Energtek, a provider of hi-tech natural gas solutions and Adsorbed Natural Gas technology, has raised $2.7M from a strategic partner and additional investors to fund the company’s activities and natural gas transportation projects in the Balkans and Israel. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East.
Energtek Inc. (EGTK.PK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company and its subsidiaries have raised $2.7MM from a strategic partner and additional investors to fund the company’s activities and natural gas transportation projects in the Balkans and Israel.
This influx of capital secures Energtek’s financial obligations in the Aluminij d.o.o 10-year ongoing natural gas supply project in Bosnia, expected to yield revenues of $10MM annually
The remaining capital will enable Energtek’s various subsidiaries to implement additional projects in the Balkans and Israel.
Agreements with a strategic partner and additional investors were signed by Energtek Inc., and its subsidiaries. The agreements similarly lay the groundwork for additional joint investment activities in several countries in the Balkans.
The investment agreement with Energtek Inc., accounting for $2,000,000 of the total, is to be provided in cash and assets, at a price of $0.13 per share.
“The joint activities with our new strategic investor will significantly impact Energtek’s business activities in the Balkans,” said Lev Zaidenberg, CEO of Energtek. “With the new influx of capital, we look forward to completing our preparations and receiving the expected revenues of our impending major natural gas supply project in Bosnia. We share similar optimism on the implementation of additional projects in the near future.”
About Energtek (EGTK)
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.
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.