News for 'GETC' - (Geotec Thermal Generators, Inc./ TelcoEnergy Announces
the Execution of a Preliminary Funding for $5 Million)
BOCA RATON, Fla., Mar 19, 2004 (BUSINESS WIRE) -- Geotec Thermal
Generators
Inc./TelcoEnergy Corporation (OTCBB:GETC) announces the execution of a
preliminary funding agreement with Cross Capital Ventures, LLC, of New
York for
up to $5 Million of Swiss based funding. Cross Capital and
Geotec/TelcoEnergy
have irrevocably agreed to execute an agreement for Convertible Preferred
stock;
which will not be converted for five years, with voting rights; and an
annual
percentage to be determined, not exceeding 8%.
Geotec/TelcoEnergy is currently implementing strategic financial plans
that will
enhance shareholder value, some of which are specifically for large
projects,
and will be disclosed in future press releases.
Separately, Geotec management has committed to control and lock their
stock such
that any shorting of the Company's security will not be facilitated.
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.
CONTACT: Geotec Thermal Generators, Inc./TelcoEnergy Corporation,
Boca Raton
W. Richard Lueck, 561/447-7370
rlueck@mindspring.com
or
Mirador Consulting, Inc.
Frank Benedetto, 877-Mirador
fb@MiradorConsulting.com
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Copyright (C) 2004 Business Wire. All rights reserved.
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KEYWORD: FLORIDA
INDUSTRY KEYWORD: BANKING
ENVIRONMENT
UTILITIES
OIL/GAS
ENERGY
Source: Comtext Market News
