NEW YORK, May 31, 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 a
partly-owned subsidiary Energtek Herz d.o.o. Mostar is being
incorporated in Bosnia and
Herzegovina, jointly with FEAL d.o.o. Sirokij-Brijeg (
http://www.feal.ba ).
FEAL is a developer of aluminum systems and advanced aluminum
processing, selling its products to first rate companies such as
Siemens and Bombardier. Companies pertaining to the same group of
FEAL are involved in transportation and distribution of industrial
products throughout Europe, and
are similarly involved in fuel supply.
FEAL has a long-standing relationship with Aluminij d.d. Mostar,
which has signed with Energtek the recently reported 10-year energy
supply contract.
Additionally, as previously reported, a gas supply agreement has
been signed with FEAL as a client, for the supply of approximately
1,800,000 cubic meters per year, generating about $1,500,000 of annual revenues.
Energtek will hold a 55 percent majority share of the subsidiary
through Energtek AL LLC, incorporated in the State of Nevada to carry out business
activities including the supply of ongoing energy in the Mostar
area. FEAL will hold a 45 percent share.
"FEAL's deep knowledge of the local market and their logistic
infrastructure are invaluable resources and we look forward to
carrying out our supply agreements through our jointly-formed
subsidiary," said Lev Zaidenberg,
CEO of Energtek. "We expect to have these supply projects working
as soon as feasible and to continue expanding our activities in the
area," Zaidenberg added.
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
Forward-Looking Statements
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.