Thursday May 4, 6:02 am Eastern Time
Company Press Release
SOURCE: SGI International
SGI International Sells Coal Tar Feedstock From ENCOAL Plant
LA JOLLA, Calif., May 4 /PRNewswire/ -- SGI International (SGII) (OTC Bulletin Board: SGII - news) announced today that it has signed an agreement through which it will sell the entire output of coal tar feedstock to be produced by SGII at its ENCOAL Liquids From Coal (LFC) plant located near Gillette, Wyoming. Shipments under this agreement are expected to begin in early 2001 and continue through December 31, 2007. The feedstock, pursuant to the agreement, will be shipped to the customer's plant for further processing into anode grade pitch. Pitch is an important component of high purity anodes that are used in the production of aluminum.
This supply of coal tar feedstock from ENCOAL represents a new domestic source of supply. SGII and its customer are also involved in an upgrading program that is targeted toward further improving the properties of SGII's feedstock. These improvements should increase the market demand and the value of the feedstock.
Michael L. Rose, SGII's Chairman and CEO stated: ``This agreement represents a major achievement for SGII. We are especially pleased to have an agreement with one of the world leaders in the refining and processing of coal tar products. The coal tar feedstock is 38% of the total liquid production from ENCOAL. We have now placed three of the five products from ENCOAL under long-term agreements with substantial companies who are major players in their industry. We anticipate completing the sale of the other two products in short order.''
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
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More Quotes and News: S G I International (OTC BB:SGII.OB - news)
Related News Categories: mining/metals, oil/energy
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