Business
Energtek Subsidiary Intends to Complete Reverse Merger with Public Company on Tel Aviv Stock Exchange
Energtek Subsidiary Intends to Complete Reverse Merger with Public Company on Tel Aviv Stock Exchange.
About this update from Energtek Inc
[{"type":"text","content":" Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, today announced that its Israeli fully-owned subsidiary Energtek Products Ltd. intends to complete a reverse merger with a public company on the Tel Aviv Stock Exchange. Energtek Inc. has signed a Memorandum of Understanding with Y.H. Dimri Construction and Development Ltd. (TLV: DIMRI) and its subsidiary Biri Barashi Land Works, Development, Infrastructure & Roads Ltd. (TLV: BIRI) to complete a reverse merger followed by significant investment. The non-binding agreement is subject to final negotiations and complete due diligence. Biri Barshi will acquire 100 percent of the shares of Energtek Products Ltd. Energtek Inc. will acquire a 51 percent majority share of the shares of the public entity, Biri Barashi. Following the merger, Y.H. Dimri will commit substantial investment into Biri Barashi to further develop Energtek Products’ existing oil and gas activities in Israel and Eastern Europe. The reverse merger creates additional opportunities for investment into Energtek technology and exploration activities. In the day following Biri Barashi’s announcement of the MoU, BIRI stock has increased approximately 95 percent, trading at 1490 Agurot up from 766 Agurot. Energtek Products owns a license from Israel’s Ministry of National Infrastructures for the exclusive exploration, production and sale of hydrocarbons present in the 19,000 acre Nir-am Sa’ad block in Southern Israel. A recent survey on the block estimated approximately 26 Million Barrels of recoverable oil. The estimations are particularly significant in Israel, a country lacking in indigenous oil resources. The Nir-am Sa’ad field already produces stable quantities of natural gas from its proven reserves, with several industrial energy consumers in proximity of the field. Energtek Products is engaged in implementing mobile natural gas transportation projects utilizing Energtek Inc.’s proprietary transportation solutions including Low-pressure Mobile Pipeline (LMP) technology. Energtek Products is also engaged in similar gas transportation activities in Northern Belgrade, Serbia, and is involved in business development throughout Serbia and other Balk...