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[greatday88]

GETC shareholder gets answers to questions about coal.

You may have read on several boards posts by "Landlord", also goes by "Special-K100" on RB, and his charges concerning Geotec and their Illinois coal. Roatan2 did a wonderful job in getting information and answers.

Read: 1. Letter from Geotec
2. Attachment 1: Bergmann Letter
3. Attachment 2: State of Illinois Tax returns (You will need to follow the link.

roatan2
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Posts: 7166
Re: GETC- Share buyback for ESOP 10M & Rep/Retire
« Reply #269 on: Today at 5:53pm »

I had communication with Geotec management to follow up on some false and misleading statements that have been posted on other Internet message boards about the company and its current deals. Below is the response I received to my query from Geotec along with the two related attachments:


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Dear xxxxx,

Thank you for your comments and for bringing to our attention the issues of ownership as stated on the Internet.

First, the attached letter from Mr. Joe Bergmann, dated May 9, 2005, clearly states the ownership in the name of Lancaster International. The process is also clearly stated in Mr. Bergmann's letter.

Second, the ownership is certainly confirmed by the attached tax returns for the State of Illinois.

We see no irregularity. We believe this communication verifies the information in our filings with the SEC and any press releases that Geotec has made.

Sincerely yours,

Geotec Thermal Generators, Inc.
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Attachment 1: Bergmann Letter



Consolidated Resources Group, Inc.
_____________________________________________________________________
5858 W. Atlantic Avenue / Delray Beach, Fl 33484 / 561-265-2382 / Fax: [phone]



May 9, 2005


Mr. W. Richard Lueck, CEO
GeoTec, Inc.
110 E. Atlantic Avenue, Suite 2000
Delray Beach, Fl 33444

Dear Rick:

This letter is in response to our recent telephone conversation as to the ownership of the Fiatt Illinois coal site.

1.) On November 12, 2003. Lancaster International Corporation acquired the Fiatt coal site (approximately 500 acres) in Fulton, Illinois via Quit Claim Deed #34845. On March 19, 2004, a corrected Quit Claim Deed #37808 was recorded with the County. The Quit Claim Deeds give Lancaster International ownership of the property, and all mineral rights and assets thereon. As further proof of ownership of the property, attached are the real estate tax bills issued by Fulton County, State of Illinois to Lancaster International for all eleven parcels into which the site is divided.

2.) The property is currently in receivership by the State of Illinois , which it has been for some time. This gives the State control over what happens on the property, not ownership of the property. Once the permit application is filed and the Reclamation Bond is posted, the State releases control of what is done on the property, because it will have approved the permit application.

3.) The process that is going to be used by the corporation processing the coal will be detailed in the application for the permit and, as previously noted, we are very confident that this process, which requires no water, will be approved by the State and County. The original estimation on the Reclamation Bond was between $12-$15 million dollars. Therefore, the $4 million bond that was communicated by Al Claybourne, is well within the estimate.

It appears that the confusion is between ownership and receivership, and until permit application is filed, with the bond posted, the State of Illinois would technically be in receivership of the property. Hopefully, this clears up any confusion that came about in conversation with Al Claybourne.


Sincerely,

Joseph R. Bergmann
President & CEO

Enc. (Real Estate Tax Bills)
CC: Raymond Lancaster, Lancaster International Corporation

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Attachment 2: State of Illinois Tax returns

http://www.hotstockmarket.com/board/cgi-bin/yabb/YaBB.pl?board=Stockstips;action=display;num=1098497....
(scroll to bottom of page 18 to read "Attachment 2"!)