NEW YORK, February 6, 2013 /PRNewswire/ --
The approvals enable the provision of energy to customers as part of 10-year NatGas supply project, and expanding provision to additional consumers
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 obtained the permits required for operating the natural gas filling station built in Reljevo, Sarajevo.
The station is now fully approved for operations. The station receives natural gas from a local pipeline which is then compressed and delivered to regional industrial energy consumers as part of a 10-year ongoing energy supply contract scheduled to realize revenues of over $100MM. Natural gas from the filling station is delivered to the customers utilizing Energtek's proprietary natural gas transportation system.
As previously disclosed, Energtek has been supplying significant quantities of natural gas in the context of the long term supply contract with Aluminij d.o.o. Mostar. The new filling station will enable to reach the full expected supply anticipated in the contract. It also enables entering into new supply agreements with additional local energy consumers.
"We have finally fulfilled all the requirements for operating the station in Sarajevo," said Prof. Yuri Ginzburg , CTO of Energtek Inc. "This station is a significant boost to our operational and supply capabilities. Having distributed supply sources enables us to improve the economics of delivering to our customers, and improves the overall reliability of our supply system."
About Energtek (EGTK)
Energtek utilizes proprietary mobile transportation technology to supply natural gas to industrial energy consumers with a particular focus in Eastern Europe and the Middle East. The company is a leading developer of ANG technology, and has developed innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. 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.