Look at SSPC. Monster volume last week. was up 200% and "filled the gap". Should be quite a week.
Saturday May 19, 5:02 pm Eastern Time
Press Release
Southern States Power Company's Biodiesel Production Facility Set for June Completion
Bush's National Energy Policy Promotes Use of Biodiesel
ONTARIO, Calif.--(BUSINESS WIRE)--May 19, 2001--Southern States Power Company, Inc. (OTCBB:SSPC - news) 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:
Southern States Power Company, Inc.
Mark Taylor, 909/476-3575 (Investor Relations)
ir@sspowerco.com |
