Saccharum Energy Corp. Sets Date for Annual and Special General Meeting of Shareholders; Announces Plans for Change of Name
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Calgary, Alberta (FSCwire) - Saccharum Energy Corp. (“Saccharum” or the “Corporation”) announced today that it has taken steps to call the Annual and Special General Meeting of shareholders of the Corporation and set June 14, 2016 as the date for that meeting. As this is the first meeting of shareholders to be convened following the announcement by the Corporation of its entering an option agreement with Expander Energy Inc. (“Expander”), the agenda of the meeting will include resolutions aimed at ratifying steps taken by the Corporation to complete this transaction and confirm the appointment of new officers and directors, including James Ross as the chairman of the board. In addition, the Corporation will ask shareholders to approve a resolution to change its name to “Synstream Energy Corp.”.
The agreement creating a partnership between Saccharum, Expander and a consortium of private investors provides for the construction of Canada’s first commercial Enhanced GTL® (“EGTL™”) plant at a location in Alberta. Saccharum has agreed to pay a non-refundable technology licensing option fee of $200,000 (CAD) which will give the Corporation a 24-month option to purchase a nonexclusive license for Expander’s EGTL™ technology. EGTL™ licence will permit Saccharum to build, own, and operate a synthetic diesel GTL plant up to a size of 2,000bpd or greater (subject to conditions) at a location within British Columbia or Alberta. The plant is designed to convert Natural Gas and Natural Gas Liquids into premium zero sulfur, high cetane synthetic diesel.
EXPANDER ENERGY INC.
Expander is a leading developer and licensor of processes to convert carbon sources into synthetic fuels. These engineered fuels are clean burning and complement existing transportation fuel infrastructure and current engine technologies. The fuels reduce GHG emissions and are produced from carbon rich materials such as natural gas, biomass, bitumen residuals, petcoke and municipal solid waste.
Expander’s plant design combines a synthetic gas (syngas) generator (gasifier) with their Enhanced Fischer-Tropsch®(EFT®) process to produce SYNDIESEL® and SYNJET™ fuels. Expander has developed a proprietary process that enhances the existing technology used in the Fischer-Tropsch (F-T) process. Expander’s Carbon Management and Utilization (“CMU”) of feedstock increases product output and eliminates low-value by-products. Expander’s synthetic fuels can be economically delivered through existing fuel infrastructure.
Expander is the owner and exclusive licensor of following patented technology; Enhanced Fischer-Tropsch®, Enhanced GtL®, and FT Crude®.
FOR FURTHER INFORMATION PLEASE CONTACT:
Saccharum Energy Corp.
Shane Ferster, CEO
Office: (403) 880-7237
The Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation’s public filings may be found at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to Corporation's ability to close the option agreement with Expander Energy Inc. and obtain necessary approvals from the TSX Venture Exchange, as well as completing a name change, and the construction of Canada’s first commercial Enhanced GTL® (“EGTL™”) plant. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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Source: Saccharum Energy Corp. (TSX Venture:SHM)
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