News for 'GETC' - (Geotec Thermal Generators, Inc./TelcoEnergy Announces
That TelcoEnergy Will Provide a 15% Stock Dividend to Geotec Shareholders
of Record on the TelcoEnergy Acquisition Date)
BOCA RATON, Fla., Mar 15, 2004 (BUSINESS WIRE) -- Geotec Thermal
Generators
Inc./TelcoEnergy Corporation (OTCBB:GETC) announced today the intention to
issue
a 15% stock dividend to Geotec shareholders of record on the date of
completion
of Geotec's acquisition of TelcoEnergy Corporation.
"TelcoEnergy recognizes the value of the long term and sustained support
provided by Geotec's shareholders and the importance of the continuing
support
of these shareholders as we move towards the integrated operations of the
merged
companies. TelcoEnergy wishes to show its appreciation by providing a 15%
stock
dividend to all Geotec shareholders of record at the time the acquisition
is
completed. The shares of stock transferred to the Geotec shareholders will
be
derived from a set of the stock provided to TelcoEnergy, as part of the
acquisition." as expressed by TelcoEnergy management.
Geotec/TelcoEnergy Management believes that it will take approximately 60
days
to finalize the acquisition process. As the closing date approaches,
management
will announce the exact date and terms of the dividend.
"We are aware that there are numerous shareholders that have been
acquiring
Geotec shares for several years, and I wish to personally thank them for
their
continuing support," stated W. Richard Lueck, CEO for Geotec/TelcoEnergy.
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 6500 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 6000 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.
About TelcoEnergy: TelcoEnergy Corporation has a 50% ownership in MACH 3
Enterprises, LLC, a Nevada Corporation. TelcoEnergy Corporation has U.S.
and
developing operations in Russia, China and South America. TelcoEnergy,
operating, "From the Wellhead to the Gas Pump." The details of the
complete
operations will be incorporated into SEC filings and new information
included in
future Geotec Press Releases.
Geotec Thermal Generators, Inc./TelcoEnergy Corporation (OTCBB:GETC) is an
operating oil/gas/energy 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.,
TelcoEnergy Corporation, 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/TelcoEnergy'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/TelcoEnergy 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/TelcoEnergy's
business.
SOURCE: Geotec Thermal Generators, Inc./TelcoEnergy Corporation
CONTACT: Mirador Consulting, Inc., Boca Raton
Frank Benedetto, 877-Mirador
fb@MiradorConsulting.com
or
Geotec Thermal Generators, Inc./TelcoEnergy Corporation
W. Richard Lueck, 561-447-7370
rlueck@mindspring.com
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Copyright (C) 2004 Business Wire. All rights reserved.
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KEYWORD: FLORIDA
INDUSTRY KEYWORD: ENERGY
OIL/GAS
DIVIDEND
Source: Comtext Market News
