BAYTOWN, TX, Jul 10 (MARKET WIRE) --
Sustainable Power Corp. (PINKSHEETS: SSTP) is pleased to announce today
that it has reached a cooperative agreement between Pemco BioSynergy AS,
("Pemco") a Norwegian-based corporation, and L.Sole' S.A. ("L.Sole'").
Furthermore, SSTP's Board of Directors has ratified and approved the
immediate formation of SSTP Europe.
As previously announced, SSTP and Pemco have agreed to form "SSTP Europe"
to be the exclusive representative for SSTP across Europe. The joint
venture will install, own and operate plants, produce and market green
biofuels, including the use of biofuel for power generation, as well as
generating green certificates, grants and biosubsidies.
SSTP had previously granted to L.Sole' a worldwide license and a 10% joint
venture position when replacing L.Sole's existing biomass boiler systems,
some of which are operated by L.Sole' in Europe. To this regard, SSTP is
pleased to announce that it has reached a cooperative agreement with Pemco
and L.Sole' to engineer, procure and construct ("EPC") these systems
through SSTP Europe.
The geographical territories covered in the agreement include all of
Europe, Eastern Europe (including the Russia market), and Russia in its
entirety, including that part of Russia that lies in Asia. The territories
may be expanded in the near term to include other geographical areas
targeted in Asia.
Mr. Bjoern Knappskog, majority Owner, President and Chairman of the Board
of Pemco AS, stated, "Access to L.Sole's leading experience in production
and installment of biomass powered facilities and its world-wide network
was a key factor for Pemco when entering into the strategic alliance to
form SSTP Europe. We are strongly motivated to effectively working in a
close relationship with the L.Sole' Group and the SSTP team in the
commercialization of SSTP Europe."
Daniel Sole, L'Sole's founder, stated, "We are excited to work closely
with Pemco and SSTP in Europe. I will personally travel to Norway shortly
with the SSTP team to begin work with Pemco on our first biocrude and
power generation plants. SSTP has our full support as we embark on this
exciting project across Europe and the rest of the world."
John Rivera, Chairman of SSTP, stated, "We are thrilled to bring Pemco and
L'Sole engineers and specialists together in Europe under the SSTP Europe
umbrella. Having two world powerhouse organizations working together is a
tremendous accomplishment for Sustainable Power Corp. We are grateful for
Mr. Sole's personal support and commitment to our project in Europe with
Pemco. We will provide further updates as we complete each milestone in
our mission to rid the world from the chokehold and dependence on fossil
fuels."
About Pemco BioSynergy AS
Pemco BioSynergy AS is part of the Pemco Group which is a European trading
and industrial group with manufacturing, distribution and sale of oil and
chemical based products. The group is represented in 18 countries, and has
a major international profile. Headquartered in Oslo, Norway, the group
recognized approximately $500,000,000.00 in USD revenues last year.
About L.Sole' S.A.
L.Sole' S.A is the leading company in Spain building biomass powered
facilities. A leadership that has been awarded by its large experience and
background in this area. L.Sole' solutions encompass not only the industry
where most plants are present, but also the tertiary sector where heat and
cold are necessary in a number of procedures. L.Sole' has facilities in
operation in Spain, European Union, Russia and in all Latin America.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy total service
provider focused on producing environmentally friendly jet fuel, gasoline,
diesel and marine fuel meeting all petroleum ASTM standards. The company
has developed and manages a portfolio of green, non-food ,agricultural
feed stock to produce a revolutionary bio-crude which all jet, diesel, and
gasoline engines can utilize without any modifications.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. When used in this press release, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify
such forward-looking statements. Actual results, performance or
achievements could differ materially from those contemplated, expressed
or implied by the forward-looking statements contained herein. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated with:
the impact of economic, competitive and other factors affecting the
Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
available from the Company.
Investor Contact:
Redwood Consultants, LLC
415-884-0348
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