NEW YORK, September 21, 2011 /PRNewswire/ --
Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural
gas solutions and Absorbed Natural Gas (ANG) technology, today
issued the following letter to shareholders, summarizing commercial
business development efforts during the past year.
Dear Shareholders,
During 2011, Energtek has made the most significant commercial
advancements since the financial crisis of 2008. These developments
in the commercial industrial sector have fully validated our
business model to acquire and resell energy at a profit, by
leveraging on our proprietary technology and knowhow.
During the past year, efforts have been focused on providing
alternative energy to industrial consumers in the former
Yugoslavia. Since the beginning of
2011, Energtek has been running a revenue-earning pilot project in
Serbia.
Following completion of the pilot, Energtek signed multi-million
dollar natural gas transportation contracts in Bosnia and Herzegovina, connecting between a
natural gas provider and two large local energy consumers. The
10-year contract is expected to yield revenues of approximately
$30,000,000 in the next three years,
with expected total revenues of about $100,000,000.
Since our inception, Energtek has been dedicated to developing
and implementing cost-effective natural gas energy solutions for
industrial consumers and large fleets of small motor vehicles.
Our company has specialized in developing proprietary
low-pressure storage and mobile transportation solutions, enabling
competitive ongoing supply of natural gas to consumers that are not
connected to pipeline infrastructure.
Energtek's proprietary Low-pressure Mobile Pipeline (LMP)
Technology enables us to deliver natural gas from an indigenous
energy source to a consumer utilizing low-pressure compression.
Low-pressure reduces the costs of infrastructure as well as the
ongoing costs of natural gas compression and decompression,
providing a cost-effective alternative energy solution for the end
user.
Energtek's technological knowledge and experience in developing
complete natural gas supply solutions for industrial consumers,
enables us to customize competitive solutions that are adapted to
meet each customer's unique needs.
Over the past several years, our solutions have gained
significant interest from private industry and governmental
agencies in developing nations around the world.
Since the start of 2011, we have been engaged in the preparation
of infrastructure necessary to fulfill our signed agreements in
Bosnia and Herzegovina. Together
with a strategic local partner, we have created a subsidiary in
Bosnia and Herzegovina, Energtek
Herz d.o.o. Mostar.
Works to implement the signed contracts have been taking place
during the past several months, including the conversion of the
customer's facilities and the purchase of equipment. Natural gas
supply is expected to commence in Q1 2012.
In parallel we are actively pursuing the signing of additional
supply contracts in the region.
We view these breakthrough developments as a clear confirmation
of our business model.
We thank our loyal shareholders and our devoted team who have
continued to have faith in our company's ability to actualize our
potential, have financed its activities, have performed a Herculean
task, and have brought our company to the present stage despite
adversity and harsh conditions over the past few years.
Sincerely,
Lev Zaidenberg
CEO, Energtek
About Energtek,
Inc.
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.
Investor Relations Contact: IR@Energtek.com, +1-212-999-6202
SOURCE Energtek Inc.