News article received, Monday, July 12, 1999 2:47:29 PM EST
SYNERGY AND STONE CANYON RESOURCES LTD. ANNOUNCE GAS TO LIQUIDS PROCESS RECEIVES GOVERNMENT FUNDING
DENVER, and Calgary, Alberta, Jul 12, 1999 /PRNewswire via COMTEX/ -- Synergy Technologies Corp. (OTC Bulletin Board: OILS) and Stone Canyon Resources Ltd.today announced that Stone Canyon has received from the Canadian Government a CDN$700,000 award to be used towards the funding of a gas-to-liquids demonstration plant due to be constructed this year in Alberta, Canada.
"The Government of Canada is committed to working with the private sector in supporting the development of leading edge technologies," said Ralph Goodale, Minister of Natural Resources Canada. "Developing and commercializing these technologies creates high skilled, high paying jobsfor Canadians and important export opportunities for the companies involved."
The four barrel-per-day plant, which will be built with the assistance of Renaissance Energy Ltd., a major Canadian oil and gas company, utilizes Synergy's energy efficient, reduced cost process for producing highvalue liquid fuels from natural gas.
Related testing, completed in May at Synergy's test facility in Orleans, France, indicates that the process successfully produced a predominately diesel synfuel directly from synthesis gas without producing wax. This accomplishment could reduce the capital and operating costs of producing liquid fuels as well as reduce the complexity of the over all plant as compared to other competing GTL processes.
Completion of the four barrel-per-day plant is scheduled for the first quarter of next year.
Today's CDN$700,000 award came from Natural Resources Canada's CANMET Energy Technology Centre (CETC), the Canadian Government's premier organization devoted to the development of clean, energy-saving technologies. The award, which comprises 25% of allowable costs of the demonstration plant, shall be repayable by Stone Canyon upon commercialization of the gas-to-liquids process.
Stone Canyon is developing the process with Synergy in exchange for rights to license and market the technology in Canada.
The current annual worldwide market potential for gas-to-liquids technology is estimated by Remote Gas Strategies Inc. to be $175 billion. Synergy Technologies Corp. is a Colorado corporation headquartered in Calgary with offices in Houston and London, and an R & D affiliate in Orleans. Stone Canyon Resources Ltd. is a private Alberta corporation with offices in Calgary, Alberta.
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the development of gas-to-liquids projects and interest in clean fuels. When used in this document the words "anticipate", "believe", "estimate", "intent", "may", "project", "plan", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Although Synergy believed that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that commercial-scale GTL plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that the SynGen process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), competition, intellectual property risks, Synergy's ability to obtain financing and other risks described in the company's corporate information.
SOURCE Synergy Technologies Corp.
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