Energtek Receives Permits to Construct NG Filling Station in Bosnia and Herzegovina
NEW YORK, September 10, 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 has received all the necessary permits to construct its natural gas filling station in Reljevo, Sarajevo, in Bosnia and Herzegovina.
The filling station is strategically located to provide natural gas to the factory of Aluminij, a large aluminum manufacturer, currently Energtek's largest customer, as well as to FEAL d.o.o Sirokij-Brijeg. Recently, Energtek began supplying Aluminij with daily quantities of natural gas, as part of the ten-year supply contracts that are expected to yield revenues of $10MM annually.
The impending opening of the filling facility will enable Energtek increase the daily supply of natural gas being delivered to Aluminij. Furthermore, the opening of the filling station shall significantly improve Energtek's position in the region, by providing the capacity to supply additional local industrial customers with natural gas. Additionally, the location of the facility, by decreasing the distance between the energy source and the customers provides a significant reduction of delivery costs resulting in improved profits.
With the establishment of the filling station the leading position of Energtek as a supplier of NG to industrial consumers in Bosnia and Herzegovina shall be substantially reinforced.
The filling station is expected to become fully operational by the beginning of 2013.
"Now that the necessary permits have been received, Energtek is ready to begin installation of the filling station components," said Prof. Yuri Ginzburg, CTO of Energtek. "The compressor, the largest component of the filling station, has already been purchased and is awaiting installation. We expect to have the facility fully operational within a few months."
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.