NEW YORK, Nov. 13, 2014 /PRNewswire/ --
- Energtek Arranges Financing for Buying, Compressing and Delivering Natural Gas to Industrial Consumers in Vermont in 2015
- Natural Gas for Energtek's First Filling Station in the U.S. will be Supplied by Vermont Gas Utility
- Business Plan for 2015 Calls for Major Expansion
- Energtek Inc. Aims to Become SEC reporting by Spring 2015; the Next Step will be to Market Up-List
- Planned Joint Venture with Leading U.S. University for ANG Product Development Expected to Start this Quarter. Action Plan Includes Unique Products for U.S. and Worldwide, Including Patent Applications. Energtek Expects these Technological Advances to Create Additional Advantages
- Activities in Europe Continue as Planned, Expected Revenues in 2014 to surpass $10m
Energtek Inc. (OTC BB: EGTK), a frontrunner in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, issued today the following letter to shareholders, covering three main subjects: (1) plans for operations in the USA in 2015, (2) returning to being SEC reporting by Spring 2015, and (3) planned cooperation with a leading U.S. University to set up R&D facilities and develop ANG applications for the U.S. and worldwide.
Energtek has made impressive progress in 2014 and we look forward to aggressively growing our business in 2015.
We have continuously reviewed and perfected our business model to match the capabilities of our company and the needs of the many potential consumers in the United States who are not receiving natural gas from a pipeline at the present time. We have decided to focus on projects in the U.S., due to the great opportunities which have opened up in the wake of the "shale gas revolution". You are invited to view our revamped website to read the many other reasons (Why NG? Why now? Why Energtek ?).
A few months ago, the Illuminado Group, headed by Mr. Robert Catell, former Chairman and CEO of KeySpan Energy Corp. and National Grid, became our Advisory Board. With their expertise, vast experience and extensive acquaintances with the gas industry, we are investigating several exciting markets in North America. Also, we welcome Andre H. Friedman, Esq., former Regional General Counsel of Teva Pharmaceuticals Industries, Ltd., as General Counsel, and Mr. Alfred G. McNeill, former Deputy Commissioner for Administration and NYPD Chief of Staff, as a Director.
Through a wholly-owned subsidiary, Energtek North Country Inc. ("ENCI"), we shall commence our first "mobile natural gas transportation" projects in Vermont, anticipating revenues to begin to flow in 2015. We shall be issuing a FY2015 guidance press release in Spring 2015 regarding the impact and implications of these business developments on our financial situation.
We have recently received an important regulatory ruling from the Vermont Public Service Board which announced that it has exercised its discretion to allow "competitive market forces to control rates, service quality and reliability" for ENCI's commercial and industrial natural gas customers, especially to small and mid-size enterprises, rather than using regulated rates.
Once our Vermont operations are up and running, we have a focused business plan to expand to further states and aggressively grow our business throughout the United States and North America.
Our European operations continue to operate without a glitch, as we are now in the third year of a ten-year $100m contract in Bosnia-Herzegovina to supply Europe's largest aluminum smelter plant in Mostar, with NG from our filling station in Sarajevo.
On the technological side, this past year we are in the process of developing a second generation of the Energtek Hyboost – these are compact, light and inexpensive devices for transferring NG from one high-pressure vessel into another without the usage of cumbersome, heavy and expensive conventional compressors.
Energtek is proud to stress that the supply of natural gas by our "pipeline on wheels" solution is a "quadruple win" –
1) Consumers will save on their energy bills and be freed from expensive alternatives such as propane, diesel, fuel oil, etc.
2) The environment and the consumers will enjoy reduced emissions.
3) Gas companies/utilities will be able to extend their pipeline coverage by means of Energtek's virtual pipeline.
4) Energtek's shareholders will be rewarded for their investment as the marketplace puts a proper premium and valuation on the profitable business model being implemented.
Many of you invested in Energtek years ago as a result of our position as a leader in ANG technology - allowing NGV fleets to be converted to natural gas as a result of the ability to "adsorb" natural gas into vessels at much lower pressures (and lower OPEX and CAPEX), and basically be the next generation of CNG. We anticipate starting in the near future a cooperation undertaking with a leading U.S. university to set up R&D facilities, and develop commercial applications of ANG technology. The resulting products will be aimed first and foremost for the U.S. natural gas market (non-vehicular), but possess worldwide marketing potential.
We are making all the preparations for returning to be an SEC reporting entity by Spring 2015. We are planning thereafter to provide additional benefits to our shareholders by registering our share for trade in market tiers that enjoy much better volume trade and recognition than the OTCMarkets Current Information Listing. Furthermore, we shall be instituting quarterly investor conference calls starting in January 2015.
In summary, Energtek will have the management, business model, agreements, technologies and potential to make 2015 a very important year in our development. A year of significant progress for our shareholders, creating the conditions for monetizing our being a revenue-producing and profitable company, possessing the technological advantages that enable long-term growth.
We thank you sincerely for your continued confidence and are working very hard to justify your equity position in our company.
CEO, Energtek, Inc.
Energtek develops and applies innovative mobile transportation solutions for small, mid-size and large industrial, residential and agricultural consumers and fleets of small vehicles (NGV). Energtek operates subsidiaries in North America, Europe and Asia. To learn more about Energtek, visit the newly revamped website: 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.