July 10, 2008
Sustainable Power Corp. Announces Cooperative Agreement With L.Sole’ S.A. And Pemco BioSynergy AS Throughout “SSTP Europe”
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
SOURCE: Sustainable Power Corp.