News release:
Rentech, Inc. and Jacobs Engineering UK Sign MOU to Market GTL Plants Worldwide
DENVER and LONDON, Feb. 14 /PRNewswire/ -- Rentech, Inc.
(OTC Bulletin Board: RNTK) and Jacobs Engineering U.K. Limited (Jacobs U.K.) a
wholly owned subsidiary of Jacobs Engineering Group Inc. (NYSE: JEC), today
announced at the IBC Gas-to-Liquids Conference in London the signing of a
Memorandum of Understanding (MOU) for a license to market the Rentech
synthesis gas-to-liquids (GTL) process technology for the conversion of
natural gas to valuable liquid hydrocarbons on a worldwide basis.
According to the terms of the MOU both companies agree to cooperate on a
plan to jointly market their combined capabilities to potential customers on a
worldwide basis. These collective endeavors will provide licensing and
engineering services, including design, procurement, construction, project
technical development and estimating services as required for each specific
project. The companies will target a variety of prospective natural gas fed
and natural gas retrofit GTL facilities where Rentech's GTL process could be
utilized. Estimated plant sizes will range from 2,000 to 50,000 barrels per
day.
The Jacobs Engineering Group, headquartered in Pasadena, California, is a
23,000 strong international engineering and construction company providing a
full spectrum of professional and field services, with annual revenues of over
$3 billion generated by world wide offices.
These services include consulting, engineering, procurement, construction,
construction management, operations and maintenance on projects of all sizes
from inception through execution, start-up, operations and through to
maintenance. Jacobs Engineering Group also provides a full range of
environmental remediation and hazardous waste management expertise and is a
world leader in engineering applications for gas synthesis technology.
The Jacobs Group progressively develops its technology base and
engineering capability to meet the needs of its clients and their industries,
wherever they may be operating.
Regarding the proposed relationship with Jacobs U.K., Dennis L. Yakobson,
Rentech chairman, president and C.E.O. stated, "Over the last several years,
Rentech has focused on positioning itself to exploit its technology on the
broadest basis possible. To this end, we have initiated a series of
commercial relationships that position Rentech to participate in projects
processing a wide variety of feedstocks including coal, refinery residue, and
industrial off-gas. Moreover, our plan in acquiring the Sand Creek Methanol
Plant recently is to retrofit that plant with our GTL technology and by doing
so, create the first modern commercial North American GTL plant. By entering
into this agreement with Jacobs Engineering U.K., we are stepping up the
pursuit of GTL applications to monetize the world's vast stranded natural gas
resources as well as GTL retrofit opportunities. As a major energy industry
engineering firm with offices around the world, we believe Jacobs U.K. will be
a very effective partner in working with Rentech to license its technology for
these types of applications."
Rentech, Inc., incorporated in 1981, is the developer and licensor of a
patented and proprietary Fischer-Tropsch, gas-to-liquids process, for
conversion of synthesis gas made from natural gas, solid or liquid carbon
bearing materials into high value fuels, products and chemicals. These
products include cleaner burning, sulfur and aromatic free diesel fuel,
naphtha and waxes. Independent tests performed by Hauser Laboratories of
Boulder, Colorado, on fuel made from the Rentech process showed Rentech's fuel
to contain no detectable amounts of sulfur or aromatics. Recent testing of
GTL fuels, such as those produced from the Rentech process, have also
demonstrated that GTL fuel is an excellent feedstock for fuel cells because of
its high hydrogen and zero sulfur content.
Certain portions of this release may contain "forward-looking" statements
as defined by the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. Any number of
important factors could cause actual results to differ materially from those
in the forward-looking statements herein. For more information concerning
factors that could cause such a difference, see the Company's annual report on
Form 10-KSB and quarterly reports on Form 10-QSB, filed with the Securities
and Exchange Commission. Although Rentech believes its statements to be
reasonable, investors are cautioned that such forward-looking statements
involve risk and uncertainties. The company undertakes no obligation to
publicly release the result of any revisions to any such forward-looking
statements that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
For more information please contact: Mark Koenig, Director of Investor
Relations, Rentech, Inc. at 303-298-8008 or E-mail at mkir@rentk.com, or see
the Company's web site at: rentechinc.com.
SOURCE Rentech, Inc. |
