Key Developments For Syntroleum Corporation
Syntroleum Corporation (SYNM.O) (Consolidated Issue listed on NASDAQ Capital Market)
Tyson Foods, Inc. And Syntroleum Corporation Approves Dynamic Fuels Plant Construction
Tyson Foods, Inc. and Syntroleum Corporation announced that they have given final approval for plans to build and fund Dynamic Fuels' first renewable synthetic fuels facility in Geismar, Louisiana. The sanctioning decision, means both companies have committed to construction of the Geismar facility. Dynamic Fuels is a 50:50 venture between Tyson Foods, Inc. and Syntroleum Corporation to convert low grade, inedible fats and greases into renewable transportation fuels for the military and civilian markets. In conjunction with plant approval, Tyson Foods, Inc. and Syntroleum Corporation have approved the project budget of $138 million. Capital funding includes $100 million in GO Zone Bonds previously approved by the Louisiana State Bond Commission. The balance of $38 million will be funded through equity contributions in the form of cash commitments of $19 million per owner, $13.25 million of which each owner delivered to Dynamic Fuels on July 11.
Syntroleum Corporation Announces Changes In Financing Arrangements
Syntroleum Corporation announced that Fletcher International, Ltd. has not made the initial $3 million investment contemplated by the $12 million Investment Agreement dated November 18, 2007. Although Syntroleum's shares are listed on the Nasdaq Capital Market, Fletcher's obligation to make the investment was conditioned upon Syntroleum's shares being listed on the Nasdaq Global Market. Approximately 2.2 million shares would have been issued to Fletcher at a price of $1.39 per share which is a 60% premium to the closing share price of $0.87 per share. Since entering into the agreement with Fletcher, Syntroleum has made significant progress in augmenting its cash reserves. Syntroleum had previously forecasted in November 2007 a $4.2 million shortfall in cash to fund overheads through 2009. Now Syntroleum is forecasting to have approximately $12 million in cash at the end of 2009, a $16.2 million increase.
Syntroleum Corporation To Transfer To NASDAQ Capital Market
Syntroleum Corporation announced that the Listing Qualifications Staff of The NASDAQ Stock Market has granted the Company's request to transfer the listing of the Company's common stock from The NASDAQ Global Market to The NASDAQ Capital Market, effective with the open of trading on March 31, 2008. The Company will continue to trade under its existing symbol, SYNM.
Syntroleum Corporation Announces Final Payment for Sale of Nigerian Assets
Syntroleum Corporation announced that on March 3, 2008, Syntroleum Corporation received a payment of $5,765,894 from African Energy Equity Resources Limited (AEER) representing full and final payment of their debt obligation which arose from the Share Sale and Purchase Agreement between Syntroleum International, Syntroleum, AEER, and Energy Equity Resources (Norway) Limited (EERNL) dated January 19, 2007 for the sale of Syntroleum International's Nigerian business.
Syntroleum Corporation Announces Management Realignment
Syntroleum Corporation announced that it has realigned the management team, restructured the organization. The following management changes were announced: John B. Holmes, Jr., the Company's Chief Executive Officer, has elected to retire from the Company effective from effective from December 28,2007. Kenneth L. Agee, the Company's Chairman of the Board has elected to retire from the Company effective from December 02,2007.
