EDMONTON, Alberta and LAS VEGAS, Aug. 17, 2005 (PRIMEZONE) -- Fairchild International Corp. (OTCBB:FCHL), www.fairchildinternational.com, president Robert Klein commended the signing of the federal energy bill last week for its emphasis on the importance of alternative energy technologies. The 1,725-page bill includes substantial benefits for Fairchild International and its wholly owned subsidiary, Syngas Energy Corp., while affecting every aspect of energy production in the U.S. It provides for $3.1 billion in tax incentives for renewable energies -- a formidable endorsement for clean domestic power.
The Energy Policy Act of 2005 includes language that specifically authorizes the Secretary of Energy to "conduct a program of technology ... demonstration and commercial application for coal and power systems, including programs to facilitate production and generation of coal-based power through ... liquid fuels derived from low-rank coal... ."
Syngas stands to benefit from the United States government as its M-22 can use low rank coal as a primary input to generate clean, efficient power. In particular, it is converted to synthetic gas.
Klein commented that the new law solidifies the government's commitment to an era of domestically produced renewable power sources: "We see tangible benefits arising from the tax implications and other incentives to further drive adoption of our subsidiary Syngas' renewable energy technology. In the Department of Energy's Office of Fossil Energy, for example, in our core gasification technology sector, the bill allocates $56.4 million to improve and test gasification designs, materials, instrumentation and processes. A further $50 million is available to pursue Clean Coal technologies and $22 million to develop hydrogen technologies."
"Our emphasis has centered around providing an American-made long-term energy solution that is more stable and reasonably priced than traditional energy," added Wilf Ouellette, President of Syngas.
About Fairchild International Corp.: www.fairchildinternational.com
Fairchild International Corp. (OTCBB:FCHL), through its subsidiary Syngas Energy Corp., develops integrated gasification production systems that use modern gasification technologies to produce synthetic gas, hydrogen or electricity. Syngas' goal is to deliver a reliable source of clean, renewable cost-effective, reliable energy.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "foresee," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Fairchild's filings with the Securities and Exchange Commission, including, without limitation, Fairchild's recent Form 10-KSB and Form 10-QSB, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.