NEW YORK, Nov. 13, 2014
/PRNewswire/ --
- Energtek Arranges Financing for Buying, Compressing and
Delivering Natural Gas to Industrial Consumers in Vermont in 2015
- Natural Gas for Energtek's First Filling Station in the U.S.
will be Supplied by Vermont Gas Utility
- Business Plan for 2015 Calls for Major Expansion
- Energtek Inc. Aims to Become SEC reporting by Spring 2015;
the Next Step will be to Market Up-List
- Planned Joint Venture with Leading U.S. University for ANG
Product Development Expected to Start this Quarter. Action
Plan Includes Unique Products for U.S. and Worldwide, Including
Patent Applications. Energtek Expects these Technological
Advances to Create Additional Advantages
- Activities in Europe Continue as Planned, Expected Revenues
in 2014 to surpass $10m
Energtek Inc. (OTC BB: EGTK), a frontrunner in hi-tech natural
gas solutions and Adsorbed Natural Gas (ANG) technology, issued
today the following letter to shareholders, covering three main
subjects: (1) plans for operations in the USA in 2015, (2) returning to being SEC
reporting by Spring 2015, and (3) planned cooperation with a
leading U.S. University to set up R&D facilities and develop
ANG applications for the U.S. and worldwide.
Dear Shareholders,
Energtek has made impressive progress in 2014 and we look
forward to aggressively growing our business in 2015.
We have continuously reviewed and perfected our business model
to match the capabilities of our company and the needs of the many
potential consumers in the United
States who are not receiving natural gas from a pipeline at
the present time. We have decided to focus on projects in the
U.S., due to the great opportunities which have opened up in the
wake of the "shale gas revolution". You are invited to view
our revamped website to read the many other reasons (Why NG?
Why now? Why Energtek ?).
A few months ago, the Illuminado Group, headed by Mr.
Robert Catell, former Chairman and
CEO of KeySpan Energy Corp. and National Grid, became our Advisory
Board. With their expertise, vast experience and extensive
acquaintances with the gas industry, we are investigating several
exciting markets in North America. Also, we welcome
Andre H. Friedman, Esq., former
Regional General Counsel of Teva Pharmaceuticals Industries, Ltd.,
as General Counsel, and Mr. Alfred G.
McNeill, former Deputy Commissioner for Administration and
NYPD Chief of Staff, as a Director.
Through a wholly-owned subsidiary, Energtek North Country Inc.
("ENCI"), we shall commence our first "mobile natural gas
transportation" projects in Vermont, anticipating revenues to
begin to flow in 2015. We shall be issuing a FY2015 guidance
press release in Spring 2015 regarding the impact and implications
of these business developments on our financial situation.
We have recently received an important regulatory ruling from
the Vermont Public Service Board which announced that it has
exercised its discretion to allow "competitive market forces to
control rates, service quality and reliability" for ENCI's
commercial and industrial natural gas customers, especially to
small and mid-size enterprises, rather than using regulated
rates.
Once our Vermont operations are
up and running, we have a focused business plan to expand to
further states and aggressively grow our business throughout
the United States and North America.
Our European operations continue to operate without a glitch, as
we are now in the third year of a ten-year $100m contract in Bosnia-Herzegovina to supply Europe's largest aluminum smelter plant in
Mostar, with NG from our filling station in Sarajevo.
On the technological side, this past year we are in the process
of developing a second generation of the Energtek Hyboost – these
are compact, light and inexpensive devices for transferring NG from
one high-pressure vessel into another without the usage of
cumbersome, heavy and expensive conventional compressors.
Energtek is proud to stress that the supply of natural gas by
our "pipeline on wheels" solution is a "quadruple win" –
1) Consumers will save on their energy
bills and be freed from expensive alternatives such as
propane, diesel, fuel oil, etc.
2) The environment and the consumers will
enjoy reduced emissions.
3) Gas companies/utilities will be able to
extend their pipeline coverage by means of Energtek's virtual
pipeline.
4) Energtek's shareholders will be rewarded
for their investment as the marketplace puts a proper premium
and valuation on the profitable business model being
implemented.
Many of you invested in Energtek years ago as a result of our
position as a leader in ANG technology - allowing NGV fleets to be
converted to natural gas as a result of the ability to "adsorb"
natural gas into vessels at much lower pressures (and lower OPEX
and CAPEX), and basically be the next generation of CNG. We
anticipate starting in the near future a cooperation undertaking
with a leading U.S. university to set up R&D facilities, and
develop commercial applications of ANG technology. The
resulting products will be aimed first and foremost for the U.S.
natural gas market (non-vehicular), but possess worldwide marketing
potential.
We are making all the preparations for returning to be an SEC
reporting entity by Spring 2015. We are planning thereafter
to provide additional benefits to our shareholders by registering
our share for trade in market tiers that enjoy much better volume
trade and recognition than the OTCMarkets Current Information
Listing. Furthermore, we shall be instituting quarterly
investor conference calls starting in January 2015.
In summary, Energtek will have the management, business model,
agreements, technologies and potential to make 2015 a very
important year in our development. A year of significant
progress for our shareholders, creating the conditions for
monetizing our being a revenue-producing and profitable company,
possessing the technological advantages that enable long-term
growth.
We thank you sincerely for your continued confidence and are
working very hard to justify your equity position in our
company.
Sincerely,
Yoav Krill
CEO, Energtek, Inc.
About Energtek
Energtek develops and
applies innovative mobile transportation solutions for small,
mid-size and large industrial, residential and agricultural
consumers and fleets of small vehicles (NGV). Energtek
operates subsidiaries in North
America, Europe and
Asia. To learn more about Energtek, visit the newly revamped
website: 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
(212) 999.6202
SOURCE Energtek Inc.