Energtek Signs MoU to Implement LMP Technology in Serbia and Macedonia
NEW YORK, March 23, 2010 /PRNewswire-FirstCall/ -- Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, today announced that a Memorandum of Understanding has been signed with a local energy supplier for the joint implementation of Energtek's natural gas distribution technology in the Republics of Serbia and Macedonia. The parties expect effective commercial fuel distribution to begin in 2010.
Serbia and Macedonia are among the countries with the most underdeveloped gas pipeline network in Europe. They also have enjoyed the highest industrial growth rates in Europe in the last several years. For these reasons, Serbia and Macedonia are among European countries with the greatest potential for gas bulk transportation projects.
An Energtek delegation led by CTO Dr. Y. Ginzburg recently conducted a series of meetings in Serbia, Macedonia, and other Balkan states. The visits focused on the application of Energtek's proprietary Low-pressure Mobile Pipeline(TM) (LMP) solution for land-transportation and distribution of natural gas to industrial and commercial consumers.
The recent meetings resulted in the signing of a Memorandum of Understanding. The parties are actively working to initiate natural gas bulk transportation projects that will begin commercial distribution within several months.
"We are pleased with the progress we have made on our recent visits to Serbia and Macedonia," said Energtek CEO Lev Zaidenberg. "These countries have many potential users of natural gas that are not connected to the regional gas pipeline grid. Working together with local partners, we can utilize our technology to deliver natural gas to large energy consumers and contribute to a healthier environment. Natural gas is substantially cleaner than fuels derived from oil, and natural gas prices are comparatively lower than diesel or gasoline."
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.
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SOURCE Energtek Inc.
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