1 Billion Shares Locked Up
Monday December 10, 3:19 pm ET
Insiders' Confidence
NATCHEZ, MS--(MARKET WIRE)--Dec 10, 2007 -- U.S. Sustainable Energy Corp. (Other OTC:USSE.PK - News) announced today that it has entered into a two-year lock-up agreement with Sustainable Power Corp. (Other OTC:SSTP.PK - News) regarding shares that were issued to USSEC in a previously announced transaction. (http://www.ussec.us/news-98.html)
Pursuant to the agreement, in April 2007, SSTP issued to USSEC 641,000,000 restricted shares of SSTP in exchange for an exclusive worldwide license to distribute the U.S. Sustainable Energy Corp. recycled renewable biofuel engineered from USSEC's bio-waste products derived from its fertilizer process from soybeans. As the exclusive provider of USSEC biofuel derived from USSEC's bio-waste by-products, Sustainable Power Corp. compensated USSEC with restricted shares of SSTP common stock that USSEC placed in the treasury.
Effective today, USSEC has agreed, for a period of at least two years from today, to not transfer, sell or otherwise dispose of any of the 641,000,000 shares of SSTP that it was granted and holds today as a result of the license agreement executed in April 2007. Insiders have agreed to make up the balance of the one billion shares.
John Rivera, CEO of USSEC, stated, "We are elated with the progress we have made in recent months and are very anxious to see phase one of the Baytown Green Energy Consortium come online. We have high expectations of seeing this happen by Christmas."
The shareholders of USSEC potentially will benefit from this transaction through the anticipated appreciation in the SSTP shares as sales of the biofuel commence to the power generation markets. It is expected that the shareholders of SSTP will benefit from the sale of electricity and fuel, as well as the Green Certificates and/or Emission Reduction Credits they may receive from the appropriate state and/or federal governmental agencies for supplying its clean energy solutions.
"Obtaining the license to acquire the bio-waste products from USSEC to produce and distribute recycled renewable biofuel is a monumental step in SSTP becoming a leading supplier of alternative fuels. Further, by providing environmentally friendly alternatives to the energy markets, we also enable our country to work toward energy independence," stated John Rivera, Chairman of Sustainable Power Corp.
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