NEW YORK, May 20, 2013 /PRNewswire/ --
Reports $0.4M of Gross Operating
Profits in Bosnia and
Herzegovina.
Energtek Inc. (OTCBB: EGTK), a leader in hi-tech natural gas
solutions and Adsorbed Natural Gas (ANG) technology, announced
today that it is reporting in its financial reports for the first
fiscal quarter of 2013 revenues of $2.1
million, a remarkable increase when compared to the figure
of $2.7M for the whole year 2012.
Energtek also reported $0.4M of
Gross Operating Profits in Bosnia and
Herzegovina and about $0.2M of
overall profit.
The vast majority of these revenues resulted from Energtek's
subsidiary Energtek Herz d.o.o. Mostar, which sells natural gas to
Aluminij d.d. Mostar, a large industrial energy consumer in
Mostar,
This is the first time that Energtek reports profits, which on
the one hand are due to the improved performance of the subsidiary
in Bosnia and Herzegovina and on
the other hand due to the fact that during Q1 2013 the Company
didn't issue stock based compensation, the item that from an
accounting point of view provided for most of the expenses in the
previous quarters.
"The profits reflected in our financial reports for the first
quarter of 2013 are very encouraging. It shows that Energtek
is on the right track" said Michael
Greenfield, Treasurer of Energtek. "In essence we succeeded
in efficiently managing the Company and moving forward, achieving
results that seemed completely unrealistic given the situation of
the Company in the years following the 2008 debacle."
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.