SSTP Signs Agreement for Commercialization of Green-Based Products
Tuesday December 11, 10:37 am ET
Company Receives $200,000 Initial Deposit
NATCHEZ, MS--(MARKET WIRE)--Dec 11, 2007 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) today announced it has signed a Memorandum of Understanding ("MOU") with Farmers Sustainable Energy International (FSEINT) located in Quincy, Illinois, for the proposed formation of a joint venture whose purpose is the conversion of feedstock to a variety of Green-based products. SSTP has received an initial $200,000 deposit of the $2,000,000 that will be required to implement the initial terms of the agreement.
The proposed joint venture is being established to leverage FSEINT farmers' crops to obtain the maximum dollar per acre utilizing principal harvest products and recycled non food grade spoilage, stover and residues as feedstock for SSTP's conversion into a variety of Green-based products. In order to maximize the various feed stocks, FSEINT will provide SSTP with both land and facilities for the production of cellulosic and non-cellulosic biofuels and Biogasoline, green-based organic fertilizers and soil treatments.
SSTP has received the initial deposit of $200,000 and is working to fulfill the initial terms of the MOU, which calls for 2 reactors and 10 SSTP biodiesel reactors to be shipped to a Northern Illinois facility that FSEINT will provide for the joint venture. Furthermore, upon start-up of the initial Biogasoline reactor, the MOU provides that FSEINT will advance the remaining $1,800,000 for further implementation of the MOU. FSEINT's responsibility is securing the necessary feedstock's from its own relationships, procuring government grants and further promoting the business of the joint venture.
Both parties are working on finalizing a definitive agreement as quickly as possible, and will report upon doing so.
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