Energtek Inc. (EGTK) Announces Multi-Year Agreement with First Customer in Bosnia and Herzegovina

QualityStocks would like to highlight Energtek (PINKSHEETS: EGTK). The company develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles, and is a leader in Adsorbed Natural Gas (ANG) technology. The company is also involved on oil and gas exploration in Israel. Energtek operates subsidiaries in North America, Europe, Asia, and the Middle East.

In the company’s news yesterday,

Energtek announced that it has signed an agreement with an industrial customer in the area of Mostar, Bosnia and Herzegovina for the provision of natural gas.

The agreement provides for the selling of natural gas to a local manufacturer using mobile transportation solutions based on Energtek’s technology and expertise. It is anticipated that this new relationship will render annual revenues of about $1.3M, increasing in the forthcoming years, and shall be in place for several years.

The conversion of customer’s facilities to natural gas are scheduled to start this month, together with the other engineering and regulatory activities for the natural gas mobile supply.

According to the press release, the agreement will be implemented through a local subsidiary to be incorporated in Bosnia and Herzegovina, with the participation of local partners. Energtek will retain the majority of the new subsidiary’s shares.

“This is a very significant start in Bosnia & Herzegovina,” stated Energtek’s CEO Lev Zaidenberg. “The mobile natural gas delivery currently working in Serbia has paved the way for the implementation of similar undertakings in the area. We believe that we will be able to report additional agreements within the foreseeable future”.

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