UPDATE: GDT Tek Receives Business Interruption Insurance From Willis Insurance Services for Its Green Electricity Projects
GDT Tek (OTC) (USOTC:GDTK)
Intraday Stock Chart
Today : Thursday 2 September 2010
GDT Tek (PINKSHEETS: GDTK) today announced that the company has been issued Business Interruption Insurance from Willis Insurance Services of California, part of Willis Holding Group, trading on the NYSE as WSH, to cover business expenses in the event one of its green electricity installations goes offline. Management's decision was to acquire the business interruption insurance as a cash-flow failsafe for its business expansion and current operations.
President of GDT Tek Bo Linton stated, "We have structured our project financing as a debt instrument to minimize shareholder dilution. Willis Insurance Services is one of the top three insurance companies in the world. Our policy with them assures company cash-flow in the unlikely event that one of our systems is offline and not able to generate revenue. Although we have not had a shut down failure in 5 years, it is possible that a facility could be shut down from acts of God or other circumstances beyond our control."
Linton further stated, "The GDT Tek team is pleased that Willis Insurance Services views GDT Tek as a safe bet to insure. Willis is a very successful company listed on the NYSE, they have done their diligence on GDT Tek and are banking on our success."
Rick Wright, Vice President, Willis Insurance Services of California stated that "Due to the integrity, business plan and safety measures undertaken by GDT Tek, we feel confident that this will be a very successful operation and we are looking forward to increasing their insurance coverage as GDT Tek clients needs grow."
