SSPC news, looks like repeat of Sat's news.
SOUTHERN STATES POWER COMPANY INC - Biodiesel Production Facility Set for June Completion
New York, New York, May 22, 2001 (Market News Publishing via COMTEX) --
Southern States Power Company, Inc. announced Saturday that the company's
Coachella Valley Biodiesel Production Facility is near completion and scheduled
to begin producing fuel on June 11, 2001. The final stages of construction are
ongoing, and photographs of the facility have been posted on the company's
website, www.sspowerco.com. The addition of biodiesel from the Coachella
facility will allow the company to fulfill the growing number of orders it is
receiving for its OXyG Biodiesel Fuel, including the most recent to supply
backup power to the University of California, Riverside. Southern States Power
Company is receiving increased national exposure in the wake of the newly
released National Energy Policy which emphasizes the further development of
alternative fuels.
The Coachella Valley Biodiesel Production Facility is designed to initially
produce 10 million gallons of fuel annually, with plans to expand capacity in
the future. Southern States Power Company is currently providing biodiesel fuel
to a growing number of clients, including Deer Valley Unified School District,
the largest school district in Arizona and Rockland Materials, a cement company
with a fleet of over 100 trucks. The contract to supply biodiesel to the
University of California, Riverside marks Southern States Power Company's entry
into stationary power generation, a market that is rapidly expanding in
California and other areas of the United States. As Southern States Power
Company signs more biodiesel contracts, the company anticipates building
production plants across the country to meet an increasing demand.
In the new National Energy Policy unveiled by President George W. Bush last
week, the emphasis placed on more widespread use of alternative fuels, such as
biodiesel, has created even greater interest in Southern States Power Company's
OXyG Biodiesel Blend. The Report of the National Energy Policy Development Group
includes several recommendations regarding cleaner, renewable fuels which will
tap the vast potential for biodiesel in the generation of electricity and to
power a wide variety of motor vehicles.
Lawrence W. Taggart, President and CEO of Southern States Power Company
commented, "The Coachella Valley Production Facility represents a significant
step forward in the growth of the company. This is just the first of a number of
facilities that Southern States Power Company plans to build. It is heartening
to see the federal government recognizing the importance that alternative fuel,
particularly biodiesel, will play in the energy future of the United States."
The Company
The primary focus of Southern States Power Company, Inc. is to develop, produce
and distribute alternative fuels, particularly biofuel, for use by consumers and
commercial businesses. While the demand for alternative fuels is great, there
are few producers ready to meet the growing need.
There are nearly 27 billion gallons of diesel consumed annually in the United
States alone, and an additional volume is consumed internationally. It is the
goal of the United States Department of Energy that 30% of petroleum based motor
fuel be replaced by alternative fuels by the year 2010. Federal and state fleets
are mandated to use up to 75% domestically produced alternative fuels.
Southern States Power is poised to capture a significant portion of the rapidly
expanding biodiesel market through an aggressive marketing plan as well as
contacts in government, business and industry. Tightening clean air standards
and growing fossil fuel costs are forcing private commercial fleets to look
toward alternative fuel products. Major biodiesel initiatives have been passed
in Arizona, Ohio, New Jersey, Nevada, Delaware and Iowa. More information can be
found at the company's website: www.sspowerco.com.
Safe Harbor
This news release may contain forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve a number of risks
and uncertainties, including the timely development and market acceptance of
products and technologies and other factors described in the company's filings
with the Securities and Exchange Commission. The actual results may differ
materially from any forward-looking statements due to such risk and
uncertainties. The company undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release.
CONTACT: TEL: 909/476-3575 Southern States Power Company, Inc.
Mark Taylor, (Investor Relations)
E-mail: ir@sspowerco.com
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(C) 2001 Market News Publishing Inc.
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KEYWORD: New York, New York
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