SGII-Mitsubishi deal news today:
Tuesday May 12, 6:01 am Eastern Time
Company Press Release
SOURCE: SGI International
SGI International in Discussions with Potential Partners
to Form a New Joint Venture to Market and License the
LFC Technology Worldwide
LA JOLLA, Calif., May 11 /PRNewswire/ -- SGI International (OTC Bulletin Board:
SGII -
news) announced today it is in discussions with a number of candidates, including
Mitsubishi
Corporation and Mitsubishi Heavy Industries, Ltd., to form a joint venture to market
and license the
LFC Technology worldwide. The LFC Technology is a patented process which
upgrades low-rank
coal.
Joseph A. Savoca, Chairman/CEO of SGI stated: ''I am very enthusiastic about the
business
opportunity that can be created when this joint venture is established. The potential new
partners are
expected to bring to SGI and to the LFC Technology a vast array of capabilities that
include capital
infusion, engineering, research and development, and international marketing that should
accelerate
the commercialization of the LFC Technology. We intend to have final documents
prepared and
executed as quickly as possible.
This is the first of a number of strategic steps being taken to better position SGI
International to
achieve its business objectives. This strategy includes continuing negotiations with
Zeigler to acquire
its ENCOAL demonstration plant, and all permits and rights to build an LFC plant at
the North
Rochelle mine in Wyoming. We are also negotiating to obtain long-term coal supply
agreements at
Zeigler's Buckskin and North Rochelle sites.''
SGI International's core business is developing, commercializing and licensing new
energy
technologies. Its corporate headquarters are 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 |
