NEW YORK, March 23, 2011 /PRNewswire-FirstCall/ -- Energtek Inc. (Pink Sheets: EGTK ) , a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today a gas purchase agreement with BH Gas d.o.o. (www.bh-gas.ba), the governmental owned sole natural gas transmission provider in Bosnia and Herzegovina, and the biggest gas carrier in the country. The agreement represents a strategic cornerstone for the expansion of Energtek's activities in Bosnia and Herzegovina.
The agreement enables Energtek to purchase natural gas at several locations in Bosnia and Herzegovina, enabling the ongoing sale and distribution of the gas to customers in the country using Energtek's 'mobile pipeline' technology. The agreement establishes Energtek's presence as the first and major mobile supplier of natural gas in the country.
The agreement with BH Gas allows to foster further gas supply agreements with customers in Bosnia and Herzegovina.
The activities in Bosnia and Herzegovina willl be implemented through a local subsidiary with the participation of local partners. Energtek will retain the majority of the shares of the subsidiary.
"This is a strategic step for increased supply of natural gas to large energy consumers in Bosnia & Herzegovina, giving us a significant competitive advantage in the present market conditions," said Energtek's CEO Lev Zaidenberg. "We intend to build on this competitive advantage to gain substantial market share."
About Energtek (EGTK)
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small 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
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 IR@energtek.com +1-212-999-6202
SOURCE Energtek Inc.