SGII extension news .. 3rd week in July
is what I hear is target for ENCOAL ....
July 5, 2000
La Jolla, California, SGI International, July 5, 2000, (OTCBB:SGII). SGI International (SGII) and AEI Resources (AEI) announced today that they have reached agreement to again 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 the progress SGII has made in obtaining the financial assistance required to restart the ENCOAL plant, coupled with now having all ENCOAL products pre-sold under long-term contracts, AEI has agreed to extend the June 30th deadline to September 30, 2000, in order to allow SGI to satisfy the conditions related to the ENCOAL plant. This time will allow the interested investor to finalize due diligence, negotiate formal agreements and secure management approvals.
Michael L. Rose, SGII Chairman and CEO stated: “We are pleased to have the agreement with AEI extended. We had hoped to have agreements finalized by June 30th, but find this extra time is needed to complete the process.” |
