SOURCE: Geotec Inc.

June 12, 2008 11:54 ET

Geotec, Inc. in Joint Venture With GreenCoal, LLC, Illinois

JV Agreement to Acquire, Bio-Refine, Process and Sell Coal Hydrocarbons, Liquids and Gas

DELRAY BEACH, FL--(Marketwire - June 12, 2008) - Geotec, Inc. (PINKSHEETS: GETC) announced today that it has signed an agreement with GreenCoal, LLC of Lewistown, Illinois to enter into a joint business venture to facilitate the acquisition of coal sites and initiate a bio-refining process for the sale of coal hydrocarbons located in Illinois, Indiana and Kentucky, as well as other sites to be determined. Geotec also has filed a Form 8-K with the Securities and Exchange Commission that discloses the execution of the joint venture agreement and attaches it as an exhibit.

Under the agreement, it is intended that Geotec's proprietary enzyme/protein technology will be applied to one or more sites identified by GreenCoal, LLC through bio-refinery units owned by Ecotec Coal, LLC. Each Ecotec facility will be comprised of bio-refinery units for the generation of revenues through the sale of bio-refined coal and the production of tax credits by reducing sulfur and nitrogen oxides and heavy metals pursuant to Section 45 of the Internal Revenue Code.

Bradley T. Ray, Chairman and Chief Executive Officer of Geotec, Inc., commented: "GreenCoal, LLC has commitments to significant coal reserves in Illinois and other states. Geotec will be evaluating the properties identified by GreenCoal, LLC utilizing Geotec's evaluation unit and the process, which incorporates our proprietary enzyme/protein technology.

"We will evaluate prospective sites to determine the reductions needed to be compliant pursuant to Section 45 of the Internal Revenue Code, using the same proven process utilized at the TecEnergy PA Banning #4 demonstration site. The bio-refinery evaluation unit designed and built by Geotec, Inc. along with TecEnergy PA will be transported from site to site over the next several months. Once projects qualify, they will be presented for funding. As disclosed previously, we estimate that the start-up costs for each bio-refinery facility will require approximately $10 million in capital."

Mr. Ray concluded: "Locating substantial resources such as those available through GreenCoal is another step in the development and commercialization of the Geotec technologies and processes. First, we needed to prove our proprietary enzyme/protein technology, which was independently tested; then, we needed to show the feasibility of scaling up to commercial levels, which we are doing with TTI Technologies, Inc. We recently announced an investment banking agreement with StoneGate Partners, LLC for the potential financing of our projects; and now we are locating sites, such as those to be identified by GreenCoal, for the recovery of saleable coal from gob, culm, lignite or other lower-grade or dirty coals or carbon fly ash."

About Geotec, Inc.

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, the Company owns process technologies that can remediate hydrocarbon-contaminated soils. The Company's assets in Argentina are comprised of the mineral rights in seven Asphaltite (high-volatile hydrocarbon material) mines.

Safe Harbor

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 expressions 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 no 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.

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