Key Developments For Synthesis Energy Systems, Inc.
Synthesis Energy Systems, Inc. (SYMX.O) (Consolidated Issue listed on NASDAQ Global Market)
Coalworks Limited And Synthesis Energy Systems, Inc. Announce Strategic Alliance To Develop Oaklands 'Synthetic Gasoline' Plant
Coalworks Limited and Synthesis Energy Systems, Inc. announced that its intend to develop, through a strategic alliance, Coalworks' first coal gasification and liquefaction plant at Oaklands in New South Wales, Australia utilizing SES' proprietary U-GAS gasification technology, which SES licenses from the Gas Technology Institute. Coalworks and Synthesis Energy have entered into a strategic alliance agreement which is based on U-GAS technology has been proven on a commercial scale with gasification plants in China; the U-GAS technology is ideal for sub bituminous coal like that is found in Oaklands; the Oaklands coal resource is well suited for gasification and downstream value added products; oaklands coal would be converted to gasoline via a planned coal to liquids (CTL) plant; the agreement provides a framework for feasibility and engineering design phases using commercially proven technologies and plant construction strategies. Pursuant to the strategic alliance agreement, Coalworks has engaged Synthesis Energy to conduct a feasibility study for the CTL plant.
Synthesis Energy Systems, Inc. And East China Engineering Corporation To Collaborate On U-GAS Technology Projects
Synthesis Energy Systems, Inc. and East China Engineering Science and Technology Co., Ltd. (ECEC) announced that the signing of a collaboration agreement to work together on the engineering, design, procurement and construction of SES' U-GAS gasification projects within China. ECEC is currently providing the engineering design for the SES and Yima joint venture project in Henan province China. Together ECEC and SES will collaborate to identify new opportunities in China that can take advantage of the SES' U-GAS technology ability to cleanly and efficiently convert low rank coal, coal wastes and biomass into syngas and valuable energy products.
Synthesis Energy Systems, Inc. Launches Third Party Licensing Business
Synthesis Energy Systems, Inc. (SES) announced that it has executed a revised license agreement with the Gas Technology Institute (GTI) for its U-GAS technology rights. Under the revised agreement, SES maintains its exclusive world-wide rights to the U-GAS technology for all types of coals and coal/biomass mixtures with coal content exceeding 60%, and non-exclusive rights to biomass and coal/biomass blends exceeding 40% biomass. The revised agreement expands the rights and further defines the terms for SES to sub-license U-GAS to third parties for coal, coal and biomass mixtures, or 100% biomass projects.
Synthesis Energy Systems, Inc. Announces Management Changes
Synthesis Energy Systems, Inc. announced that as a result of a tighter focus on operations and project implementation in China's rapidly growing coal-to-chemicals and coal-to-natural gas markets, plus the need to significantly reduce corporate overhead and overall costs, Chief Executive Officer Tim Vail and Chief Financial Officer David Eichinger will be leaving the Company, effective March 31, 2009 based on a mutual decision with the Company's Board of Directors. Mr. Vail will remain on the Company's Board of Directors. In connection with these management changes, the Company promoted Robert Rigdon, currently Chief Operations Officer, as the Company's President and Chief Executive Officer, effective March 31, 2009.
Synthesis Energy Systems, Inc. Executes Joint Venture Agreement With YIMA Coal Group To Advance Coal Gasification Project In Henan Province
Synthesis Energy Systems, Inc. announced that it has entered into the primary joint venture agreement with YIMA Coal Croup (YIMA), a Chinese integrated coal company, for the development of a coal gasification plant (the Plant) which will feed downstream process for the production of transportation fuels and chemicals intermediates in Henan Province, China. The joint venture agreement includes a provision whereby YIMA will guarantee the debt financing for the Plant. The Company expects this guarantee will allow debt financing to be obtained from domestic Chinese banking sources.
