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Article: SNRG Completes Texas Gasification Plant Purchase.
- Article from:
- Business Wire
- Article date:
- September 7, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SCOTTSDALE, Ariz. -- SNRG Corporation (OTCBB:SNRG), announced today that the Company has completed the purchase of the former Molten Metal gasification plant in Bay City, Matagorda County Texas.
Elroy Fimrite, CEO of SNRG announced the completion of the first two stages of a multi stage financial transaction with Bay City Partners LLC. In the first stage SNRG purchased 100% of the membership interests of Port Assets LLC, the owner of the Bay City plant for $3 million. In the second phase of the transaction SNRG sold 51% of the membership interests for $2.85 million to Bay City Partners LLC. The final stage of the transaction grants SNRG an option to reacquire Bay ...