HOUSTON, March 26, 2012 /PRNewswire/ -- Synthesis Energy
Systems, Inc. (Nasdaq: SYMX) ("SES") announced today that it is
undertaking a study for its strategic partner, Coalworks Limited
(ASX:CWK), to determine the potential for additional cost savings
resulting from the use of high pressure U-GAS® gasifiers at
Coalworks' planned coal-to-liquids plant in Oaklands, New South Wales, Australia. The agreement
follows on the companies' 2009 strategic alliance for development
of the Oaklands facility.
"We are pleased to conduct this important additional study for
Coalworks as part of our ongoing strategic alliance to develop
their first coal gasification and liquefaction plant at Oaklands,"
stated Robert Rigdon, President and
CEO of SES. "Our U-GAS® gasifiers have the potential at high
pressure to further reduce costs and improve margins for the
facility by increasing the throughput of our gasifiers and by
better matching the needs of plant sections following gasification.
We look forward to completing this study in the near term and
continuing to support Coalworks in their project development."
About Synthesis Energy Systems, Inc.
SES provides technology, equipment and engineering services for
the conversion of low rank, low cost coal and biomass feedstocks
into energy and chemical products. Its strategy is to create value
through providing technology and equipment in regions where low
rank coals and biomass feedstocks can be profitably converted into
high value products through its proprietary U-GAS® fluidized bed
gasification technology, which SES licenses from the Gas Technology
Institute. U-GAS® gasifies coal cost effectively, without many of
the harmful emissions normally associated with coal combustion
plants. The primary advantages of U-GAS® relative to other
gasification technologies are (a) greater fuel flexibility provided
by the ability of SES to use all ranks of coal (including low rank,
high ash and high moisture coals, which are significantly cheaper
than higher grade coals), many coal waste products and biomass feed
stocks; and (b) the ability of SES to operate efficiently on a
smaller scale, which enables the construction of plants more
quickly, at a lower capital cost, and, in many cases, in closer
proximity to coal sources. SES currently has offices in
Houston, Texas, and Shanghai, China. For more information on SES
and SRS, visit www.synthesisenergy.com or call (713) 579-0600.
About Coalworks Limited
Coalworks Limited (ASX: CWK) is focused on developing coking and
thermal coal projects into production. These include the Vickery
South project in the Gunnedah Basin, the Ferndale project in the
Hunter Valley and the Oaklands CTL project in New South Wales, Australia.
SES Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are forward-looking statements. Forward-looking statements are
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Among
those risks, trends and uncertainties are the early stage of
development of SES, its estimate of the sufficiency of existing
capital sources, its ability to successfully develop its licensing
business, its ability to raise additional capital to fund cash
requirements for future investments and operations, its ability to
reduce operating costs, the limited history and viability of its
technology, the effect of the current international financial
crisis on its business, commodity prices and the availability and
terms of financing opportunities, its results of operations in
foreign countries and its ability to diversify, its ability to
maintain production from its first plant in the ZZ joint venture,
its ability to complete the expansion of the ZZ project, its
ability to obtain the necessary approvals and permits for its Yima
project and other future projects, the estimated timetables for
achieving mechanical completion and commencing commercial
operations for the Yima project, its ability to negotiate the terms
of the conversion of the Yima project from methanol to glycol, the
sufficiency of internal controls and procedures and the ability of
SES to grow its business as a result of the China Energy and Zuari
transactions as well as its joint venture with Midas Resource
Partners. Although SES believes that in making such forward-looking
statements its expectations are based upon reasonable assumptions,
such statements may be influenced by factors that could cause
actual outcomes and results to be materially different from those
projected. SES cannot assure you that the assumptions upon which
these statements are based will prove to have been correct.
Important Notice from SES
In connection with the proposed ZJX/China Energy transaction,
SES has filed a preliminary proxy statement, and intends to file a
definitive proxy statement, with the SEC and intends to mail the
definitive proxy statement to the stockholders of SES. SES and its
directors and officers may be deemed to be participants in the
solicitation of proxies from the stockholders of SES in connection
with the transaction. Information about the transaction is set
forth in the preliminary proxy statement filed, and will be set
forth in the definitive proxy statement to be filed by SES with the
SEC.
You may obtain the preliminary statement and, when available,
the definitive proxy statement, for free by visiting EDGAR on the
SEC website at www.sec.gov. Investors should read the definitive
proxy statement carefully before making any voting or investment
decision because that document will contain important
information.
SOURCE Synthesis Energy Systems, Inc.