquiring at least half the proposed PPAs (power purchase agreements) submitted. The $50,000,000 Bond offering will provide additional [debt] capital so we can respond to the new PPA in a timely manner."
"As for the Webinar," continued Mr. Linton, "we want to provide sufficient time to respond to as many of the questions asked in the Webinar broadcast the ones that we did not have time for with-in the Webinar itself will be responded on our website's new FAQ category, in that way we will be able to make sure we respond to all of the questions."
"Also, for all of our investors who may have missed the 2 news articles about GDT Tek, prepared for the New York Times, North Bay Business Journal by Jeff Quackenbush and or the news article prepared for the Times-Herald Newspaper, part of MediaNews Group by Rachel Raskin-Zrihen , which ran a story about GDT Tek's first commercial scale waste heat to electricity project being installed at American Canyon Landfill in Napa California, please go to their corresponding websites to view the articles," concluded Mr. Linton.
The North Bay Business Journal article can be viewed online at the following link
North Bay Business Journal website; www.NorthBayBusinessJournal.com.
Click on the North Bay Business Journal E-Edition graphic link in the right column of the home page to view the article as it appears in print.
The Times Herald article can be viewed online at the following link
About North Bay Business Journal
Jeff Quackenbush , Staff Reporter (commercial real estate, environment, endangered species, construction, wine) and Interactive Editor North Bay Business Journal, A New York Times Co. weekly business-to-business newspaper covering Sonoma, Napa, Marin, Solano, Mendocino and Lake counties in the north San Francisco Bay area.
About GDT Tek, Inc.
GDT Tek, Inc. is an Orlando, 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.
Steriwave-GDT TEK LTD www.steriwave-gdt-tek.com 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.
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.
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