JUPITER, FL--(Marketwire - Mar 27, 2013) - GelTech Solutions, Inc. (OTCBB: GLTC), creators of FireIce, a revolutionary water enhancing fire suppressant that has the potential to change current firefighting techniques, announces that it has hired a New York based securities litigation firm to file suit and obtain discovery under a New York state procedure that permits parties to seek information in advance of bringing charges such as stock manipulation.
There has been suspicious trading activity in GLTC common stock since March 20, 2013 when the price dropped from a high of $1.73 per share to a low of $0.95 per share in a matter of a few minutes. More recently on March 26th a sale of 20,000 shares at $1.40 resulted in a leading market maker dropping its bid to $1.20 which appears to have had no rational basis.
Michael Cordani, GelTech chief executive officer, stated, "We have hired aggressive and experienced SEC litigators to learn if one or more parties engaged in a manipulative scheme to harm GelTech and its shareholders. In the face of several positive business initiatives, such a precipitous drop in our stock price given the absence of a decline in the overall stock market and the absence of any negative news about the Company or its products is very troubling to our management team and our board of directors. If we learn of apparent fraudulent activities, we will aggressively seek redress."
About GelTech Solutions, Inc.
GelTech Solutions creates innovative, Earth-friendly, cost-effective products that help industry, agriculture, and the general public achieve environmental and safety goals such as water conservation and protecting lives, homes and property from fires. All the products currently marketed by GelTech Solutions, Inc. were created for the Company by inventor and chief technology officer, Peter Cordani.
FireIce is a patent pending fire suppressant used for direct attack of fires as well as a medium term retardant for structure protection. FireIce can be used in all types of apparatus; fire extinguishers, pumper trucks, aerial units for wildfires and home defense units for personal home protection.
GelTech also markets Soil2O which is both a non-toxic soil conditioner and a dust abatement product. Soil2O "Dust Control" products and solutions stop all types of particulate matter from entering the air and water, solving even the most stubborn dust control problems. Soil2O Granular and Topical blends reduce water consumption up to 50% and promote healthy root development in plants and lawns, generating faster seed germination by keeping nutrients and moisture at the root level longer.
For more information on GelTech, please visit: http://www.GelTechSolutions.com