NEW YORK, October 3, 2011 /PRNewswire/ --
Energtek, Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Absorbed Natural Gas (ANG) technology, announced today that the company is in advanced negotiations with a large transit operator to provide ongoing supply of natural gas to a fleet of buses in one of the main cities in the Balkans.
The parties are nearing completion on negotiating a long-term, 10-year fuel supply contract. Sales during the first three years of the project are expected to yield revenues of approximately $10MM USD.
Negotiations are currently in advanced stages, following several months of ongoing efforts. Commercial terms of the retail fuel supply contract have been tentatively agreed upon between the parties. Documents are presently being submitted to the appropriate regional authorities for approval.
According to the terms of the impending agreement, Energtek will convert each vehicle in the fleet to operate on natural gas, and will then provide ongoing fuel supply to the vehicles.
"This project would represent the second major contract entered in the region, following the signing of a $100MM long-term fuel supply contract with a major industrial complex earlier in 2011," said Lev Zaidenberg, CEO of Energtek. "This long-term fuel supply project will significantly increase our commercial activities in the Balkans and exemplifies our company's business model to provide fuel to industrial consumers as well as large vehicle fleets." About Energtek, Inc.
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of motor vehicles. The company is also involved with 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.
Forward Looking Statements
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.
Investor Relations Contact: +1-212-999-6202, IR@Energtek.com
SOURCE Energtek Inc.