N-Tek, LLC has engineered and designed “stratified” downdraft gasification technologies that can produce synthesis gas (Syn-gas) from virtually any organic material that can be used to generate electricity, or further processed to create multiple end-use products. Granite Energy believes this conversion process is environmentally clean and safe.

Granite’s acquisition of these technologies will result in a more diverse company, determined to drive growth and offer a choice for its investment partners, as well as positioning the company to deliver innovations that fulfill the increasing demand for more alternative energy solutions in the rapidly-growing alternative energy market.

N-Tek shares our passion and complements our strengths: technology leadership and investor satisfaction

“N-Tek shares our passion and complements our strengths: technology leadership and investor satisfaction,” said Granite President S. Matthew Schultz. “Bringing these two companies together will allow us to transcend what we have accomplished as individual businesses, enabling us to create a foundation to grow and evolve into one of the leading oil and gas companies that is differentiated by solutions and choice.”

“This acquisition will make it possible, with Granite Energy’s financial strength, and opportunity as a public company to commercialize the technologies developed by N-Tek. It appears to be a win-win situation for all parties,” said Alan Neves, managing member of N-Tek, LLC.

Under the terms of the transaction, Granite Energy will acquire all of the common shares of N-Tek in exchange for shares of Granite Energy’s common stock.