NEW YORK, February 14, 2011 /PRNewswire-FirstCall/ --
- Committed Investment of up to $2,500,000 for the New Subsidiary
Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today the incorporation of a new subsidiary, Energstore Solutions Ltd., to provide peak storage solutions for energy utilities, transmission networks and other large suppliers and consumers of natural gas.
Energtek will own fifty percent of the new subsidiary. The remaining fifty percent will be owned by RBCI Ltd., an Israeli company, managed by Brig. Gen. (Ret.) Reuven Benkler and owned by himself and Naftali Investments Ltd. Energtek and RBCI have created Energstore to capitalize, among others, on the important energy developments taking place in Israel following the discoveries of huge quantities of natural gas. These discoveries are expected to significantly change Israel's energy market to rely more heavily on natural gas.
RBCI has undertaken to provide $300,000 for the initial financing of Energstore, to foster its development goals including a natural gas storage pilot project, subject to milestones. RCBI has similarly committed to provide additional $2,200,000 to finance commercial projects.
"We are confident that the combination of Energtek's board (led by Eliezer Sandberg - former Israeli Minister of National Infrastructures) and team natural gas supply solutions expertise, together with RBCI's proven track record of successful project structuring, financing and implementation will enable our mutual company to undertake a significant role in this field," said Energtek CEO Lev Zaidenberg. "We are very pleased to have found the right partner to develop the gas storage solutions for energy infrastructure needs."
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. The company is also involved on 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
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 [email protected] +1-212-999-6202
SOURCE Energtek Inc.