HOUSTON, Dec. 30, 2011 /PRNewswire/ -- Synthesis Energy Systems, Inc. (NASDAQ: SYMX) ("SES") today announced that it, China Energy Industry Holding Group Co. and Zhongjixuan Investment Management Company Ltd. ("ZJX") have mutually agreed to an extension of the closing period of their share purchase agreement dated March 31, 2011 and amended on August 17, 2011, through March 31, 2012. While the parties have indicated their support for this investment, this extension was necessary in order to allow time for Yima Coal Industry Group Co., Ltd. ("Yima") and its advisors to complete their due diligence and reviews of its proposed investment, including evaluating efficient structures for the proposed transactions. The parties believe that these steps will allow for optimal structuring and capital funding at the project and regional levels, which will be required for the large scale future investments in China anticipated by the parties.
"Although the transactions will not be submitted for governmental approval before December 31 of this year, good progress has been made in the past few weeks. We believe the interests of the parties are aligned and we remain confident in the short and long term value we believe can be realized by working together with them," commented Robert Rigdon, President and CEO of SES. "While the parties require additional time to complete the reviews, processes and governmental approvals necessary to make an investment into a foreign entity such as SES, we believe that each of the parties is taking this investment very seriously as evidenced by their diligence in working toward finalizing the deal."
"We remain confident that the parties will proceed quickly to complete this important strategic investment into SES," said
Feng Feng, Chairman and CEO of ZJX.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV