Energtek Subsidiary Completes First Year of Ongoing Natural Gas Sales to Industrial Energy Consumer
NEW YORK, February 2, 2012 /PRNewswire/ --
Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, today announced that its subsidiary PanEnergy d.o.o Pancevo has successfully concluded its first year of a revenue generating natural gas delivery and supply project near Belgrade, Serbia.
Energtek's first ongoing revenue generating pilot has run flawlessly and continuously throughout 2011, and natural gas supply and delivery continues running. Pan Energy is selling natural gas to a local food manufacturer, using complete mobile transportation and supply solutions.
"Energtek launched this relatively small commercial pilot over a year ago to prove Energtek's business model of leveraging its mobile transportation technologies in order to sell ongoing quantities of natural gas," said Mr. Dushutzky, Active Manager of PanEnergy. "This pilot has generated as expected about $75,000, with a gross margin of over fifty percent. We are very pleased by the outstanding performance of our supply system over an entire year. Energtek's superior technologies and business models enable the supply of affordable alternative energy to large industrial customers," Dushutzky added.
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 with 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.
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SOURCE Energtek Inc.
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