Energtek Reports Revenues of $2.7M in 2012
NEW YORK, April 22, 2013 /PRNewswire/ --
- Huge increase in revenues derives mostly from sales of NG in Bosnia-Herzegovina.
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 2012, indicating that total revenues of $2.7m were generated during 2012, a dramatic increase compared to the figure of $100k in 2011.
The figure of $2.7m demonstrates steady and strong growth particularly during the last two quarters of 2012, and represents an increase of 80% over the forecast of $1.5m published (press release of Aug 28, 2012).
The vast majority of these revenues resulted from Energtek's subsidiary in Bosnia-Herzigovina, Energtek Herz d.o.o. Mostar, which sells natural gas to Aluminij d.d. Mostar, a large industrial energy consumer in Mostar, as part of a 10-year contract which is expected to yield total revenues of $100m.
At the end of 2012, Energtek Herz was supplying a daily quantity of approximately 18,000 natural gas cubic meters. The contract between Energtek Herz and Aluminij calls for double this quantity upon final conversion of all the plants' machinery to natural gas.
"The tremendous growth presented in our 2012 financials/reports is very encouraging, and is reflective of our ability to achieve the goals delineated in our business plan. Specifically I refer to fulfillment of the huge potential in the Balkans while proving our business model and demonstrating our technological advantages," said Lev Zaidenberg, CEO of Energtek.
"Energtek is already working towards additional deals which will enable us to expand our business to other countries and consumers, both inside and outside Europe. We are well into the commercial phase of delivering natural gas to consumers who cannot connect to the pipeline yet wish to take advantage of cheaper and cleaner alternatives to other fuels."
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.