GelTech Solutions, Inc. (OTCMKTS: GLTC) has seen a fast rise in recent days from around $0.01 last week to recent highs over $0.15 per share. The big move on GLTC comes after the Company released an 8k stating Warren Mosler, the economist,hedge fund founder, engineer, professional automotive designer, and politician had tacken a controlling interest in the Company.
According to the 8k – On January 31, 2020, GelTech Solutions, Inc. (the “Company”) entered into a settlement and assignment agreement between the Company and Mr. Michael Reger, the Company’s secured lender and former Chairman of the Board and Chief Executive Officer, pursuant to which the Company agreed to assign and transfer all of its assets, including its intellectual property, to Mr. Reger in consideration for Mr. Reger releasing the Company from any liability related to approximately $7.0 million of secured convertible debt owed by the Company to Mr. Reger.
On January 31, 2020 through February 5, 2020, the following directors and executive officers resigned from their respective positions: Phillip O’Connell, director, Leonard Mass, director, Victor Trotter, director, Dave Gutmann, director, Michael Hull, Chief Financial Officer, treasurer and secretary, Gerry Kaiser, VP and Matthew Struzziero, VP.
On January 31, 2020, Mr. Warren Mosler was appointed as Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, treasurer and secretary of the Company. Mr. Mosler is an American economist and theorist. Presently, in addition to his new role with the Company, Mr. Mosler owns and operates Valance Co., Inc. He is founder of Mosler Automotive and a co-founder of the Center for Full Employment and Price Stability at the University of Missouri-Kansas City. The founder of what has been popularized as Modern Monetary Theory, in 2014 he was appointed Visiting Professor at the University of Bergamo, Italy. He also co-founded AVM, L.P., a broker-dealer providing financial services to institutional investors, and the Illinois Income Investors family of investment funds, which he remained involved with until 1997.
GelTech Solutions, Inc. (OTCMKTS: GLTC) bills itself as an innovator of environmentally-friendly products that help support a sustainable future. GelTech’s family of products are based on eco-friendly, non-toxic ingredients that enhance the properties of water. These products are currently used to help improve firefighting, protect assets, and help save lives. GelTech Solutions’ Fire Services Division, based in Niwot, Colorado, specializes in providing cutting-edge FireIce suppression and retardant agents to wildland fire agencies and municipal fire departments around the world. Our team has extensive firefighting and aviation experience, allowing us to solve our customers greatest challenges. The Company was founded by Peter Cordani, our Chief Technology Officer.
Back in October GLTC announced a new multiyear contract awarded for FireIce Polar EcoFoam. The Fire Services Division has partnered with the Manitoba Sustainable Development’s Wildfire Program to supply FireIce Polar EcoFoam over the next three years with the option to extend an additional year through 2022.
Manitoba Sustainable Development’s role is to manage and protect the province’s environment and rich biodiversity of natural resources. The agency is responsible for protecting people, property and resource values from wildfires and the adverse effects of other natural and human caused occurrences. Manitoba operates a fleet of four CL-415 and three CL-215 Super Scooper aircraft, both of which utilize on-board foam injection systems. The aircraft can carry up to 1,620 gallons of finished foam per drop.
FireIce Polar EcoFoam is an environmentally-friendly, Class A foam specifically designed for cold water mixing, a critical requirement for Canadian provinces. The formula is non-hazardous, biodegradable, and free of fluorinated surfactants. According to US Forest Service testing data, Polar EcoFoam has the lowest aquatic toxicity of any qualified product for aircraft applications. Enhanced with the latest surfactant technology, Polar EcoFoam is a high-performance firefighting agent with a reduced environmental footprint.
“We are thrilled to have been awarded a multi-year contract to supply Manitoba with our FireIce Polar EcoFoam, and proud of the continued success of the new product in the Canadian aviation market” said Matt Struzziero, Vice President of GelTech’s Fire Services Division. “We delivered the first bulk order of 5,000 gallons last month and will support Manitoba with the exceptional level of customer service and responsiveness that our customer agencies expect from GelTech Solutions.”
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Currently trading at a $12 million market valuation GLTC is fully reporting and as of the 8k released on February 6 is debt free and fully under the control of economist,hedge fund founder Warren Mosler with a personal fortune worth at least $100 million and a long histrory of very succesful investmentrs. Check out Mosler Warren B trade history here. We will be updating on GLTC on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with GLTC.
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Disclosure: we hold no position in GLTC either long or short and we have not been compensated for this article.