Sustainable Power Corp. and Farmers Sustainable Energy International Execute Definitive Joint Venture Agreement; Sustainable Power Corp. Receives Additional $100,000 Deposit
Submitted by Biofuels Digest
NATCHEZ, MS — (BIOFUELS DIGEST NEWSWIRE) – 02/06/08 — Sustainable Power Corp. (PINKSHEETS: SSTP) today announced it has signed a definitive Joint Venture agreement and it has received an additional $100,000 from Farmers Sustainable Energy International (FSEINT) located in Quincy, Illinois. The entities had previously executed a Memorandum of Understanding (”MOU”) announced on December 11, 2007 http://www.sstp.us/news-58.html. As previously disclosed, the MOU between SSTP and FSEINT was to form a joint venture for the purpose of the conversion of feedstock to a variety of Green-based products. SSTP had previously received the initial $200,000 deposit of the $2,000,000 that was required to implement the initial terms of the agreement.
Scott Hoerr, Director of Sustainable Power Corp. stated, “We are excited to move forward with Sustainable Power Corp. We at Farmers Sustainable Energy International will begin to take a greater international role in helping farmers in foreign countries by supplying them and helping them apply modern feedstock farming techniques to the crops they currently produce. Our Baytown, TX facility was recently visited by Parlacen President Julio Gonzales Gamarra and H.D. Fernando Luna Waldheim from the department of engineering of Central American Parliament. We will be working with them closely in the weeks ahead to move our project to a bigger scale.”
SSTP has now received a total of $300,000 from FSEINT and is working to fulfill the initial terms of the agreement, which calls for 2 reactors and 10 SSTP biodiesel reactors to be shipped to a Northern Illinois facility that FSEINT will provide for the joint venture. Furthermore, upon start-up of the initial biogasoline reactor, the agreement provides that FSEINT will advance the remaining $1,700,000 for further implementation of the agreement. FSEINT’s responsibility is securing the necessary feedstocks from its own relationships, procuring government grants and further promoting the business of the joint venture.
The joint venture has being established to leverage FSEINT farmers’ crops to obtain the maximum dollar per acre utilizing principal harvest products and recycled non food grade spoilage, stover and residues as feedstock for SSTP’s conversion into a variety of Green-based products. In order to maximize the various feed stocks, FSEINT will provide SSTP with both land and facilities for the production of cellulosic and non-cellulosic biofuels and Biogasoline, green-based organic fertilizers and soil treatments.
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 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 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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