NEW YORK, April 22, 2013 /PRNewswire/ --
Huge increase in revenues derives mostly from sales of NG in
Bosnia-Herzegovina.
Energtek Inc. (OTCBB: EGTK), a leader in hi-tech natural gas
solutions and Adsorbed Natural Gas (ANG) technology, announced
today that it has completed filing financial reports for 2012,
indicating that total revenues of $2.7m were generated during 2012, a dramatic
increase compared to the figure of $100k in 2011.
The figure of $2.7m demonstrates
steady and strong growth particularly during the last two quarters
of 2012, and represents an increase of 80% over the forecast of
$1.5m published (press release of Aug
28, 2012).
The vast majority of these revenues resulted from Energtek's
subsidiary in Bosnia-Herzigovina,
Energtek Herz d.o.o. Mostar, which sells natural gas to Aluminij
d.d. Mostar, a large industrial energy consumer in Mostar, as part
of a 10-year contract which is expected to yield total revenues of
$100m.
At the end of 2012, Energtek Herz was supplying a daily quantity
of approximately 18,000 natural gas cubic meters. The contract
between Energtek Herz and Aluminij calls for double this quantity
upon final conversion of all the plants' machinery to natural
gas.
"The tremendous growth presented in our 2012 financials/reports
is very encouraging, and is reflective of our ability to achieve
the goals delineated in our business plan. Specifically I refer to
fulfillment of the huge potential in the Balkans while proving our
business model and demonstrating our technological advantages,"
said Lev Zaidenberg, CEO of
Energtek.
"Energtek is already working towards additional deals which will
enable us to expand our business to other countries and consumers,
both inside and outside Europe. We
are well into the commercial phase of delivering natural gas to
consumers who cannot connect to the pipeline yet wish to take
advantage of cheaper and cleaner alternatives to other fuels."
About Energtek
Energtek develops and applies innovative low-pressure mobile
transportation solutions for industrial consumers and fleets of
small vehicles. The company is also involved on 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.