Energtek Enters Into Joint Venture With Serbian Fuel Distributor
leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG)
technology, today announced that the company has completed a joint venture
agreement, to provide natural gas to industrial consumers in
of Serbia.
The partners have formed a new subsidiary, Panenergy d.o.o. to implement
business activities in the region. Energtek’s fully-owned subsidiary Energtek
Products Ltd. will own 74 percent of the shares of the new company. The
remaining 26 percent of shares will be owned by a local partner.
The partner, Pan-Ledi d.o.o., is a fully-operational company, currently
providing a variety of fuels for transportation as well as local industrial
consumers. Pan-Ledi operates several automotive refueling stations that
provide gasoline and diesel, as well as Auto-LPG. One of the stations also
provides CNG fueling; one of the only such stations in Serbia.
The joint venture company, Panenergy doo. will provide fuel to local
industrial consumers utilizing Energtek’s cost-effective and
environmentally-friendly natural gas bulk transportation solutions. Under the
agreement, Energtek has committed to providing expertise in the bulk
transportation of natural gas, as well as technology.
The joint venture intends to begin generating ongoing revenues in Q1 2011.
“Combining the technology and know-how accumulated by Energtek together
with the access to gas infrastructure and local marketing capabilities of
Pan-Ledi enables the ongoing supply of clean and affordable energy to local
industrial consumers,” said Energtek CEO
Energtek is similarly completing the incorporation of a separate,
fully-owned subsidiary to advance business development activities in other
regions in Serbia.
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
the
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.