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Energtek Continues Negotiations for Reverse Merger of Subsidiary With Public Company on Tel Aviv Stock Exchange

January 24, 2011

NEW YORK, January 24, 2011 /PRNewswire-FirstCall/ — Energtek Inc., a
leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG)
technology, today announced that the company remains in continued
negotiations to merge its fully-owned Israeli subsidiary Energtek Products
Ltd. with Biri Barashi Land Works, Development, Infrastructure & Roads Ltd.,
a public company on the Tel Aviv Stock Exchange (TLV: BIRI).

In the Memorandum of Understanding signed with Y.H. Dimri Construction
and Development Ltd. (TLV: DIMRI) and its subsidiary BIRI on December 16,
2010
, the parties expressed their willingness to try to complete negotiations
and reach a final agreement by January 20, 2011. Since the signing of the MOU
the parties have been involved in negotiations addressing the business and
legal aspects of the transaction. In parallel the parties have been
performing mutual due diligence.

As the two parties are still remain engaged in due diligence and
negotiations following the period allotted for those activities in the MOU,
both parties have agreed to continue activities with the intention of
reaching a comprehensive final agreement as soon as possible.

“The parties are investing significant efforts to become fully acquainted
with one another, and are working to shape an agreement that will benefit
each party and their respective shareholders,” said Energtek CEO Lev
Zaidenberg
. “We aim to create a final agreement that will enable both parties
to take full advantage of the many promising opportunities currently
available in the growing oil and gas exploration and distribution industry in
Israel.”

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 on oil and gas exploration in Israel.
Energtek operates subsidiaries in North America, Europe, Asia and the Middle
East
. To learn more about Energtek, visit 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
    +1-212-999-6202

SOURCE Energtek Inc.


Source: newswire



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