Energtek, Inc. Reports Significant Techno-Economical Progress in Aluminij Project
NEW YORK, July 9, 2012 /PRNewswire/ --
Energtek, Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Absorbed Natural Gas (ANG) technology, reported today that the company's subsidiary Energtek Herz d.o.o. Mostar operating in Bosnia and Herzegovina has ordered additional five semitrailers for the supply of natural gas to Aluminij d.o.o. Mostar.
These semi-trailers, custom-designed by Energtek's CTO Professor Yuri Ginzburg, will be utilized to increase the amounts of ongoing energy supply to Aluminij.
The semi-trailers are another major step towards fulfilling the agreements signed with two entities in Mostar, whereas Aluminij d.o.o. Mostar, a large manufacturer of aluminum is the major consumer. The contracts are expected to yield revenues of approximately $30,000,000 in the first three years of full operations, with expected total revenues of about $100,000,000.
As recently reported, daily commercial deliveries of natural gas have already commenced over the past few weeks. Delivered quantities of natural gas are expected to increase gradually, with full-scale ongoing energy supply expected to be reached during the first months of 2013.
The company is diligently working to expand the delivery infrastructure. Semi-trailers are among the most significant components in Energtek's mobile transportation energy supply chain. In addition to the order placed by Energtek Herz d.o.o for the delivery to Mostar, additional semitrailers of the same kind are to be ordered this year as the quantities of natural gas delivery expands.
"The order of these semi-trailers demonstrates Energtek's commitment to rapidly advancing the commercial implementation of our energy supply contract with Aluminij d.o.o., and will significantly increase the revenues that this project generates," said Professor Yuri Ginzburg, CTO of Energtek. "The design of the semi-trailers enables a substantial reduction of transportation expenses. We will continue working for creating additional competitive advantages for Energtek."
About Energtek (EGTK)
Energtek is a pipeless natural gas distribution company that provides tailored energy supply solutions for industrial and commercial customers. Energtek has developed proprietary low-pressure mobile transportation solutions to enable industrial consumers and fleets of small vehicles to utilize clean and affordable natural gas. 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.
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