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Technology Stocks : SLH Corp. (SYNM) - From natural gas to crude oil -- Ignore unavailable to you. Want to Upgrade?

To: gmccon who wrote (139)	4/8/1998 4:31:00 PM
From: James J. Franklin	Read Replies (1) \| Respond to of 281

To all: S-4 due out in the next couple of days. Regarding the merger and other questions that I had, I received this brief note from Mr. Ford of Syntroleum: "In effecting this merger we will be filing our S-4 with SEC within the next couple of weeks and, when filed, it will be available on the SEC website. This document will contain answers to most of the questions you posed and, hopefully, will be helpful." The S-4 should answer our questions regarding Syntroleum's//SLHO valuation. Hopefully for us longs, it will be positive news.

To: gmccon who wrote (139)	4/9/1998 12:53:00 AM
From: John M	Read Replies (1) \| Respond to of 281

gmccom, CTAL has a low emissions catalytic combustor that works on GE turbines burning low btu fuel. They developed it for California BACT air emissions compliance on the same turbines burning natural gas. It is capable of emission levels comparable to selective catalytic reduction (SCR) which is very expensive to buy to operate. Many of the cogens in California were built in the 80's with SCR. The economics for cogen facilities has dropped to unacceptable levels now since the market was flooded with electricity so no new cogens are being built. The synergy with Syntroleum is that the process produces a low btu tail gas (70 btu/scf) that can be used in a special turbine which drives the air compressor on the front of a syntroleum plant. The CO in the tail gas must be fully combusted to meet air emissions. CTAL's combustor is the only one that works presently on this gas stream. I hope that CTAL has more going for it than just its alliance with syntroleum. The catalst they're working with syntroleum on is for methanol production (methol market is flooded - think the time is past for these plants). Pretty sure they're not helping on FT catalyst. Cogen market is soft at least in California. FT cayalyst development is being pushed by ARCO's involvement with Syntroleum. ARCO has dedicated a project team of engineers and PhD's to help Ken Agee at Syntroleum get real. From what I hear the catalyst needs some work before it is commercially viable. I wonder if a lot of the future value of syntroleum is already reflected in the current stock price (maybe out ten years). JM