News for 'GETC' - (Geotec Thermal Generators/TelcoEnergy Announces an
Agreement to Purchase Sino-American Energy Inc. Geotec/TelcoEnergy
investing in China, the world's fastest growing energy market)
BOCA RATON, Fla., Mar 30, 2004 (BUSINESS WIRE) -- Geotec Thermal
Generators
Inc./TelcoEnergy Corporation (OTCBB: GETC) announces the signing of a
purchase
agreement to acquire 100% of Sino-American Energy Inc. (SAEI), a Delaware
Corporation. SAEI is the operating partner in a joint venture with the Jin
Cheng
Coal Bureau to develop clean burning, high BTU Coal Bed Methane Gas (CBM)
from
the local partner's coal reserves, in the Shanxi Province of China. Jin
Cheng is
the second largest coal company in all of China.
The Jin Cheng joint venture is currently completing 30 wells as part of a
300
well developmental program. Engineering analysis, based upon an early test
well
program, indicated recoverable reserves of approximately 1 Trillion cu.
ft. of
gas. As the operator of the project, TelcoEnergy will be able to utilize
the
proprietary Geotec recovery technology to further enhance the extraction
of the
gas from the project.
"When we combine Geotec's advanced fracturing technology with the massive
proven
reserves of methane gas that SAEI possesses, we are accelerating our
business
strategy. We are working diligently to bring new sources of fuel to the
Chinese,
and to the global gas supply forefront," commented W. Richard Lueck,
Geotec/TelcoEnergy's CEO. Lueck also stated, "Especially important is the
fact
that our clean burning methane gas can help fuel China's second largest
power
plant, that currently uses coal, to become more environmentally friendly
by
reducing the polluting particulates."
Geotec/TelcoEnergy is committed to developing high yield, and clean
burning
energy resources. The company previously announced the development of
Mach3
Superforce, an airborne fuel catalyst that enhances the burning efficiency
of
LNG and CNG and other fuels. With the SAEI acquisition, the company plans
to
introduce both Mach3 and Geotec technologies to China for unique projects.
Our
objective is to build a solid business foundation, by combining our
fundamental
energy development business with processes and technologies that enable
higher
production yields, and in delivering to the market cleaner burning and
less
polluting fuels.
SAEI will become a wholly owned unit of Geotec/TelcoEnergy. It will
operate in
concert with the Jin Cheng Coal Bureau, in the Shanxi Province of China,
under
authority granted through China's Coal Bed Methane Cooperation and
Development
Agreement.
Lueck further stated, "In the 1990's, the Chinese government had the
vision and
foresight to set up Coal Bed Methane initiatives. We are very honored to
be
operating SAEI in China, and to work in collaboration with our China-based
partners to increase the China's supply of economically viable and
environmentally-friendly methane gas. In addition, this project is
particularly
well positioned, given its proximity to a large base of commercial and
residential customers."
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, and for specific worldwide
projects
where required. 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.
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 (including 700 million barrels of
reserves,
licensed for exploration), 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 (OTC BB: 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.
Frank Benedetto, 877-Mirador
E-mail fb@MiradorConsulting.com
or
Geotec Thermal Generators, Inc./TelcoEnergy Corporation
W. Richard Lueck, 561-447-7370
E-mail rlueck@mindspring.com
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KEYWORD: FLORIDA RUSSIA CHINA INTERNATIONAL ASIA PACIFIC EUROPE
INDUSTRY KEYWORD: UTILITIES
OIL/GAS
ENERGY
MERGERS/ACQ
Source: Comtext Market News
AI
