Energtek Advances Business Development Efforts in Serbia
For Ongoing Distribution of Natural Gas to Industrial Consumers
NEW YORK, September 2, 2010 /PRNewswire-FirstCall/ -- Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, today announced that business development activities in the Republic of Serbia are advancing steadily, with several potential partners interested in the company's proprietary natural gas distribution technology.
The most recent in a series of visits to Serbia over the past several months, by CTO Dr. Y. Ginzburg and members of our subsidiary Energtek Products Ltd, has yielded the signing of additional Memorandum of Understanding with potential natural gas distribution partners.
The MoUs are the first stage in the foundation of potential partnerships to transport natural gas to industrial consumers utilizing the company's mobile energy solutions including the proprietary Low-pressure Mobile Pipeline (LMP(TM)) system. Energtek is performing due diligence to determine the technical feasibility and cost benefits of proceeding with various partners.
Energtek's business development model calls for leveraging of technology to enable the company to purchase natural gas from a local energy source, then transport and sell ongoing supplies of natural gas to end users.
"We are pleased with the groundwork laid during our delegation's visits to Serbia," said Energtek CEO Lev Zaidenberg. "Serbia is a very suitable market for our technologies. Our proprietary LMP(TM) solution has the potential to provide ongoing energy supply to industrial consumers that never before had access to clean-burning natural gas. We hope to report additional advances in the region in the near future."
About Energtek
Energtek develops and applies proprietary low-pressure storage technology to provide complete well-to-wheel pipeless Natural Gas supply solutions to industrial consumers and fleets of small vehicles. Energtek's Natural Gas solutions reduce pollution and alleviate consumer energy costs. Energtek provides competitive bulk transportation solutions to industrial users and a profitable alternative motor fuel solution for 2- and 3-wheel vehicle drivers in Asia. 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: Media Department [email protected] +1-212-999-6202
SOURCE Energtek Inc.
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