NEW YORK, November 1, 2010 /PRNewswire-FirstCall/ -- Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, today announced that the incorporation of the partially-owned subsidiary, Pan Energy doo, has been completed. Energtek's fully-owned subsidiary Energtek Products Ltd. owns 74 percent of the shares of the new company while the remaining 26 percent of shares are owned by a local fuel distributor.
Pan Energy doo will provide fuel to local industrial consumers in Northern Belgrade, Serbia utilizing Energtek's cost-effective and environmentally-friendly mobile transportation solutions.
Pan Energy doo is currently establishing contacts with customers and suppliers, and plans to begin distributing natural gas in the coming months. Initial revenue generation is expected no later than Q1 2011.
Energtek's local partner, Pan-Ledi, operates five automotive refueling stations that provide gasoline, diesel, LPG and also CNG in one of the stations. Pan-Ledi 's CNG facility is one of the first and only such stations in Serbia.
"The completion of the incorporation process of this new subsidiary lays the necessary organizational foundations for starting fuel-distribution activities in Serbia," said Energtek CEO Lev Zaidenberg. "The new subsidiary has a ready energy source and is already in contact with potential customers. We look forward to providing local industrial consumers with fuel, and commencing the generation of ongoing revenues within the coming months."
About Energtek
Energtek develops and applies innovative low-pressure storage technology and expertise 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 alternative motor fuel solutions 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.
Contacts: Investor Relations IR@energtek.com +1-212-999-6202
Energtek Inc.
CONTACT: Contacts: Investor Relations, IR@energtek.com, +1-212-999-6202
