Dramatic Vote of Confidence just out!!!!!!!!!!
LA JOLLA, Calif., March 31 /PRNewswire/ -- SGI International (OTC Bulletin Board: SGII) (SGII) and AEI Resources (AEI)
announced today that they have reached agreement to extend the time to satisfy certain conditions under the arrangement
pursuant to which SGII acquired all of AEI's Liquids From Coal (LFC) assets, including the ENCOAL plant near Gillette,
Wyoming.
Based on progress SGII has made in obtaining the financial assistance required to restart ENCOAL by the end of 2000,
AEI has agreed to extend the March 31st deadline to June 30, 2000, in order to allow SGI to satisfy the conditions related
to the ENCOAL plant. This time will be used to allow the interested parties to complete due diligence and finalize formal
agreements.
Michael L. Rose, SGII Chairman and CEO stated: "We are pleased to have the agreement with AEI extended. This
additional quarter will allow SGII to finalize the discussions it has begun with several interested parties. Our success in the
product marketing area is helping to confirm the economic validity of the ENCOAL plant operation in the eyes of potential
partners and investors."
SGII's business is developing proprietary technology to upgrade low-value carbon feedstocks (primarily low-rank coals,
heavy crude oil and petroleum refinery resid) into valuable carbon fuels and products and into valuable specialty
chemicals. Its corporate headquarters is in La Jolla, California. For further information please visit our web page,
sgiinternational.com.
(This news release contains forward-looking statements. Actual results could vary from those expected due to a variety of
risk factors, including, but not limited to, the uncertainty of successful completion of contemplated or proposed business
transactions.)
SOURCE SGI International
/CONTACT: Nancy C. Propp of SGI International, 858-551-1090,
fax 858-551-0247, npropp@sgiinternational.com/
/Web site: sgiinternational.com |
