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Gold/Mining/Energy : Gasification Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Esoteric1 who wrote (886)	6/6/2007 2:44:15 AM
From: Esoteric1	Respond to of 1740

Rentech Receives Approval of Inducement for Up to $2.75 Billion of Tax Exempt and Taxable Bonds for the Company's Natchez Project from Mississippi and Option to Acquire Land Tuesday June 5, 9:00 am ET LOS ANGELES, June 5 /PRNewswire-FirstCall/ -- Rentech, Inc. (Amex: RTK - News) today announced that the Mississippi Business Finance Corporation has approved an inducement resolution for up to $2.75 billion of tax-exempt and taxable Industrial Development Revenue Bonds under the Rural Economic Development Finance Program for Rentech, Inc. and its assigns. This is the largest inducement resolution ever approved by the Mississippi Business Finance Corporation and is the first step in the process for the State of Mississippi to issue bonds to finance Rentech's proposed ultra clean synthetic fuels and chemical complex in Natchez, Mississippi. The repayment of the bonds will be the obligation of the project. It is anticipated that a portion of the bonds will be issued under the Gulf Opportunities Zone Act of 2005 on a tax-exempt basis and the remainder of the bonds will be issued as taxable obligations. The project so financed, will be eligible for exemptions from certain Mississippi sales and use taxes. D. Hunt Ramsbottom, Rentech's President and Chief Executive Officer stated, "The inducement and sales and use tax exemptions from the state are indicative of Mississippi's support for our Natchez project and have the potential to reduce our costs by millions of dollars. They are also instrumental in moving the project forward." In addition, Adams County, Mississippi entered into an option agreement with Rentech to acquire the land on which Rentech plans to locate the complex. The Company will be conducting additional due diligence before making a final decision on whether to purchase the site. Mr. Ramsbottom stated, "Site location is critical to a plant's success and we are pleased to have located a site that appears to meet all of the Natchez project's requirements and offers space for potential expansion of the project." Darryl V. Grennell, President of the Adams County Board of Supervisors said, "We are very pleased to have Rentech as a part of our community. The proposed site of the Rentech complex is directly adjacent to the Mississippi River and is a former site of an International Paper Company facility, and I believe it will be perfect for Rentech." He further stated, "The technology (Fischer-Tropsch) that Rentech will be using in Natchez-Adams County will be the first commercial scale application of its kind in the southern half of the United States and we are excited about that." Woody Allen, Chairman of the Natchez Adams County Development Authority, said, "The Natchez Adams County Development Authority continues to be excited about the progress of the Rentech project, especially with the recent site option agreement. Our community is looking forward to final site approval and commencement of site construction." Using Rentech's patented Fischer-Tropsch process, the Natchez complex will be designed to enable the use of petroleum coke, coal and biomass as feedstock. The project will initially produce 25,000 barrels per day of ultra clean synthetic fuels and specialty chemicals and have the potential to expand to 50,000 barrels per day of products. The proposed complex will sequester the carbon dioxide captured during the production process for enhanced oil recovery in the region. About Rentech, Inc. Rentech was incorporated in 1981 to develop technologies that transform under-utilized domestic energy resources into valuable and clean alternative fuels and chemicals. These energy resources include coal, petroleum coke, biomass and municipal solid waste. The Company has developed an advanced derivative of the well-established Fischer-Tropsch, or FT process, for manufacturing ultra-clean diesel fuel and other fuel products. Safe Harbor This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the Company's proposed clean synthetic fuels and chemicals complex in Natchez, Mississippi, including the funding for the project and its production levels. These statements are based on management's current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements include the ability of Rentech to have the financial means to build the proposed project; the suitability of the proposed site for the project; and other factors set forth in the Company's press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech's web site at www.rentechinc.com. The forward-looking statements in this press release are made as of June 5, 2007, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law. For more information For more information please contact: Julie Dawoodjee, Director of Investor Relations, Rentech, Inc. at 310-571-9800, extension 341, or by email at ir@rentk.com, or see the company's website at: www.rentechinc.com; or Kevin Theiss, CEOcast, Inc. at 212-732-4300 or by email at ktheiss@ceocast.com. -------------------------------------------------------------------------------- Source: Rentech, Inc. biz.yahoo.com