Energtek Receives Bank Financing To Fund Activities in Bosnia
Financing of about 1,000,000 Euros from Raiffeisen Bank to complete next stages of 10-year NatGas supply project
NEW YORK, October 22, 2012 /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's subsidiary in Bosnia and Herzegovina has been granted financing of €1MM from the Sarajevo branch of Raiffeisen Bank, to complete the implementation of the company's commercial natural gas supply to Aluminij d.o.o Mostar..
The capital financing will enable Energtek's subsidiary Energtek Herz d.o.o. Mostar, to complete the installation of infrastructure required for reaching the stage of full delivery as per the contract signed with Aluminij d.o.o. Mostar. This project is expected to yield revenues of $10MM annually.
Raiffeisen Bank is one of Central and Eastern Europe's leading corporate and investment banks, operating over 3,000 branches in 17 markets, and servicing over 14 million customers.
"The significant financing provided by Raiffeisen, a major central European bank, is a clear validation of our energy supply business model that leverages on our technology and know-how," said Lev Zaidenberg, CEO of Energtek. "We believe that this is a first step in a long-term relationship with Raiffeisen Bank. With the participation of institutional financing Energtek will be able to undertake several additional ongoing energy supply contracts."
About Energtek (EGTK)
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. 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.
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