SSPC - The Business Press, Ontario, Calif., Executive Summary Column
Jun 04, 2001 (The Business Press - Knight Ridder/Tribune Business News via
COMTEX) -- TOP STORIES: Southern States Power Co. Inc. (OTC BB: SSPC) in Ontario
has formed an energy division aimed at meeting the increasing demand for
biodiesel fuel. Southern States' energy division will concentrate on the growing
market for stationary power generation, while still supplying fuel to mobile
customers like truck and bus fleets, according to a company statement. Southern
States also announced it has completed successful leak tests at its Coachella
Valley Biodiesel Production Facility in Coachella. Production is scheduled to
begin June 11. Company officials said interest in the product continues to build
in the wake of tightening energy supplies.
GOVERNMENT: Assemblyman Bill Leonard, R-Rancho Cucamonga, has dropped a bill
that would have increased property taxes on businesses. AB 1013 would have
required that the value of a corporation's real property be reassessed when 50
percent or more of the company's stock cumulatively changed ownership. Leonard,
whose bill was strongly opposed by the state's business community, said he
abandoned the measure because he found no evidence that commercial property
owners have taken advantage of state law to the detriment of residential
property owners.
POWER: A hydroelectric generating plant began operations at Diamond Valley Lake
in Hemet May 30, a year ahead of schedule. Officials say the facility will
generate power for 13,000 households initially and 40,000 next year. The plant
is the first new hydroelectric generator in California in six years, according
to the California Energy Commission.
PUBLIC COMPANIES: Riverside-based Fleetwood Enterprises Inc. (NYSE: FLE), a
maker of mobile homes and manufactured housing, recently had its stock upgraded
from "market perform" to "buy" by First Union Securities Inc. of Charlotte, N.C.
St. Louis-based AG Edwards downgraded Keystone Automotive Industries Inc.
(Nasdaq: KEYS) in Pomona, the largest distributor of aftermarket automotive
parts in the United States, from "accumulate" to "maintain position."
MEDIA: Triangle Multi-Media Limited Inc. (OTC BB: QBID) in Palm Springs has
acquired all television rights from Co-Media Inc. to broadcast gay and lesbian
television programming.
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