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[Georgia Bard]

(OTC Bulletin Board: GTSM) Galtech Finalizes Financing
PROVO, Utah, July 27 /PRNewswire/ -- Galtech Semiconductor Materials Corporation announced today that the Company has successfully acquired the bridge funding it needs for continued business development. While not at the level allowed in the recent SB2 filing the funding will be adequate to enable Galtech to continue the testing and growth of its semiconductor material for future commercial sale. In other action, the Company announced that it has secured a lease on a freestanding industrial facility and is in the process of moving material and equipment to this new location. The recently acquired funding will allow Galtech to take the next important and concrete steps toward production of semiconductor materials in the new facility. Mr. Kent Holt added, "the bridge funding agreement which has been finalized with Verity Partners, has the added benefit that it allows Galtech to also pursue additional sources of financing as needed under the current SB2 filing."

In other developments, with the recent increased awareness and interest in alternative and efficient energy related technology, the Company has entered ongoing discussions and negotiations with several interested companies to continued the research and commercial development of the Company's motor generator technology.

Mr. Holt added, "Galtech is encouraged and pleased with the changes that have been made over the last month as it progresses towards its business objectives. Galtech will continue its policy to communicate this progress to the stockholders and the financial community in a timely and regular manner."

This announcement contains forward-looking statements about Galtech Semiconductor Materials Corporation that involve risks and uncertainties. Important factors relating to the Company's operations could cause actual results to differ materially from those in forward-looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC website (http://www.sec.gov). All forward-looking statements are based on information available to Galtech Semiconductor Materials Corporation on the date hereof, and Galtech Semiconductor Materials Corporation assumes no obligation to update such statements.

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SOURCE Galtech Semiconductor Materials Corporation

/CONTACT: William Tunnell of Galtech Semiconductor Material Corporation,
[phone]/


:=) Gary Swancey