NEW YORK, January 15 /PRNewswire-FirstCall/ -- Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, today announced that the company successfully raised $375,000 from existing shareholders during 2009, at an average price of $0.1667 per share.
Additionally, the company has reported the signing of agreements for investments through Q1 2010.
"The funding by our shareholders during 2009 is undoubtedly a significant vote of confidence in our company," said Energtek CEO Lev Zaidenberg. "With the continued backing of our investors, Energtek has been able to cope with a difficult period of financial stress in the markets. During the past several months, Energtek has been able to advance significant business developments. We are confident that we will continue to exhibit strong growth in 2010."
The company reported in its recent filings an investment of $150,000, of which $50,000 were invested in 2009 and the investment of the remaining balance of $100,000 has taken place in January 2010. A second agreement signed with the same investor calls for a further investment of $150,000 during Q1 2010. The second agreement with the investor, is based on similar terms with a time shift of up to three months, but foregoes granting of additional warrants exercisable in December 2010 and December 2011.
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: IR@energtek.com +1-212-999-6202
SOURCE Energtek Inc.