NEWS!! Pemco, L Sole Team With SSTP
Sustainable Power Corp. Announces Cooperative Agreement With L.Sole' S.A. and Pemco BioSynergy AS Throughout "SSTP Europe"
Thursday July 10, 10:17 am ET
Sustainable Power Board of Directors Ratify and Approve Agreements to Establish SSTP Europe
BAYTOWN, TX--(MARKET WIRE)--Jul 10, 2008 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) is pleased to announce today that it has reached a cooperative agreement between Pemco BioSynergy AS, ("Pemco") a Norwegian-based corporation, and L.Sole' S.A. ("L.Sole'"). Furthermore, SSTP's Board of Directors has ratified and approved the immediate formation of SSTP Europe.
As previously announced, SSTP and Pemco have agreed to form "SSTP Europe" to be the exclusive representative for SSTP across Europe. The joint venture will install, own and operate plants, produce and market green biofuels, including the use of biofuel for power generation, as well as generating green certificates, grants and biosubsidies.
SSTP had previously granted to L.Sole' a worldwide license and a 10% joint venture position when replacing L.Sole's existing biomass boiler systems, some of which are operated by L.Sole' in Europe. To this regard, SSTP is pleased to announce that it has reached a cooperative agreement with Pemco and L.Sole' to engineer, procure and construct ("EPC") these systems through SSTP Europe.
The geographical territories covered in the agreement include all of Europe, Eastern Europe (including the Russia market), and Russia in its entirety, including that part of Russia that lies in Asia. The territories may be expanded in the near term to include other geographical areas targeted in Asia.
Mr. Bjoern Knappskog, majority Owner, President and Chairman of the Board of Pemco AS, stated, "Access to L.Sole's leading experience in production and installment of biomass powered facilities and its world-wide network was a key factor for Pemco when entering into the strategic alliance to form SSTP Europe. We are strongly motivated to effectively working in a close relationship with the L.Sole' Group and the SSTP team in the commercialization of SSTP Europe."
Daniel Sole, L'Sole's founder, stated, "We are excited to work closely with Pemco and SSTP in Europe. I will personally travel to Norway shortly with the SSTP team to begin work with Pemco on our first biocrude and power generation plants. SSTP has our full support as we embark on this exciting project across Europe and the rest of the world."
John Rivera, Chairman of SSTP, stated, "We are thrilled to bring Pemco and L'Sole engineers and specialists together in Europe under the SSTP Europe umbrella. Having two world powerhouse organizations working together is a tremendous accomplishment for Sustainable Power Corp. We are grateful for Mr. Sole's personal support and commitment to our project in Europe with Pemco. We will provide further updates as we complete each milestone in our mission to rid the world from the chokehold and dependence on fossil fuels."
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