NEWS RELEASE: Feb 29, 2008
BAYTOWN, TX
MARKET WIRE
Sustainable Power Corp. (PINKSHEETS: SSTP) today announced that Malaysian-based
Borneo Energy Sendirian Berhad (BOE), a wholly owned subsidiary of Borneo Oil
and Gas Corporation Snd Bhd (a subsidiary company of Borneo Oil Berhad) (KLSE:
BORNOIL) has entered into a Share Subscription Agreement ("Agreement") with
Sustainable Power Corp. to purchase 50,000,000 restricted shares of SSTP. The
initial deposit required per the Agreement has been received by
Sustainable Power Corp. On the same date, Sustainable Power Corp. also
entered into a technical collaboration term sheet with BOE
("Technical Collaboration").
The Agreement for the Technical Collaboration will be implemented in two stages.
Stage One entails the immediate fabrication and successful commissioning of a
mini biofuel reactor in Malaysia to undertake trial production of biofuel using
Malaysian-sourced feed stocks such as palm oil, fresh fruit bunches or waste,
coconuts, wood chips and other industrial waste. The site in Malaysia will be
determined by BOE. Stage Two entails the fabrication and successful
commissioning of commercial type biofuel reactor plant(s) across Malaysia
and Indonesia.
All project costs for both Stages 1 and 2 shall be funded by BOE. All technical
know-how and training shall be provided by SSTP at no cost. BOE shall send 6
technical staff for training at SSTP's facilities in the USA. Stage One shall be
for a period of 6 months from the date of successful commissioning of the mini
biofuel reactor and Stage Two shall be turnkey within 18 months from the
commencement of Stage 1.
Scott Hoerr, Director of SSTP, stated, "We are ecstatic to have identified the
availability of non-food feedstock in large enough quantities to have a
significant impact on the alternative fuel markets. We believe the introduction
of SSTP in Malaysia is a major step towards replacing the world demand for
petroleum-based products and helping the world ecosystem."
About Borneo Oil Berhad
Borneo Oil Berhad, an investment holding company, engages in operating and
franchising restaurants in Malaysia. The company is involved in the operation of
fast food restaurants, food processing and catering services, as well as
supplying related raw material products. It also engages in trading machinery,
spare parts, and phone cards. The Company also manages and operates resorts
and provides management and technical services to the oil & gas industry as well
as other energy related businesses. Furthermore, the company engages in
investing in managing and renting real estate properties and projects. Borneo
Oil Berhad also provides incentive shopping programs to participating retail
shops. The company, which is based in Sarawak, Malaysia, was founded in 1979. It
was formerly known as Sugar Bun Corporation Berhad and changed its name to
Borneo Oil Berhad in January 2007.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy service provider
focused on environmentally safe power generation. The company has the exclusive
rights to develop and manage a portfolio of green power plants utilizing a USSEC
biofuel discovery, a renewable fuel source able to be produced from one-fifth of
the soybean acreage traditionally associated with biodiesel. For more
information please visit www.sstp.us.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. When
used in this press release, the words "anticipate," "believe," "estimate,"
"may," "intend," "expect" and similar expressions identify such forward-looking
statements. Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on the
expectations of the Company and are subject to a number of risks and
uncertainties. These include, but are not limited to, risks and uncertainties
associated with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor performance,
the impact on the national and local economies resulting from terrorist
actions, and U.S. actions subsequently; and other factors available from
the Company.
Investor Contact: Redwood Consultants, LLC 415-884-0348
SOURCE: Sustainable Power Corp.
Set your desire to Eternal Riches, the true riches.
AI
