Steriwave Hungary to Fund $23,000,000 to New LLC Owned Jointly by GDT TEK, Inc.'s Subsidiary RTR LLC and Steriwave Hungary, LTD
ORLANDO, Fla., May 5, 2011 /PRNewswire/ -- GDT Tek, Inc. (OTC: GDTK) focused on renewable and sustainable energy technologies today announced that on May 1, 2011, the Company's wholly owned subsidiary, RTR LLC, entered into an operating agreement with Steriwave Hungary Ltd. governing the operation of a new limited liability corporation the parties formed in the State of Florida. The new Company is named Green Day Technology, LLC. Pursuant to the operating agreement, RTR will receive a 50% interest in exchange for assigning the rights to the 6 1.5 MW/hr. Power Purchase Agreements (PPA) with Pacific Gas and Electric and for providing the knowledge and expertise to deploy the Waste Heat to Electricity units at the 6 locations. Steriwave will receive a 50% interest in exchange for providing loans of up to $23,000,000 to the new corporation in order to deploy the renewable and sustainable energy technologies equipment at the 6 land fill site as required for the 6 PPA's RTR has with Pacific Gas & Electric. Under the operating agreement, Steriwave shall have majority voting rights until such time as the loans provided the new Company are repaid, and thereafter, the parties shall vote 50/50%. The parties will split the gross profit from the 6 PPA 75% to Steriwave and 25% to RTR until the loans made by Steriwave are paid back, and thereafter, the parties shall split gross profits 50% each.
Once the renewable and sustainable energy technologies equipment is fully deployed after the first full year of operation, the projected revenue will be approximately $8,000,000, with net revenue of approximately $3,000,000, which will be split 75% to Steriwave and 25% to RTR.
Bo Linton, President of GDT Tek stated, "With the support of Steriwave, a technically savvy European company, expressly interested in investing into our American company, we now expect to gain the traction we need to deploy renewable and sustainable energy technologies commercial projects. We hope to build many renewable and sustainable energy technologies projects together in Europe and the United States."
Managing Director of Steriwave PLC, Francesco Fucilla, stated, "Steriwave PLC entered into a JV with GDT Tek because after searching for a joint venture partner in the renewable and sustainable energy technologies clean energy arena, I came to the conclusion that GDT Tek was among the best emission free waste heat to electricity renewable and sustainable energy technologies in the world, the said idea was later reconfirmed to me by the scientific committee at TGA and LIUM. I expect Europe to embrace this technology as it will lower electricity costs and help protect our environment. We look forward to a prosperous business relationship."
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About Steriwave Hungary LTD
Steriwave PLC based in London has developed a new concept for central heating systems, water sterilization systems and sterilization of bio-hazardous waste.
Please visit the website for further information www.steriwave.com.
About 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. 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.
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SOURCE GDT Tek, Inc.