SNRG Corporate Update
SNRG has restructured to eliminate initiatives that the company has not been successful in financing in the current difficult market. The company intends to focus on devulcanization of waste rubber. Natural rubber prices are at historical record highs and supply is tight, creating a strong opportunity for the company's unique rubber devulcanization technology.
Houston, TX, December 16, 2010 --(PR.com)-- SNRG Corporation (Pinksheets: SNRG.pk) (the “Company”) announced this morning that the Company has restructured its business initiatives in response to its inability to secure financing on terms acceptable to the company.
The company advises that the mining agreement entered into with Colindo Minerals, LLC for the lease of the Armagosa Mine in San Bernardino County California has been terminated as a result of the Company’s non-payment of minimum royalties and claim fees in a timely manner. In addition, the right of first refusal and option to lease a 960 acre gold property in Esmeralda County Nevada has been terminated.
The company further advises that the agreement to purchase the membership interests of Enviropark Texas LLC was not completed due to unavailability of financing as required by the purchase agreement on terms and conditions acceptable to the company.
Further, the company is in default on its scheduled payments pursuant to the purchase of the North American rights to the rubber devulcanization technology; however, the company expects to renegotiate the agreement and will continue to focus on the establishment of devulcanized rubber production.
“We are optimistic that we can resolve our financial difficulties and bring our technologies into production”, stated Mr. Fimrite, CEO; “Rubber prices are at an all-time high and supply is tight, we are bringing an essential technology to the market at a very critical time.”
Forward Looking Statements and Safe Harbour 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. 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.
Investor Relations Contact:
Mr. Jim Elbert
630-847-4255, jelbert@snrgcorp.com
Authorized by:
D. Elroy Fimrite
President
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The company advises that the mining agreement entered into with Colindo Minerals, LLC for the lease of the Armagosa Mine in San Bernardino County California has been terminated as a result of the Company’s non-payment of minimum royalties and claim fees in a timely manner. In addition, the right of first refusal and option to lease a 960 acre gold property in Esmeralda County Nevada has been terminated.
The company further advises that the agreement to purchase the membership interests of Enviropark Texas LLC was not completed due to unavailability of financing as required by the purchase agreement on terms and conditions acceptable to the company.
Further, the company is in default on its scheduled payments pursuant to the purchase of the North American rights to the rubber devulcanization technology; however, the company expects to renegotiate the agreement and will continue to focus on the establishment of devulcanized rubber production.
“We are optimistic that we can resolve our financial difficulties and bring our technologies into production”, stated Mr. Fimrite, CEO; “Rubber prices are at an all-time high and supply is tight, we are bringing an essential technology to the market at a very critical time.”
Forward Looking Statements and Safe Harbour 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. 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.
Investor Relations Contact:
Mr. Jim Elbert
630-847-4255, jelbert@snrgcorp.com
Authorized by:
D. Elroy Fimrite
President
###
Contact
SNRG Corporation
Douglas Fimrite
713-931-1100
www.snrgcorp.com
Douglas Fimrite
713-931-1100
www.snrgcorp.com
Contact
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