Synthesis Energy Systems, Inc. Announces the Restructuring of Zao Zhuang New Gas Company Joint Venture in Shandong Province, China
GlobeNewswire - Fri Aug 19, 8:00AM CDT
Synthesis Energy Systems, Inc. (SES) (NASDAQ:SYMX), the global leader of full-range feedstock flexibility in advanced energy gasification technology, announced that the Company, and its JV partner, Shandong Weijiao Group Xuecheng Energy Co., Ltd. (Xuecheng Energy), have entered into a Definitive Agreement to restructure the Zao Zhuang New Gas Company Joint Venture (ZZ). Additionally, to dovetail with the Chinese government's widespread initiative to move industry into larger scale, commercial and environmentally beneficial industrial parks, the partners intend to evaluate a new ZZ syngas facility in the Zouwu Industrial Park in Shandong Province. SES will retain an approximate nine percent ownership in the ZZ JV asset, and Xuecheng Energy has agreed to assume all outstanding liabilities of the ZZ JV. The agreement will take effect formally when the registration with the government is completed, which is expected within 30 days.
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