Energtek Reports Revenues of $11.3M in 2013 -- Increase of more than 300% compared to 2012
NEW YORK, April 7, 2014 /PRNewswire/ -- Energtek Inc. (OTCBB: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that it has completed filing financial reports for 2013, indicating that total revenues of $11.3m were generated during 2013, an increase of more than 300% compared to the figure of $2.7m in 2012.
The figure of $11.3m derives almost entirely from Energtek's subsidiary in Bosnia-Herzegovina, Energtek Herz d.o.o. Mostar, which sells natural gas mainly to Aluminij d.d. Mostar, a large industrial energy consumer in Mostar, as part of a ten-year contract which is expected to yield total revenues of $100m.
The profits of Energtek Herz in 2013 were $1,283,958 (11.4% on revenues).
"We are beginning our third year of operations in Europe and have demonstrated steady and strong growth," said CEO of Energtek Herz Mr. Ivan Primorac. "Our goal in 2014 will be to expand our client base and increase revenues and profits."
"Reaching our goal of $10m in revenues from the Bosnian operations is indeed satisfying but not enough. We anticipate that in 2014 we will establish the basis for significant growth as we begin to sign commercial contracts in the United States, taking advantage of the vast and favorable environment in the U.S. for non-pipeline NG transport and supply to consumers who are increasingly aware of the advantages to converting their expensive and polluting propane/diesel/fuel oil plants to clean and relatively cheap natural gas," added Lev Zaidenberg, President of Energtek, in charge of worldwide operations.
Energtek develops and applies innovative 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 the newly revamped website: 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.