SOURCE: Globotek Holdings, Inc.

March 08, 2010 08:30 ET

(GBTO) Globotek Signs Multi-Year Agreement for 10 APG Plants

NEW YORK, NY--(Marketwire - March 8, 2010) -  Globotek Holdings, Inc. (OTCBB: GBTO) has announced that it has signed a multi-year agreement with Energy Network Limited (ENL), a British Isles based energy investment enterprise, to build one APG processing plant every year for a period of ten years.

According to the company, once built, each of the facilities could add $10 million USD in revenue for a potential ten year revenue of $100 million USD. The client, ENL, has diverse global energy interests in the hydrocarbon sector, which extend to APG processing in Nigeria.

"ENL keenly supports energy infrastructure investment in Nigeria and Nigeria's commitment to reducing flare gas emissions in the Niger Delta, where the plants are to be constructed. Conclusion of this 10 year licensing and distribution agreement is an important milestone in this regard. We conducted research of various solution providers for APG flaring and hold the conviction that the Globotek model is particularly well suited to our operations in Nigeria. The technology's modular nature and lower capital outlay allows for quicker implementation and recuperation of capital. We are pleased having entered into this agreement which directly benefits the environment and the people of Nigeria," said Steven Redman, operations director for ENL.

According to a 2008 Statistical Energy Survey, Nigeria flares 75% of APG mainly due to the lack of a gas infrastructure. The government of Nigeria has set a target of zero flare starting 2010 and is providing incentives for the production and use of gas. "We are delighted that ENL has chosen our technology over other available options and the agreement allows Globotek immediate penetration into the huge Nigerian oil & gas market -- currently the 10th largest in the world," stated Globotek CEO Mr. Lukin.

About Globotek Holdings, Inc. (www.globotek-ir.com)

Associated Petroleum Gas (APG) is a by-product of crude oil extraction and its flaring currently accounts for approximately 400 million tons of harmful greenhouse gas emissions into the atmosphere every year. APG flaring has far reaching effects on the environment, public health and the economy.

Globotek is the developer and owner of a unique technology for the processing of APG that is carried out at the drilling field by a Modular Mobile Structure. Globotek's process involves the use of block-modular mobile complexes that each contain mini gas processing units and can be used in any environment where APG is flared. The advantages of the Globotek APG system are many but can be summarized as speed of construction and installation, small cost and a worldwide market. Russian legislation mandates that all oil fields in Russia must process APG to the international 95% standard by January 2012.

Forward-Looking Statements

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.

Contact Information