SSTP Signs For $10 Million In Bridge Capital:
Sustainable Power Corp Announces That Baytown Green Energy Consortium Has Signed an Agreement With Biofuels Capital Partners to Secure Up to 10MM in Bridge Capital
Thursday January 3, 8:00 am ET
NATCHEZ, MS--(MARKET WIRE)--Jan 3, 2008 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) announced today that an agreement has been signed between Biofuel Capital Partners and Baytown Green Energy Consortium. Baytown Green Energy Consortium was previously announced as the name for SSTP's Baytown, TX project.
Biofuel Capital Partners will attempt to procure from a reputable lending source, on a best efforts basis, debt and mezzanine financing in an amount up to ten million dollars, to be secured by contracts, accounts receivable, inventory, equipment, real estate and other assets of the Company, and such other collateral as may be required. The term of this agreement shall be for a term of (90) days from the effective due date hereof, and may be extended as may be mutually agreed upon by both parties.
Sustainable Power Corp CEO, Keith Mazer stated, "We're very excited to have the opportunity to do business with Biofuel Capital. They're knowledgeable, focused and energetic in the biofuels field. We find their terms very favorable and expect a quick result." Mr. Mazer added, "The board of directors opted not to do equity financing at current stock prices and therefore did not ratify the unilaterally signed contract with Blue Harbor Energy. The debt and mezzanine financing will not dilute our stockholder base."
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