NEW YORK, October 3, 2011 /PRNewswire/ --
Energtek, Inc. (Pink Sheets: EGTK), a leader in hi-tech natural
gas solutions and Absorbed Natural Gas (ANG) technology, announced
today that the company is in advanced negotiations with a large
transit operator to provide ongoing supply of natural gas to a
fleet of buses in one of the main cities in the Balkans.
The parties are nearing completion on negotiating a long-term,
10-year fuel supply contract. Sales during the first three
years of the project are expected to yield revenues of
approximately $10MM USD.
Negotiations are currently in advanced stages, following several
months of ongoing efforts. Commercial terms of the retail
fuel supply contract have been tentatively agreed upon between the
parties. Documents are presently being submitted to the
appropriate regional authorities for approval.
According to the terms of the impending agreement, Energtek will
convert each vehicle in the fleet to operate on natural gas, and
will then provide ongoing fuel supply to the vehicles.
"This project would represent the second major contract entered
in the region, following the signing of a $100MM long-term fuel
supply contract with a major industrial complex earlier in 2011,"
said Lev Zaidenberg, CEO of
Energtek. "This long-term fuel supply project will significantly
increase our commercial activities in the Balkans and exemplifies
our company's business model to provide fuel to industrial
consumers as well as large vehicle fleets."
About Energtek, Inc.
Energtek develops and applies innovative low-pressure mobile
transportation solutions for industrial consumers and fleets of
motor 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:
+1-212-999-6202, IR@Energtek.com
SOURCE Energtek Inc.