SGII NEWS RELEASE ... Great News SAVOCA Finally Gone !!
Wednesday February 23, 6:02 am Eastern Time
Company Press Release
SOURCE: SGI International
Michael L. Rose Appointed Chairman of the Board Of SGI International
LA JOLLA, Calif., Feb. 23 /PRNewswire/ -- SGI International (OTC Bulletin Board: SGII - news; SGII) announced today that Joseph A. Savoca has resigned his position as Chairman of the Board of Directors. Michael L. Rose, SGII's President and CEO will assume the added title of Chairman of the Board effective immediately.
Mr. Savoca joined SGII in June 1995 as Chairman, President and CEO. His varied experiences and industry knowledge were invaluable as he effectively accomplished the major tasks of hiring and developing the resources essential to moving the company's valuable technologies toward commercialization.
Mr. Savoca stated, ''With the assistance of SGII's able employees, SGII has taken the steps necessary to position itself for success. The execution of SGII's plan to commercialize the LFC and OCET technologies is now well underway. I am confident that under Mike Rose's leadership, SGII should be successful. I am personally proud of the accomplishments of the past and look forward to a bright future for SGII.''
Mr. Rose noted that: ''Mr. Savoca's foresight to establish a well-equipped laboratory staffed by highly competent scientists has provided current management with the opportunity to transform the liquid co-product (CDL) from our Liquids From Coal (LFC) process into a suite of four valuable chemicals and feedstocks. This transformation has dramatically improved LFC economics and will allow SGII to compete in every marketplace east of its ENCOAL plant with its PDF product. Each of the chemical products fit into large market segments. Based on the fact that SGII is engaged in contract discussions with all its chemical product customers, I feel confident in stating that contract discussions should conclude soon for all the liquid products available from our ENCOAL plant.''
Rose further stated that: ''All of us at SGII owe Joe a great deal of gratitude for establishing a solid business platform from which to move our business forward. We wish him a long and happy retirement.''
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.
(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 |
