SSTP FSEINT Execute Definitive Agreement
Sustainable Power Corp. and Farmers Sustainable Energy International Execute Definitive Joint Venture Agreement
Tuesday February 12, 11:23 am ET
Sustainable Power Corp. Receives Additional $100,000 Deposit
NATCHEZ, MS--(MARKET WIRE)--Feb 12, 2008 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) today announced it has signed a definitive Joint Venture agreement and it has received an additional $100,000 from Farmers Sustainable Energy International (FSEINT) located in Quincy, Illinois. The entities had previously executed a Memorandum of Understanding ("MOU") announced on December 11, 2007 sstp.us. As previously disclosed, the MOU between SSTP and FSEINT was to form a joint venture for the purpose of the conversion of feedstock to a variety of Green-based products. SSTP had previously received the initial $200,000 deposit of the $2,000,000 that was required to implement the initial terms of the agreement.
Scott Hoerr, Director of Sustainable Power Corp., stated, "We are excited to move forward with Sustainable Power Corp. We at Farmers Sustainable Energy International will begin to take a greater international role in helping farmers in foreign countries by supplying them and helping them apply modern feedstock farming techniques to the crops they currently produce. Our Baytown, TX facility was recently visited by Parlacen President Julio Gonzales Gamarra and H.D. Fernando Luna Waldheim from the department of engineering of Central American Parliament. We will be working with them closely in the weeks ahead to move our project to a bigger scale."
SSTP has now received a total of $300,000 from FSEINT and is working to fulfill the initial terms of the agreement, 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 agreement provides that FSEINT will advance the remaining $1,700,000 for further implementation of the agreement. FSEINT's responsibility is securing the necessary feedstocks from its own relationships, procuring government grants and further promoting the business of the joint venture.
The joint venture has 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.
biz.yahoo.com
. |
