Energtek Inc. (OTC: EGTK) plans to upgrade its stock to a major exchange this year, it said Jan. 8 in a letter to shareholders. Already trading over-the-counter, the New York-based natural gas and adsorbed natural gas (ANG) developer wants to provide “more liquidity and value for stockholders” according to the letter.
“From the moment our company started producing significant revenues, our board of directors has been evaluating alternatives, to start reporting at a higher valued listing,” CEO Lev Zaidenberg said.
The company has been readying itself over the past year, examining its finances and organization, the letter said.
Energtek has projects contracted to its subsidiary Gatal Ltd. in Israel, in the Tamar and Leviathan offshore natural gas (NG) discoveries. Another--European--subsidiary, Energtek Herz d.o.o. in Bosnia-Herzegovina, has oil and gas projects contracted to it, according to the letter.
But the stock upgrade hinges on operations in the U.S.
“We have been advised by leading investment bankers in the U.S. to enter into the upgrade process,” Zaidenberg said, when more profits and revenues become tangible from U.S. projects.
“We are looking forward to being able to perform this change in 2014,” he added.
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