Geotec Thermal Generators, Inc. Reports SEC Regulatory Civil Action Against American Financial Group
Energy Editors/Business Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--July 28, 2003--Geotec Thermal Generators Inc. (OTCBB:GETC) reports Update on SEC Civil Action against American Financial Group.
According to Geotec Thermal Generators Inc., the Securities and Exchange Commission civil action against American Financial Group now includes its Chairman and CEO in an alleged $87 million stock fraud as reported in at least one South Florida newspaper. AFG was allegedly one of the companies reporting information regarding Geotec stock loans and default to international investors that did not exist and certainly could not have been in defaulted.
Geotec management has met (personally and via phone) with U.S. Federal Authorities, and reviewed documents, provided by Federal Authorities, which state that Geotec had borrowed over $3 million, secured by Geotec's stock. These documents also show default of the loans, in sequence, such that the stock that was pledged would be forfeited, as free trading stock, into the market. Geotec (including any officer/director/affiliate) has no loan(s) secured by stock, much less had any default, as mentioned above.
Therefore, no stock has been pledged as free trading stock, and any sales and/or short positions must be covered.
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.
Geotec Thermal Generators, Inc. (OTCBB:GETC) is an operating oil and gas well treatment 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., 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'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 in his 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's business.
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CONTACT: Mirador Consulting, Inc.
Frank Benedetto, 877-Mirador or 877-647-2367
E-mail: fb@MiradorConsulting.com
or
Geotec Thermal Generators, Inc., Boca Raton
W. Richard Lueck, 561-447-7370
Fax: 561-447-7371
rlueck@mindspring.com
Geotec Web Site: www.Geo-tec.net
KEYWORD: FLORIDA
INDUSTRY KEYWORD: LEGAL/LAW BANKING MANUFACTURING ENERGY OIL/GAS
SOURCE: Geotec Thermal Generators Inc. |
