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Microcap & Penny Stocks : BAAT - world records for electric vehicles with zinc-air -- Ignore unavailable to you. Want to Upgrade?

To: shashyazhi who wrote (2888)	3/18/1998 10:04:00 AM
From: Cosmo Kramer	Read Replies (1) \| Respond to of 6464

Wednesday March 18, 9:32 am Eastern Time Company Press Release B.A.T. Forms New Subsidiary in Electric Power Generation BURBANK, Calif.--(BUSINESS WIRE)--March 18, 1998--B.A.T. International (OTC:BAAT - news) has been planning for its entry into the power generation business for more than two years, and has now formed a new subsidiary company, Southern States Power Co. Inc. (SSPC). With deregulation of the utilities now taking place in California and many states soon to follow, B.A.T. management saw an opportunity for B.A.T. technology, which was developed for the transportation industry, to be applied to the power generation industry. With 20 years' experience as technical superintendant and manager for Con Edison of New York (one of the largest utilities in the United States), Joseph LaStella, president of B.A.T. International, saw this as a logical move for the company. Other B.A.T. management familiar with utility regulation issues and energy production agreed with this strategy. The new president of Southern States Power is Heber Bishop, who has extensive contacts in the power generation industry and is a board member and part owner of Magna Energy Systems. Magna Energy Systems is involved in several power generation ventures, including the planning and construction of a 90-megawatt power plant in Henderson, Nev., which was built at a cost of $108 million. The Henderson plant is one of the most successful co-generation facilities in the United States and has been generating power for Nevada Power for the past six years. B.A.T.'s new subsidiary, Southern States Power Co., has completed Phase 1 funding with the sale of 500,000 shares of SSPC stock at $2 per share for a total of $1 million. This represents the sale of 14 percent of SSPC stock. In Phase 1, SSPC plans to establish a model power generation facility (2 megawatts) in Louisiana to sell electricity. There are plans in Phase 2 to expand this facility to 20 megawatts. LaStella has spent a significant amount of time over the past year in Texas and Louisiana, negotiating long-term natural gas contracts and surveying possible site locations, with commitments in these areas expected within the next 60 days, which will complete Phase 1 planning. Southern States Power is now taking bids for larger power generation units (1MW & 2MW) from European suppliers. Uninterruptible Power Supply, gas distribution and other applications are also being evaluated. The deregulation of the utility industry provides significant opportunities for high-efficiency electric producers to sell power directly to utilities and blocks of customers. Southern States Power also plans to join with other independent power producers in joint ventures. These ventures will allow Southern States Power to incorporate advanced engine technology in power projects in the United States and international markets.