Energtek Inc., a leading developer of Adsorbed Natural Gas (ANG) technology, announced that it has entered into a Letter of Intent (LOI) with EGFE DM LTD. Under the terms of the letter, the investment will take place in restricted shares of Energtek’s common stock. The letter does not include registration covenants.
EGFE has been given a seven-day period to perform due diligence. $150,000 USD is to be invested before the end of the current month, reaching a total investment of $1,500,000 USD over the next twelve months. It has been decided that the investment of each tranche will take place at either $0.30 per share or at a 10 percent discount on a monthly average market closing price of EGTK shares, whichever is higher.
“EGFE is happy to partner with Energtek,” stated EGFE CEO Alick Lawrence. “Energtek is a company we believe in deeply. The Company is well positioned with its unique proprietary alternative energy solutions in a world that is trying to shed its dependence on crude oil. We are confident that Energtek will bring tremendous cost savings and environmental benefit to their customers, all while developing an impressive revenue stream.”
“We are honored to have EGFE’s vote of confidence,” commented Energtek CEO Lev Zaidenberg. “It is a confirmation of the value encompassed by our proprietary technologies and the business developments in place. Though our company was significantly hit by the financial crisis, we are now on the fast track to recovery. This investment will better enable Energtek to reach our commercial sales goals, particularly in the Far Eastern markets of India and the Philippines.”
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