OILS - OTCBB: bringing stranded natural gas to market Message Board

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Technology Stocks : OILS - OTCBB: bringing stranded natural gas to market

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To: charlie mcgeehan who wrote (261)	7/6/2000 12:00:20 PM
From: Salt'n'Peppa	Read Replies (1) of 275

Synergy Technologies Corporation Completes $2.25 Million Private Placement Financing CALGARY, Alberta, July 6 /CNW/ -- Synergy Technologies Corporation (OTC Bulletin Board: OILS - news) today announced it had completed a $2.25 million convertible note financing led by Belle Haven Investments of Greenwich, Connecticut. Under the terms of the financing, the notes are convertible into equity units consisting of one share of the Company's common stock and two warrants to purchase additional shares of its common stock at $4.00 and $8.00 respectively. The notes are convertible at $3.00 per unit. Funds from this offering will be used for the continuing development of Synergy's two proprietary technologies. Synergy Technologies Corporation is focused on the development of energy related technologies. Field trials of its patented SynGen reactor are currently in progress. The reactor utilizes a cold plasma technique called "GlidArc" to create syngas for use in a multitude of applications. SynGen is the first step in Synergy's two stage Gas-to-Liquids ("GTL") process. The second step in the process employs Synergy's proprietary hydrocarbon chain limiting catalyst for use in a Fischer-Tropsch ("F-T") reactor. Upon completion of the SynGen reactor field tests, Synergy will construct a Fisher-Tropsch reactor to mate with SynGen to demonstrate the production of clean burning synthetic diesel and gasoline. Synergy's proprietary catalyst when used in a F-T reactor produces sulfur and aromatic free diesel and gasoline, eliminating a third step found in competing processes which requires hydrocracking of the waxy paraffins in order to produce saleable liquids. By using its compact SynGen reactor in combination with its proprietary catalyst to create a two-step GTL process, the capital cost of Synergy's GTL plant is estimated to be some 30% less costly than competing processes. The SynGen reactor can also be optimized to produce hydrogen for industrial and petrochemical applications, as well as for stationary and on- board fuel cells. SynGen is highly scaleable and Synergy will be prototyping the reactor for automotive as well as other applications. In addition, Synergy has completed substantial internal testing of its CPJ heavy oil upgrader and will release results in the near future. Synergy commenced testing heavy crudes for potential clients in June 2000. "Synergy is pleased to be to be working with Belle Haven Investments," said Synergy President, Cameron Haworth. "This financing will facilitate the Company's' ability to complete the scale up of its two technologies and bring the Company closer to achieving its intended goal of a NASDAQ listing."

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