Energtek Announces Creation of American Subsidiary for Activities in USA
NEW YORK, Nov. 20, 2013 /PRNewswire/ -- Energtek Inc. (OTCBB: EGTK), a global leader in mobile natural gas supply is now rolling-out its unique solutions in the U.S. market through its newly-founded fully-owned subsidiary, AMP - American Mobile Pipeline Inc. ("AMP")
The creation of AMP is the result of a strategic decision by Energtek to focus efforts in the North American market, in order to develop supply activities and solutions to energy consumers who are not connected to the pipeline.
This strategic decision was taken by the Board of Energtek as a result of a thorough analysis of the North American energy market in general and the U.S. specifically.
Due to the "shale gas revolution", the U.S. has become the number one natural gas producer in the world and production continues to grow. This has created a substantial price gap between natural gas and oil derivative fuels, which according to a majority of the experts is here to stay.
The industrial and commercial customers that are not connected to a natural gas pipeline are at a disadvantage and need to reduce their energy costs in order to be competitive. Also, increasing pressure from environmental protection agencies are causing these consumers to consider switching to natural gas. Yet substantial areas of the U.S. do not have sufficient pipeline coverage. Pipelines are expensive, require many regulatory approvals, often there are geographical barriers and in any case take time to build.
Lev Zaidenberg, CEO of Energtek, is very enthusiastic about this exciting new focus of the company.
"Natural gas already plays a major role in most sectors of the U.S. economy: power generation, industrial, commercial, residential, and increasingly is the solution of choice also in transport. The key to building a national footprint is the creation of a fueling infrastructure in places that are not being supplied through pipelines," says Mr. Zaidenberg. "AMP provides an economical, flexible and reliable alternative to traditional pipeline natural gas delivery to industrial, commercial and municipal customers," he adds.
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. The company is also involved on oil and gas exploration in Israel. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about Energtek, visit www.energtek.com
This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of Energtek and its technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and other matters set in Energtek's filings. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE Energtek Inc.