Synthesis Energy Systems, Inc. and Coalworks Limited Announce Joint Presentation of Feasibility Work at Global XTL and IGCC Congress 2010
HOUSTON and SYDNEY, Sept. 15 /PRNewswire-FirstCall/ — Synthesis Energy Systems, Inc. (Nasdaq: SYMX), an advanced technology company that provides products and solutions to the energy and chemical industries, and Coalworks Limited (ASX: CWK), an emerging Australian coal explorer and energy developer, today made a joint presentation titled “Production of Liquid Fuels from Oaklands Coal Utilizing U-GASÃ‚® and MTG Technologies” at the Global XTL and IGCC Congress 2010 in Beijing, China.
“This joint presentation summarizes the feasibility work completed under our December 1, 2009, strategic alliance with Coalworks to investigate the utility of using Coalworks’ sub-bituminous coal deposit to build a coal gasification and liquefaction plant at Oaklands in New South Wales, Australia, utilizing SES’ proprietary U-GASÃ‚® gasification technology,” stated Robert Rigdon, President and CEO of Synthesis Energy Systems.
“SES has demonstrated excellent capabilities for gasifying our sub-bituminous coal feedstocks utilizing their SES U-GASÃ‚® technology,” stated Coalworks Managing Director and CEO, Andrew Firek. “We are encouraged by the rapid progress of our alliance with SES and intend to accelerate our joint efforts to advance the program to the next stage.”
About Synthesis Energy Systems, Inc.
Synthesis Energy Systems provides advanced technology products, including its U-GASÃ‚® fluidized bed gasification technology and related services and equipment, to enable the clean conversion of low cost coal and biomass feedstocks into high value energy and chemical products, such as transportation fuel and ammonia. U-GASÃ‚® technology, which SES licenses from the Gas Technology Institute, gasifies coal cost effectively, without many of the harmful emissions normally associated with coal combustion plants. The primary advantages of U-GASÃ‚® relative to other gasification technologies are (a) greater fuel flexibility provided by our ability to use all ranks of coal (including low rank, high ash and high moisture coals, which are significantly cheaper than higher grade coals), many coal waste products and biomass feed stocks; and (b) our ability to operate efficiently on a smaller scale, which enables the construction of plants more quickly, at a lower capital cost, and, in many cases, in closer proximity to coal sources. The Company currently has offices in Houston, Texas, and Shanghai, China. For more information on SES, visit www.synthesisenergy.com or call (713) 579-0600.
Coalworks has a portfolio of projects in Australia including Oaklands (JORC measured, indicated and inferred 822mt* thermal coal; Bankable Feasibility Study underway), Vickery South (exploration target coking/thermal coal JORC inferred 42Mt see ASX release 15 April 2010), Hodgson Vale (exploration target thermal coal) and Ashford (limestone deposit with high value lime products as the target). Ferndale Coal (exploration target 250-330Mt of coking/thermal coal – refer ASX release 19.07.2010)
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the Company’s early stage of development, its estimate of the sufficiency of existing capital sources, its ability to successfully develop its licensing business, its ability to raise additional capital to fund cash requirements for future operations, its ability to reduce operating costs, the limited history and viability of its technology, the effect of the current international financial crisis on its business, commodity prices and the availability and terms of financing opportunities, its results of operations in foreign countries and its ability to diversify, its ability to maintain production from its first plant in the Hai Hua joint venture project, its ability to complete the expansion of the Hai Hua project, approvals and permits for its Yima project and other future projects, the estimated timetables for achieving mechanical completion and commencing commercial operations for the Yima project, and the sufficiency of internal controls and procedures. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct.
SOURCE Synthesis Energy Systems, Inc.