U.S. Sustainable Energy Corp. Clarifies and Corrects Press Release of November 16, 2006 Regarding Engagement of Oppenheimer & Co. Inc. as Investment Banker
NATCHEZ, MS, Nov 21, 2006 (MARKET WIRE via COMTEX) -- U.S. Sustainable Energy
Corp., A Nevada Corporation ("US Sustainable," "USSEC" or "the Company")
(PINKSHEETS: USSE), announced today a correction and clarification of a previous
press release issued on November 16, 2006.
In the November 16, 2006 press release, the Company announced that it retained Oppenheimer & Co. Inc. as its investment banker for a $50 million dollar Bond Financing for development of the Company's Biomass and Electric Generation Facility located in Natchez, Mississippi. This press release was preceded by the Company's receipt, on November 15, 2006, of an electronic document from Oppenheimer & Co. titled "Letter of Engagement" that outlined the working relationship between the Company and Oppenheimer discussed in the November 16, 2006 press release from the Company.
What was not apparent in the encrypted electronic document from Oppenheimer dated November 15, 2006, was a legend noting that the document was preliminary in nature, for discussion, and was not in final form. The legend was partially hidden from view but was able to be viewed when seen through certain computer commands including the "print preview" command. The Company failed to notice the legend and issued the November 16, 2006 press release. When Oppenheimer & Co. informed the Company about this matter, and after Oppenheimer and the Company communicated about this on Friday, November 17, 2006, the Company determined it best to clarify the status of its legal relationship with Oppenheimer & Co.
Oppenheimer has not been retained by the Company to provide services previously noticed in the November 16, 2006 press release. Regardless, the Company is still actively engaged in seeking out suitable associate firms to enable it to obtain financing in order to proceed with its Biomass and Electric Generation Facility located in Natchez, Mississippi.
About U. S. Sustainable Energy
USSEC holds patent-pending technology for a new breakthrough biofuel and carbon-based fertilizer. USSEC has successfully demonstrated the most cost-effective method of producing biofuel estimated at $.50/gallon according to exhaustive studies and independent Lab confirmation. The company has developed the process, units and catalyst that will transform agricultural biomass into biofuel and fertilizer. This technology offers a solution for foreign oil dependence, balancing industrial and agricultural concerns with environmental issues and stabilizing and eventually reversing global greenhouse gas emissions. USSEC's research and development has successfully demonstrated the core technology in its fully functional facility located in Port Gibson, MS. The company is currently pursuing fully scalable implementation and deployment at further locations. Unlike other biomass gasification, the USSEC process can operate at a variety of scale, converting even waste biomass into fuel and fertilizer. The fuel produced will ultimately be more valuable than ethanol or methanol, and the USSEC process can convert biomass materials at an efficiency that cannot be matched by currently planned operations. In addition, unlike virtually all other approaches for biomass to energy, which deplete soil nutrients, the USSEC process restores and enhances soil mineral and carbon content. As a direct result of this revolutionary approach to integrated energy and fertilizer production from biomass, the USSEC process effectively removes Greenhouse Gases from the atmosphere, and can do so profitably before the value of Green Certificates and Carbon Credits are considered.
For further information on the company, please visit ussec.us
For further information please contact:
Redwood Consultants, LLC
415-884-0348
InvestorInfo@RedwoodConsultants.com
SOURCE: U.S. Sustainable Energy Corp.
CONTACT: mailto:InvestorInfo@RedwoodConsultants.com
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