Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, announced this morning that it has received the first installment of a $1,500,000 USD investment agreement recently signed with EGFE DM Ltd. The $150,000 tranche is the first of ten such tranches to take place over the next 12 months.
Under the terms of the Letter of Intent signed by the two companies, Energtek will grant EGFE restricted shares of common stock in return for the investment. Each tranche will 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,” stated 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,” commented 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.”
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