Geotec, Inc. Files With SEC Its Master Development Agreement With TTI Technologies, Inc. for 10 Coal Sites
10:52a ET April 9, 2008 (Market Wire)
Geotec, Inc. (PINKSHEETS: GETC) confirmed today that it has filed with the Securities and Exchange Commission an 8K regarding a Master Development Agreement with TTI Technologies, Inc. Geotec, Inc. entered into a Master Development Agreement with TTI Technologies, Inc. of Omaha, Nebraska regarding further development of Geotec's proprietary enzyme/protein technology. The Parties contemplate that the Technology will be utilized in connection with bio-refinery units for the recovery of saleable coal or any other substance recovered from a designated site that creates revenue from the sale of gob, culm, lignite, or other lower grade or dirty coals or carbon fly ash and for the remediation of soils. Each Facility will be established to process 20 million tons of coal.
The Agreement is for a term of ten (10) years and contemplates two separate scenarios involving the construction and operation of Facilities. For a period of 12 months following the date of the Agreement, regarding projects identified and proposed by Geotec, TTI will advise and assist Geotec in the further development of the Process and in the procurement and construction of the initial equipment for a commercial scale Facility. Geotec has granted a right of first refusal to TTI or one of its affiliates (which may be exercised after the initial 12-month term of this Agreement) to render certain management, administrative, operational and support services in connection with the operation of each Facility controlled by Geotec.
Geotec has granted TTI the right to establish at one or more locations selected and acquired by TTI, up to ten (10) projects utilizing Geotec's proprietary Technology and the Process. Under this scenario, Geotec will be paid its production costs for the Technology plus one dollar ($1.00) per ton of saleable product generated from the Process. Additionally, Geotec will receive a portion of the Net Revenues derived from the TTI projects.
In addition to the generation of revenue, the Parties expect that the Process will generate tax credits under Section 45 of the Internal Revenue Code of 1986, as amended. TTI has substantial experience in connection with the monetization or operation of facilities producing in excess of 40 million tons of solid synthetic fuel (from coal) intended to generate tax credits under Section 29 (now Section 45K) of the Internal Revenue Code.
The Agreement references two related agreements, the forms of which are attached as exhibits to the Agreement. These related agreements include an operating agreement and a supply agreement regarding the operation of each Facility by TTI and/or one of its affiliates and the supplying of the Technology to each Facility by Geotec, respectively. The related agreements will be executed by the Parties upon commencement of each project utilizing a Facility and the Process.
Geotec, Inc. (PINKSHEETS: GETC) is a Green Energy Technology Company. Geotec has operations in the United States and Argentina and utilizes proteins and enzyme technology to chemically convert hydrocarbons to commercially higher value coal. The technologies are also used to purify hydrocarbons, such as coal or oil, of heavy metals and other contaminants such as sulfur, arsenic and mercury to prevent or correct pollution in the air, water or soils. In addition, hydrocarbon contaminated soils can be re-vegetated and re-forested.
Statements in this release, which relate to other than strictly historical facts, including statements 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, 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. The Company assumes to obligation to notify of any changes, other than material events as required by the Securities and Exchange Commission. Readers are urged to carefully review and consider the various disclosures made by Geotec in this 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.
Contact: Geotec, Inc. Bradley T. Ray (561) 276-9960
info@geo-tec.net Geotec Home
SOURCE: Geotec Inc.
