NEW YORK, August 15, 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's subsidiary Energtek Herz d.o.o. Mostar has begun supplying Aluminij d.d. Mostar, a large industrial energy consumer in Bosnia, with full-scale commercial quantities of natural gas on a daily basis.
In the past two weeks, Energtek has increased the quantities of natural gas delivered to Aluminij by fifty percent, marking the end of a successful pilot and the start of the full implementation of the ten-year signed commercial project. Energtek's ongoing natural gas supply contracts signed with Aluminij and FEAL d.o.o. Sirokij-Brijeg are expected to yield revenues of $10,000,000 annually.
Natural gas is delivered to Aluminij via Energtek's proprietary mobile transportation natural gas supply solution. With the conversion of their facilities to utilize clean and affordable natural gas, rather than diesel fuel, Aluminij is planning for natural gas to be its primary fuel source.
"Thanks to our successful partnership with Energtek, our facilities are now operating on a cleaner and cheaper energy source, providing substantial savings for our company as well as the environment," said Zeljko Boras, COO of Aluminij. "We are extremely pleased with Energtek's technology and the ability of Energtek's team to meet the energy needs of our complex facilities. We are hopeful that the implementation of this contract will provide a model for other manufacturers in the region, and we are glad to provide an overwhelmingly positive recommendation."
"The full implementation of this commercial project shall make Aluminij our largest revenue generating customer to date, and represents a major milestone for Energtek," said Lev Zaidenberg, CEO of Energtek. "The project demonstrates Energtek's abilities to convert large facilities and successfully deliver a much needed alternative source of energy to industrial consumers."
"We are similarly confident in Energtek's abilities to implement additional contracts in the region," Zaidenberg stated.
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.