NEW YORK, April 7, 2014 /PRNewswire/ -- 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 2013, indicating that total
revenues of $11.3m were generated
during 2013, an increase of more than 300% compared to the figure
of $2.7m in 2012.
The figure of $11.3m derives
almost entirely from Energtek's subsidiary in Bosnia-Herzegovina, Energtek Herz d.o.o.
Mostar, which sells natural gas mainly to Aluminij d.d. Mostar, a
large industrial energy consumer in Mostar, as part of a ten-year
contract which is expected to yield total revenues of $100m.
The profits of Energtek Herz in 2013 were $1,283,958 (11.4% on revenues).
"We are beginning our third year of operations in Europe and have demonstrated steady and strong
growth," said CEO of Energtek Herz Mr. Ivan
Primorac. "Our goal in 2014 will be to expand our client
base and increase revenues and profits."
"Reaching our goal of $10m in
revenues from the Bosnian operations is indeed satisfying but not
enough. We anticipate that in 2014 we will establish the basis for
significant growth as we begin to sign commercial contracts in
the United States, taking
advantage of the vast and favorable environment in the U.S. for
non-pipeline NG transport and supply to consumers who are
increasingly aware of the advantages to converting their expensive
and polluting propane/diesel/fuel oil plants to clean and
relatively cheap natural gas," added Lev
Zaidenberg, President of Energtek, in charge of worldwide
operations.
About Energtek
Energtek develops and
applies innovative mobile transportation solutions for industrial
consumers and fleets of small vehicles. Energtek operates
subsidiaries in North America,
Europe, Asia and the Middle
East. 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.