Consolidated Energy completes merger with Saudi American Minerals
Consolidated Energy, Inc. has completed the pending merger with the Nevada corporation Saudi American Minerals Inc. (SAMI), confirmed President and CEO David Guthrie. Merger agreements have been signed and an S-4 will be promptly filed with the SEC. An effective date on the S-4 will be forthcoming.
After eleven years of research and testing, SAMI is the owner of a United States patent for a clean coal technology whereby Bituminous, Sub Bituminous and Lignite coal can be burned more cleanly. This technology greatly reduces particle emission pollution associated with current coal combustion technology.
SAMI has an executed contract with the Egyptian government to develop all the coal reserves in Egypt and utilize its clean coal technology to reduce their particle emissions making the Egyptian Coal Exportable for marketing.
The joint venture agreement is a 50-50 joint venture. One mine has been developed at Maghara, in the Sinai Dessert. — (menareport.com)
© 2003 Mena Report (www.menareport.com)