Roatan2 did an excellent analysis of the PR of 03/19/04
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author=roatan2 link=board=Stockstips;num=1079698581;start=0#3 date=03/19/04 at 10:39:52
Ok, so let's get this straight...This PR gives us 3 important pieces of the puzzle:
1) funding for $5M
2) hints at "larger projects", and given that the company has already released some pretty large projects coming down the pike, makes one wonder how much BIGGER things can get!
3) This passage: Separately, Geotec management has committed to control and lock their stock such that any shorting of the Company's security will not be facilitated.
IMO, the above passage is VERY VERY important....Basically what this means is that Rick Lueck and Dan Pepe who own about 16M of the total o/s of 30M, are going to "lock up" those shares.
In other words, they will likely be sticking all those shares into an SEC lawyer's escrow account so that they can not be sold or transferred - In short (pun intended), they will be "locked up".
What does this mean?
Well think about being a naked short on GETC....You're about 10-12 M shares short, and you know you don't want to have to cover in the market and make the SP fly to $10 in doing so since the float is as tight as it gets, so you figure....that it is LIKELY the company insiders will "make a deal" with you with those 16M shares that they hold....
Make sense?
That is what the shorts are thinking....
And then today, not only do they see that the company has been financed for enough dough to do anything they need to do, but FURTHER, the shorts are now seeing that their EXIT STRATEGY of maybe getting shares from insiders is now GONE.
Those shares are now LOCKED UP, meaning no deals for the naked shorts!!
This is just amazing.....Tremendous strategic play be Geotec insiders... :D :D :D
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Geotec Thermal Generators, Inc./ TelcoEnergy Announces the Execution of a Preliminary Funding for $5 Million
Friday March 19, 7:00 am ET
BOCA RATON, Fla.--(BUSINESS WIRE)--March 19, 2004--Geotec Thermal Generators Inc./TelcoEnergy Corporation (OTCBB:GETC - News) 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.
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