Energtek Completes Conversion of Additional Plant at Client's Facilities Further conversion of burners to natural gas will enable increased supply in near future
NEW YORK, April 25, 2013 /PRNewswire/ --
Energtek Inc. (OTCBB: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that its subsidiary Energtek Herz d.o.o. Mostar has successfully completed the conversion to natural gas of another major plant called Anode within the Aluminij d.o.o. Mostar factory complex in Bosnia-Herzegovina.
This conversion should be translated in the near future into increased delivery and supply of natural gas to Aluminij Mostar, the largest producer of aluminum in South Eastern Europe with annual exports of above 250 million euros.
The original contract between Energtek's subsidiary Energtek Herz d.o.o. Mostar and Aluminij calls for daily delivery of approximately 36k natural gas cubic meters, which can be translated roughly into annual revenues of $10MM.
"We are on schedule to reach a total supply of 36,000 cubic meters per day at the Aluminij plant within the coming months, and we have every reason to believe that the full capacity of the entire complex will be even higher," said Ivan Primorac, CEO of Energtek Herz d.o.o. Mostar.
"What is also encouraging is that there are several other plants in the region which are closely following our progress. According to our business plan, as soon as we will complete full and smooth implementation of our contract with Aluminij, we will pursue other opportunities in the neighboring area - expanding our operations and increasing our revenues."
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 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.