NEW YORK, May 20, 2013 /PRNewswire/ --
- Reports $0.4M of Gross Operating Profits in Bosnia and Herzegovina.
Energtek Inc. (OTCBB: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that it is reporting in its financial reports for the first fiscal quarter of 2013 revenues of $2.1 million, a remarkable increase when compared to the figure of $2.7M for the whole year 2012.
Energtek also reported $0.4M of Gross Operating Profits in Bosnia and Herzegovina and about $0.2M of overall profit.
The vast majority of these revenues resulted from Energtek's subsidiary Energtek Herz d.o.o. Mostar, which sells natural gas to Aluminij d.d. Mostar, a large industrial energy consumer in Mostar,
This is the first time that Energtek reports profits, which on the one hand are due to the improved performance of the subsidiary in Bosnia and Herzegovina and on the other hand due to the fact that during Q1 2013 the Company didn't issue stock based compensation, the item that from an accounting point of view provided for most of the expenses in the previous quarters.
"The profits reflected in our financial reports for the first quarter of 2013 are very encouraging. It shows that Energtek is on the right track" said Michael Greenfield, Treasurer of Energtek. "In essence we succeeded in efficiently managing the Company and moving forward, achieving results that seemed completely unrealistic given the situation of the Company in the years following the 2008 debacle."
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.