Galtech Semiconductor Materials Corp. signs $10 million deal with Adams & Associates Ltd.MESA, Ariz.--(BUSINESS WIRE)--Oct. 3, 1996--Galtech Semiconductor Materials Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GTSM GTSM Gladwin Tensor Strain Meter GTSM Gouge To Sound Metal (welding) GTSM Generalized Ttl Security Mechanism ) released that Adams & Associates is planning to invest $10 million in Galtech in return for 49 percent ownership in Galtech's Energy Research Division to be known as Energy Research Corp. (ERC (database) ERC - An extended entity-relationship model. ). Galtech will provide the technology used based upon certain patents which pertain to the electro-magnetic motor/generator technology developed by Galtech. Galtech will still own 51 percent of ERC and consequently have complete oversight of ERC. Terms of the agreement were not disclosed. Russell Chapman, chief executive officer of Galtech, stated, "This vehicle could do for the electric vehicle industry what the model T did for the automobile industry." Larry Adams, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Adams & Associates, stated, "This deal has more potential than any other deal that Adams & Associates has ever been associated with and I am very excited to be a part of Galtech." Furthermore, Adams & Associates has a strong interest because they believe that the market for this product in the Far East is unlimited. As soon as funding is completed, Galtech will fulfill all requirements for listing on the small-cap NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on . Galtech Semiconductor Materials Corp. is listed on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Automated Bulletin Board with the symbol GTSM. Galtech Semiconductor Materials Corp. is an innovative research and development company that initially involved itself in the development and manufacture of high-grade semiconductor materials, but now has divided its operations into three separate divisions: Semiconductor Materials, Energy Research, and Commodity Recovery. CONTACT: North American Corporate Consultants, Phoenix Bill Tunell, 602/561-1300 |
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