Energtek Reports Funding of $825,000 in Subsidiaries
NEW YORK, May 16, 2012 /PRNewswire/ --
Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company's Israeli-based subsidiary Gatal (Natural Gas for Israel) Ltd. has received an investment of $500,000 and the company's .subsidiary Energtek Herz d.o.o. Mostar has received additional funding of $325,000 for proceeding with the supply to Aluminij d.o.o. Mostar. The funding was provided by two sources.
As reported on April 5, 2012, the subsidiary Gatal signed a contract with Israeli Oil Producer Givot Olam to acquire ongoing quantities of natural gas from the source near Tel Aviv, Israel, and it entered into an investment agreement for the performance of the said contract.
The investing entity RBCI Ltd., is an Israeli company controlled by Naftali Investments Ltd. and Brig. Gen. (ret.) Reuven Benkler. Mr. Benkler has been involved in the contacts with Givot Olam until the purchase agreement was signed.
For the involvement in the agreement with Givot Olam, the investment of $500,000, additional financial undertakings and direct participation in developing the activities of Gatal, RBCI shall receive 49% of the shares of Gatal.
The additional funding to the subsidiary Energtek Herz d.o.o. was provided by the partner in Energtek Herz d.o.o, Mostar, FEAL d.o.o. Sirokij-Brijeg, as funding provided by the partners for advancing the project of supplying gas to Aluminij d.o.o. Mostar, project that was addressed in previous press releases of the company.
"We started working in order to crystallize the agreement with Givot Olam as soon as possible," said Haim Aviv (Col., Res.), CEO of Gatal. "The investment shows the confidence in achieving the results that we are all hoping for and investing all of our efforts to attain: he commercial delivery of otherwise unusable source of associated gas."
About Energtek (EGTK)
Energtek is a pipeless natural gas distribution company that provides tailored energy supply solutions for industrial and commercial customers. Energtek has developed proprietary low-pressure mobile transportation solutions to enable industrial consumers and fleets of small vehicles to utilize clean and affordable natural gas. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about Energtek, visit http://www.energtek.com
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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