Great East Energy, Inc. which controls over 160 square miles of producing, clean energy, natural gas holdings through two local operating companies, today announced the Company has signed a letter of intent (LOI) to joint venture with a leading compressed natural gas (CNG) distributor and retailer in Ukraine, GASE's home market. The JV is expected to be formally agreed and launch in June 2014 and meaningfully contribute to GASE revenues, higher margins, and earnings.

"Few investors in GASE realize that the Ukraine is the 8th largest natural gas vehicle ("NGV") market in the world and the 2nd in Europe behind Italy," began Timur Kkromaev, CEO of GASE. "As we continue our natural gas exploration and expand production, entering the CNG distribution and sales segment is a logical step to diversify our customer base, increase our revenues, boost our margins and increase returns to our shareholders."

Tags: Great East Energy