Energtek Completes Construction of Filling Station in Balkans
Filling station to provide energy to customers as part of 10-year NatGas supply project, as well as additional industrial energy consumers
NEW YORK, January 2, 2013 /PRNewswire/ --
Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company has completed construction and the installation of components of a natural gas filling station in Reljevo, Sarajevo.
The station, which receives natural gas from a local pipeline will be used to compress and deliver natural gas to regional industrial energy consumers as part of a 10-year ongoing energy supply contract scheduled to realize revenues of over $100MM. Natural gas from the filling station will be delivered to the customers utilizing Energtek's proprietary natural gas transportation system.
Following completion of the construction and installation, Energtek is currently conducting a round of testing on the compressors, a necessary step to receiving final regulatory approvals to operate the station. Energtek has already begun supplying its customers with significant quantities of natural gas. Approval to utilize the new station will greatly increase Energtek's capacity to fulfill the full terms of the energy contracts.
Additionally, the filling station will be able to accommodate delivery of natural gas to additional local energy consumers.
"The completion of our filling station is a major milestone in our business development efforts in the region of Serbia, Bosnia and Herzegovina," said Lev Zaidenberg, CEO of Energtek Inc. "The station enables us to increase our current revenue flow by fulfilling greater quantities of natural gas to our existing consumers, and gives us the flexibility to sign similar ongoing energy supply contracts with additional customers."
About Energtek (EGTK)
Energtek utilizes proprietary mobile transportation technology to supply natural gas to industrial energy consumers with a particular focus in Eastern Europe and the Middle East. The company is a leading developer of ANG technology, and has developed innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. To learn more about Energtek, visit http://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.
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