SOURCE: SNRG Corp.

November 12, 2009 08:45 ET

SNRG Corporation Announces Gasification Plant Acquisition

HOUSTON, TX--(Marketwire - November 12, 2009) - SNRG Corporation (PINKSHEETS: SNRG) announced this morning that the Company has entered into an agreement with Vega Invest AG d/b/a Enviropark Global AG for purchase of all of the assets and membership interests of Enviropark Texas, LLC for an aggregate price of $20,000,000. The assets consist of a gasification facility near Bay City, Texas, that was originally built by Molten Metals Technology, Inc. at an approximate cost of $90,000,000.

The facility was built in 1996-1998 but was never operated and has been maintained in excellent condition. The plant will be retrofitted with a new and more cost efficient gasification unit to replace the Molten Metal gasification technology that was not viable for the waste streams that were to be processed. In addition, the company will add de-manufacturing, materials recovery, waste processing and blending systems that will provide supplemental and incremental revenue sources.

D. Elroy Fimrite, the Chief Executive Officer of SNRG Corp., stated, "This plant is the perfect site for development of our first Enviropark Waste processing facility, all of the multiple processing segments except the gasification unit are well designed, high quality, functionally new and were very time consuming and expensive to construct. We have a four or five year market advantage by stepping into this first class facility for execution of our Enviropark business model."

"In the current economic times many companies are launching green initiatives, but typically large amounts of capital must be funded over a long period of time, and significant zoning and permitting challenges must be overcome before revenues can be generated," added Mr. Fimrite. "We anticipate revenues will commence in early 2010 and that full operations will be underway by the end of 2010."

The Company advises that description of the Enviropark Model and pictures of the facility are available on our website at www.snrg.net.

FORWARD-LOOKING STATEMENTS AND SAFE HARBOR STATEMENT:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "plans," "hopes," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the Company's business focus; the Company's ability to raise needed funding; the potential productivity of our proposed properties; changes in the operating costs and changes in economic conditions and conditions in the recycling and de-manufacturing industry and the risks associated with implementation of such technologies and their commercial viability. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. SNRG Corporation takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.

Contact Information

  • Investor Relations Contacts:

    Mr. Christian Hansen
    Market Specialist
    Equititrend Advisors, LLC
    800-585-6988

    Mr. Jim Elbert
    Destiny Focus Consulting Inc.
    630-847-4255

    Authorized by:
    D. Elroy Fimrite
    President & CEO