{"id":2950,"date":"2012-09-24T15:38:07","date_gmt":"2012-09-24T19:38:07","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=2950"},"modified":"2012-09-24T15:38:07","modified_gmt":"2012-09-24T19:38:07","slug":"galtech-semiconductor-spikes-on-contract-pr-questions-linger","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/galtech-semiconductor-spikes-on-contract-pr-questions-linger-2950","title":{"rendered":"Galtech Semiconductor Spikes on Contract PR, Questions Linger"},"content":{"rendered":"

Galtech Semiconductor Materials (OTC: GTSM) spiked today after a PRNewsWire.com press release stated<\/a> that the company had received a $5.7 million contract. At precisely 2:11pm ET,\u00a0Galtech announced that it had “received an advanced architectural, advanced technology, contract from a private firm” [sic]. Shares of the firm had been trading near their historical price levels of $0.025, but after the press release, shares spiked to an intraday high of $0.0495 as the market capitalization of the company temporarily doubled.<\/p>\n

Nevertheless, shares quickly retraced their gains, as traders began questioning the integrity of the press release. First, the contract failed to mention the name of the client, which put the legitimacy of the contract into question. Second, the press release contained several grammatical mistakes. Finally, the press release concluded with an\u00a0uncharacteristically\u00a0 nebulous statement for a regulated company:<\/p>\n

Galtech is also in preliminary negotiations with several successful and profitable privately held companies regarding acquisition as part of Galtech’s business strategy.<\/p><\/blockquote>\n

After hitting an intraday high at 2:19pm,\u00a0Galtech shares pulled back to a low of $0.035 and were last trading at $0.04.<\/p>\n

The press release lists\u00a0William Tunnell (623-825-2550)\u00a0as a corporate contact.\u00a0Voicemails and emails left with Tunnell and other investor relations contacts at Galtech have\u00a0received no reply as of this article’s publication.<\/p>\n

Prior to today’s press release, Galtech had announced a reverse merger and stock split with\u00a0ANTs Software (PINK: ANTS). As of September 6, 2012, “The reverse merger and stock split is expected to be concluded within the next few weeks following accounting consolidation and appropriate SEC filings.” No further update from the company is available regarding the status of this merger.<\/p>\n

ANTs Software is currently profiled on several small-cap websites as a part of a large investor relations campaign. The following websites have profiled the company:<\/p>\n