BAYTOWN, TX, Feb 29 (MARKET WIRE) --
Sustainable Power Corp. (PINKSHEETS: SSTP) today announced that
Malaysian-based Borneo Energy Sendirian Berhad (BOE), a wholly owned subsidiary
of Borneo Oil and Gas Corporation Snd Bhd (a subsidiary company of Borneo
Oil Berhad) (KLSE: BORNOIL) has entered into a Share Subscription Agreement
("Agreement") with Sustainable Power Corp. to purchase 50,000,000 restricted
shares of SSTP. The initial deposit required per the Agreement has been
received
by Sustainable Power Corp. On the same date, Sustainable Power Corp. also
entered into a technical collaboration term sheet with BOE ("Technical
Collaboration").
The Agreement for the Technical Collaboration will be implemented in two
stages. Stage One entails the immediate fabrication and successful commissioning
of
a mini biofuel reactor in Malaysia to undertake trial production of biofuel
using Malaysian-sourced feed stocks such as palm oil, fresh fruit bunches or
waste, coconuts, wood chips and other industrial waste. The site in Malaysia
will be
determined by BOE. Stage Two entails the fabrication and successful
commissioning of commercial type biofuel reactor plant(s) across Malaysia and
Indonesia.
All project costs for both Stages 1 and 2 shall be funded by BOE. All
technical know-how and training shall be provided by SSTP at no cost. BOE
shall send 6 technical staff for training at SSTP's facilities in the USA.
Stage One shall be for a period of 6 months from the date of successful
commissioning of the mini biofuel reactor and Stage Two shall be turnkey within
18 months from the commencement of Stage 1.
Scott Hoerr, Director of SSTP, stated, "We are ecstatic to have identified
the
availability of non-food feedstock in large enough quantities to have a
significant impact on the alternative fuel markets. We believe the
introduction of SSTP in Malaysia is a major step towards replacing the world
demand for petroleum-based products and helping the world ecosystem."
About Borneo Oil Berhad
Borneo Oil Berhad, an investment holding company, engages in operating and
franchising restaurants in Malaysia. The company is involved in the operation
of fast food restaurants, food processing and catering services, as well as
supplying related raw material products. It also engages in trading
machinery, spare parts, and phone cards. The Company also manages and operates
resorts and provides management and technical services to the oil & gas
industry as well as other energy related businesses. Furthermore, the company
engages
in investing in managing and renting real estate properties and projects.
Borneo Oil Berhad also provides incentive shopping programs to participating
retail
shops. The company, which is based in Sarawak, Malaysia, was founded in
1979. It was formerly known as Sugar Bun Corporation Berhad and changed its
name to Borneo Oil Berhad in January 2007.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy service provider
focused
on environmentally safe power generation. The company has the exclusive
rights to develop and manage a portfolio of green power plants utilizing a USSEC
biofuel discovery, a renewable fuel source able to be produced from
one-fifth of the soybean acreage traditionally associated with biodiesel. For
more
information please visit www.sstp.us.
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
itsoperations, 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
Copyright 2008, Market Wire, All rights reserved.
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