NEW YORK, October 12, 2010 /PRNewswire-FirstCall/ -- Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, today announced that the company has completed a joint venture agreement, to provide natural gas to industrial consumers in Belgrade region of Serbia.
The partners have formed a new subsidiary, Panenergy d.o.o. to implement business activities in the region. Energtek's fully-owned subsidiary Energtek Products Ltd. will own 74 percent of the shares of the new company. The remaining 26 percent of shares will be owned by a local partner.
The partner, Pan-Ledi d.o.o., is a fully-operational company, currently providing a variety of fuels for transportation as well as local industrial consumers. Pan-Ledi operates several automotive refueling stations that provide gasoline and diesel, as well as Auto-LPG. One of the stations also provides CNG fueling; one of the only such stations in Serbia.
The joint venture company, Panenergy doo. will provide fuel to local industrial consumers utilizing Energtek's cost-effective and environmentally-friendly natural gas bulk transportation solutions. Under the agreement, Energtek has committed to providing expertise in the bulk transportation of natural gas, as well as technology.
The joint venture intends to begin generating ongoing revenues in Q1 2011.
"Combining the technology and know-how accumulated by Energtek together with the access to gas infrastructure and local marketing capabilities of Pan-Ledi enables the ongoing supply of clean and affordable energy to local industrial consumers," said Energtek CEO Lev Zaidenberg.
Energtek is similarly completing the incorporation of a separate, fully-owned subsidiary to advance business development activities in other regions in Serbia.
Energtek develops and applies proprietary low-pressure storage technology to provide complete well-to-wheel pipeless Natural Gas supply solutions to industrial consumers and fleets of small vehicles. Energtek's Natural Gas solutions reduce pollution and alleviate consumer energy costs. Energtek provides competitive bulk transportation solutions to industrial users and a profitable alternative motor fuel solution for 2- and 3-wheel vehicle drivers in Asia. 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.
Contacts: Investor Relations IR@energtek.com +1-212-999-6202
SOURCE Energtek Inc.