VALLEY STREAM, New York, May 5 /PRNewswire-FirstCall/ -- Energtek Inc. (OTCBB: EGTK - News), world leader in the development of Adsorbed Natural Gas (ANG) technology, and Confidence Petroleum India Limited (BSE: 526829 CONFIPET), one of Asia's largest cylinder manufacturers and marketers, announced today the signing of an exclusivity pact to commercialize Energtek's proprietary ANG technology supply solutions in India and surrounding nations.
The agreement will grant the companies' recently formed joint venture exclusive rights to sell Natural Gas through Energtek's proprietary Fast Interchangeable Tanks, and Low-pressure Mobile Pipeline systems in India, Pakistan, Bangladesh and Sri Lanka. These Hi-tech Natural Gas supply solutions are designed to provide affordable and environmentally-friendly pipeless Natural Gas to automotive fleets and industrial consumers respectively throughout Southeast Asia.
Confidence Petroleum will finance the joint venture with an additional $23 million as part of the exclusivity pact. Confidence Petroleum recently acquired co-ownership of Energtek's subsidiary Primecyl LLC., for $2 million. A fully-owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct Joint Venture operations in India and throughout Asia.
"Our plan is to take ANG across India and make it available across all small & major cities of India," said Confidence Petroleum Chief Managing Director Nitin Khara. "Socio-economic developments including the skyrocketing price of oil and increased pollution have caused governments, businesses and consumers to seek alternative fuel supplies, and diversify their energy resources. Natural Gas is the most practical existing motor fuel alternative to Petrol."
"Confidence Petroleum's dedication to providing affordable and clean energy to the residents of India using ANG technology is outstanding," said Energtek CEO Lev Zaidenberg. "ANG represents the right technology at the right time in India, and throughout Asia. We are eager to commercialize ANG technology in India exclusively through the fertile marketing channels of Confidence Petroleum and our joint venture."
About Energtek
Energtek develops and applies proprietary ANG technology to provide complete well-to-wheel pipeless Natural Gas supply solutions to large automotive and commercial consumers. Energtek's Natural Gas solutions reduce pollution and alleviate consumer energy costs, particularly within the large, growing market of low-income 2- and 3-wheel vehicle drivers in Asia. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about the benefits of ANG Technology, visit http://www.energtek.com
About ANG
Adsorbed Natural Gas (ANG) technology enables hi-tech and cost-effective storage of Natural Gas, by maximizing the quantities of gas stored in a tank. ANG greatly reduces the infrastructure, fueling, and energy costs of supply solutions to consumers where no pipeline or refueling infrastructure is present. ANG enables new markets of motor vehicle fleets and large commercial consumers, to benefit from environmentally friendly-and affordable Natural Gas.
Forward-Looking Statements
This press release contains forward looking statements, including those related to future product plans, which involve known and unknown risks and uncertainties, which together with other factors could cause actual results to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of these and other known risks and uncertainties, individuals should refer to Energtek's SEC filings. Energtek does not undertake an obligation to update forward-looking statements.