Next Fuel, Inc. (OTCQB: NXFI.PK - News) (Pinksheets: NXFI.PK - News) ("the Company"), which develops and commercializes clean energy and environmental technologies and solutions, today announced the endorsement of the Company's coal-to-gas technology by a technical panel at a symposium held in Beijing, China.
The Company's patent-pending biogenic coal-to-gas ("CTG" or "BCTG") technology converts the dirtiest fossil fuel, low-grade coal (also known as lignite), into clean-burning natural gas through the introduction of nutrients, via a low-pressure pumping system, to the wide range of microorganisms that naturally exist in coal deposits. The proprietary nutrients stimulate the microorganisms, which in turn consume carbon-containing compounds in the coal and "exhale" biogenic natural gas as a byproduct.
A scientific panel consisting of seven highly respected scientific professionals and technical specialists in China, including a Fellow from the prestigious Chinese Academy of Engineering and distinguished professors from such prominent universities as Peking University and China University of Geosciences, attended a technical presentation by a NXFI executive team on March 29, 2012. Dr. Song Jin, President and Chief Technology Officer of Next Fuel, Inc., provided a technological overview to the panel. Drs. Song Jin and Vincent Ren also addressed questions and comments from the panel members. The panel's conclusions regarding CTG technology included the following:
"This represents a great step towards the commercialization of our CTG Technology and its acceptance in China," stated Dr. Song Jin. "The members of the panel included highly regarded experts in coal, coalbed methane, and environmental sciences within the Chinese scientific community. Their support and endorsement will strengthen our position of technological leadership in the commercialization of CTG in China and other countries around the world."
"The panel's acceptance and scientific approval of our technology should favorably impact Next Fuel's ability to advance the commercialization of CTG to support the rapidly-growing energy needs of one of the world's largest economies. The recognition of CTG's role in the development of clean energy resources bodes well for our ongoing projects in China and Indonesia," concluded Dr. Song Jin.
About Next Fuel, Inc.
Next Fuel, Inc. develops and commercializes innovative technologies associated with renewable energy, including unconventional natural gas production from lower-grade coal, lignite, oil shale and other carbonaceous deposits. The Company is currently in the process of commercializing its coal-to-gas (CTG) technology with strategic international partners.
Although the Company's CTG technology is the only product with near-term revenue potential, the Company has also acquired, or is beginning to develop, advanced technologies associated with (1) environmental challenges associated with the treatment of energy-related waste water, (2) processes for carbon dioxide conversion and carbon loop closure, and (3) biological fuel cells. In collaboration with leading research institutes, Next Fuel, Inc. is focused upon the identification, development and/or acquisition of a portfolio of growth opportunities with compelling market potential that are consistent with clean energy and environmental stewardship.
This announcement contains forward-looking statements, including statements regarding future products, future contracts and future business to be conducted by the Company, all of which involve risks and uncertainties. Actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the ability of the Company and its collaborating partners to successfully develop and commercialize new technologies, the results of CTG field tests, receptiveness of the market to the Company's technologies and services, negotiations between the Company and its Chinese partners, and other factors discussed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to the Company as of the date of this news release, and the Company assumes no obligation to update such statements.