News for 'GETC' - (Geotec Thermal Generators, Inc. Announces Execution of
a Letter of Intent to Acquire TELCO Energy Corporation)
BOCA RATON, Fla., Mar 1, 2004 (BUSINESS WIRE) -- Geotec Thermal Generators
Inc.
(OTCBB:GETC) today announced that it has executed a letter of intent to
acquire
TELCO Energy Corporation.
The Letter of Intent specifies that Geotec will acquire TELCO Energy
Corporation
upon completion of an operating agreement between the two companies.
Geotec's CEO, W. Richard Lueck commented, "The business synergy between
Geotec
and TELCO is strong. The acquisition fuses the power of Geotec's leading
edge
technology on the significant assets of TELCO Energy." TELCO Energy
operates an
energy business in the U.S., is developing business operations in Russia
and
China, and owns 1,400 miles of gas pipeline.
Lueck commented that "This acquisition positions Geotec to market its
technology
to a much larger customer set in the global energy market."
About Geotec: Geotec Thermal Generators, Inc. has exclusive rights to the
Russian Federation technology for oil and gas recovery developed by the
Military
Research and Production Facility, FR & PC ALTAI for the Ministry of
Geology, for
use in North, South and Central America. This unique scientific technology
concluded development in 1986, comprising 6,500 wells with 14 years of
research
and development. Over 30,000 wells have been treated with a 70% success
rate for
oil wells, and a 90+% success rate for gas wells. The technology produces
incremental oil yields averaging over 6,000 barrels of oil per well, per
year.
Wells in certain rock formations have exceeded 45,000 barrels of oil per
well,
per year. Other than the Company, only 13 governments have been permitted
this
technology, including China and India.
Pending closing of the acquisition, Geotec will enter into an operating
agreement with TELCO Energy for joint management of Geotec's combined
operations. Finalization of the acquisition is subject to due diligence
reviews
by each company and amendment of Geotec's articles to increase the
authorized
stock.
Geotec Thermal Generators, Inc. (OTCBB:GETC) is an operating oil and gas
well
treatment company. Statements in this release, which relate to other than
strictly historical facts, including statement about the Company's plans
and
strategies, as well as management's expectations about new and existing
products
and services, technologies and opportunities, market growth, demand for
new and
existing products and services, are forward-looking statements. The words
"believe", "expect", "anticipate", "estimate", "project", "intend" and
similar
expression identify forward-looking statements that can speak only as of
the
date hereof. This press release contains certain forward-looking
statements
regarding Geotec Thermal Generators, Inc., its business prospects and
results of
operations that are subject to certain risks and uncertainties posed by
many
factors and events that could cause Geotec's actual business, prospects
and
results of operations to differ materially from those that may be
anticipated by
such forward-looking statements. Readers are urged to carefully review and
consider the various disclosures made by Geotec in this new release and
other
reports filed with the Securities and Exchange Commission that attempt to
advise
interested parties of the risks and factors that may affect Geotec's
business.
SOURCE: Geotec Thermal Generators, Inc.
CONTACT: Mirador Consulting, Inc., Boca Raton
Frank Benedetto, 877-Mirador
E-mail: fb@MiradorConsulting.com
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