NEWS!!! SSTP/Pemco Energy Form "SSTP Europe"
Sustainable Power Corp. Enters Into Strategic Alliance With Pemco Energy AS to Form "SSTP Europe"
Tuesday July 1, 8:00 am ET
Pemco Energy AS Will Contribute Equity Cash Into SSTP Europe and Has Entered Into a Stock Subscription Agreement for 50,000,000 Restricted Shares in SSTP
BAYTOWN, TX--(MARKET WIRE)--Jul 1, 2008 -- Sustainable Power Corp. (Other OTCSTP.PK - News) is pleased to announce today that it has finalized a strategic alliance with Pemco Energy AS, a Norwegian-based corporation.
Pemco Energy AS ("Pemco") is part of the Pemco Group which is a European trading and industrial group with manufacturing, distribution and sale of oil and chemical based products. The group is represented in 18 countries, and has a major international profile. Pemco is headquartered in Oslo, Norway.
In the multifaceted agreement, SSTP and Pemco will form "SSTP Europe" to be the exclusive representative for SSTP across Europe. The joint venture intends to install, own and operate plants, produce and market green biofuels, including the use of biofuel for power generation, as well as generate green certificates. Pemco will be responsible for the setup of necessary organization to enable SSTP Europe to perform operations of all the plants across Europe, including setup of long-term contracts with power companies. Pemco, in close cooperation with SSTP, will seek to secure long term agreements of low-cost sustainable feed stock from major land areas in Eastern Europe, as well as network to South America, Australia, and Africa. The agreement further provides for the contemplated financing of SSTP Europe.
Furthermore, Pemco has entered into a stock subscription agreement for 50,000,000 restricted shares of SSTP stock for consideration of $2 million USD. Additionally, Pemco has agreed to contribute $6 million USD to the buildup of SSTP Europe.
Mr. Bjoern Knappskog, majority owner, President and Chairman of the Board of Pemco, stated, "We are pleased entering into this strategic alliance agreement and look forward to commercialize this new effective biocrude technology based on sustainable biomass sources across Europe."
John Rivera, Chairman of SSTP, stated, "The key personnel of Pemco have a long history of establishing successful international transactions. Collaborating with Pemco and Mr. Knappskog is a major milestone for Sustainable Power Corp. Pemco Energy AS has the experience, personnel, financial resources and 'green' background to bring about the successful commercialization of SSTP across Europe."
About Pemco Energy AS
Pemco Energy AS is part of the Pemco Group, which is a European trading and industrial group with manufacturing, distribution and sale of oil and chemical based products. The Group is represented in 18 countries, and has a major international profile. The Pemco Group realized revenues of approximately $500 million USD last year.
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