NEW YORK, August 28, 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 is forecasting revenues of $1.5MM in 2012. The scheduled revenues will be earned from the sale of ongoing quantities of natural gas to Aluminij d.d. Mostar, a large industrial energy consumer in Bosnia, and from the ongoing sales in Serbia.
As recently reported, Energtek's subsidiaray, Energtek Herz d.o.o. Mostar, has already started earning revenues from selling significant commercial quantities of natural gas to Aluminij on a daily basis. In the past month, Energtek has considerably increased the daily quantities of natural gas delivered to Aluminij. The 2012 revenue forecast is based on daily quantities of natural gas that are currently being delivered.
Energtek continues working towards the full energy conversion of Aluminij's facilities. As such, daily quantities of natural gas are scheduled to increase until the full terms of the ongoing supply contract are fulfilled.
As reported, Energtek signed ten-year contract supply contracts with Aluminij, and FEAL d.o.o. Sirokij-Brijeg, that are expected to yield revenues of $10MM annually.
"The forecasted revenues for this year, based on existing, and continuing supply of natural gas, shift Energtek from development to full commercial phase," said Lev Zaidenberg, CEO of Energtek. "Energtek is already working towards further realizing our business plan as commercial supplier of alternative energy."
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.