NEW YORK, March 15, 2011 /PRNewswire-FirstCall/ -- Energtek Inc. (Pink Sheets : EGTK ), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that an agreement for provision of natural gas has been signed with an industrial customer in the area of Mostar, Bosnia and Herzegovina.
The agreement provides for the selling of natural gas to a local manufacturer using mobile transportation solutions based on Energtek's technology and knowhow. It is expected to render annual revenues of about $1.3M, increasing in the forthcoming years, and shall be in place for several years.
The conversion of customer's facilities to natural gas are planned to start this current month, together with the other engineering and regulatory activities for the natural gas mobile supply.
The agreement shall be implemented through a local subsidiary to be incorporated in Bosnia and Herzegovina, with the participation of local partners. Energtek will retain the majority of the shares of the subsidiary.
"This is a very significant start in Bosnia & Herzegovina," said Energtek's CEO Lev Zaidenberg. "The mobile natural gas delivery currently working in Serbia has paved the way for the implementation of similar undertakings in the area. We believe that we will be able to report additional agreements within the foreseeable future".
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.