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Energtek Signs Agreement for Acquisition of HOP Energy
Energtek Signs Agreement for Acquisition of HOP Energy.
About this update from Energtek Inc
[{"type":"text","content":"\n\n\n\nEnergtek Signs Agreement for Acquisition of HOP Energy\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEnergtek Signs Agreement for Acquisition of HOP Energy\nHOP Energy Holdings to be acquired by Energtek subject to certain closing conditions\nHOP services about 80,000 customers\nAnticipated closing during the fourth quarter of 2016\nAs of the closing, the combined group will be renamed American Mobile Power Inc.\nPR Newswire\nNEW YORK, Sept. 21, 2016\n\n\n\nNEW YORK, Sept. 21, 2016 /PRNewswire/ -- Energtek Inc. (OTC: EGTK) (\"Energtek\"), a frontrunner in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that it has entered into an agreement and plan of merger with HOP Energy Holdings, Inc. (\"HOP\") pursuant to which Energtek will acquire HOP for a cash purchase price of $65 million dollars. HOP is among the largest full service energy companies in the Northeast, serving about 80,000 commercial and residential customers, and presents an enviable platform from which Energtek plans to deploy its leading mobile natural gas technology in order to further its strategic goal of making natural gas available to previously unserved areas at affordable prices.\n\nThe merger, which is subject to customary closing conditions, is anticipated to be completed during the fourth quarter of 2016.  As of the closing, the combined group will be renamed American Mobile Power, Inc.\n\nYoav Krill, Chief Executive Officer of Energtek commented, \"We are acquiring a leading energy distributor on the East Coast, with thousands of clients, sizeable revenues, profits and an experienced management team. The execution of the merger agreement is the product of months of negotiations and hard work by all involved. I wish to thank the HOP owners and management for their leadership and cooperation.\" \n\nEnergtek's Executive Vice Chairman, Marshall Cogan, whose initiative was crucial in bringing about the deal, explained: \"Our effort is directed toward revitalizing the company's strategy and turning Energtek into a substantial pl...