NEW YORK, November 14, 2011 /PRNewswire/ --
Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company's subsidiary Energtek Herz d.o.o. Mostar has completed the first phase of conversion to natural gas of the facilities of two clients: Aluminij d.d. Mostar ( http://www.aluminij.ba ) and FEAL d.o.o. Mostar ( http://www.feal.ba ).
As previously announced by the Company, the conversion of the facilities is the first stage required for the provision of natural gas to the clients. Contracts signed in the region are expected to yield annual revenues of $10,000,000.
The works (photograph can be seen at http://www.energtek.com/t/1056-prms-aluminij) were performed with the involvement of several subcontractors from Germany, Bulgary, Bosnia & Herzegovina, Serbia, and other countries.
The activities are now entering the second stage, which includes additional equipment conversion and adaptation in the customer's premises, and the construction of a filling station within the facilities of the supplier, BH Gas d.o.o. (http://www.bh-gas.ba) - the governmental owned sole natural gas transmission provider in Bosnia and Herzegovina
"Major conversion works were performed satisfactorily," said Prof. Yuri Ginzburg, CTO of Energtek. "Our cooperation with both the customers and the suppliers and subcontractors was very significant for achieving the stated goals, and we appreciate very much their contribution to the results. Now we shall dedicate to the implementation of the second phase, that shall enable starting the supply to our customers."
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.
SOURCE Energtek Inc.