ENERGTEK INCORPORATED (OTC: EGTK)" Up 32.69% on Thursday"

UHTX

ENERGTEK INCORPORATED (OTC: EGTK)
"Up 32.69% on Thursday"

Detailed Quote: www.otcpicks.com/quotes/EGTK.php

Energtek develops and applies proprietary low-pressure storage technology 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 a profitable alternative motor fuel solution for 2- and 3-wheel vehicle drivers in Asia. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East.

EGTK News:

May 28 - Energtek Inc. Receives First Installment of $1.5M Investment by EGFE DM Ltd.

Subscription Agreement Was Signed for $150,000 Investment at $0.30 per Share of Restricted Common Stock; The Installment is the First of ten Such Tranches Over the Next Twelve Months

Energtek Inc. (OTC: EGTK), a world leader in the development of Adsorbed Natural Gas (ANG) technology, announced that the company has received the first installment of a $1,500,000 USD investment agreement signed this past week with EGFE DM Ltd. The $150,000 tranche was received following the completion of a seven-day period of Due Diligence.

The payment is the first of ten such tranches to take place over the next 12 months. According to the Letter of Intent signed by the two companies EGFE will receive restricted shares of Energtek's common stock in return for the investment. The investment of each tranche shall take place at either $0.30 per share or at a ten percent discount on a monthly average market closing price of EGTK shares, whichever is higher. The letter does not include registration covenants.

"We are glad to have completed the due diligence process," said EGFE CEO Alick Lawrence. "We believe in Energtek and its technology, as well as the company's current business development opportunities. Energtek is well positioned in the present economic environment for a rapid increase of activities.

"EGFE has checked and confirmed the viability of Energtek's present business activities," said Energtek CEO Lev Zaidenberg. "Their investment proves the value of our proprietary technologies and the business developments in place, and provides an additional boost for realizing our commercial potential."