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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.