That's B.S.!! It was settled over 5 years ago.
Sustainable Power Corp. Settles Litigation With Borneo Energy Sendirian Berhad
BAYTOWN, TX -- (MARKET WIRE) -- 02/17/10 -- Sustainable Power Corp. (PINKSHEETS: SSTP) today announced that it has resolved all outstanding litigation with Borneo Energy Sendirian Berhad.
Michael Garjian, Chairman of Sustainable Power, advised, "One of my first objectives as Chairman of the Board of SSTP was to determine the facts which led to a lawsuit between Borneo Oil Sendirian Berhad and Sustainable Power Corp. In 2008, as a result of efforts by SSTP board member Scott Hoerr and Borneo's Mr. Edmond Soo, both parties set forth on a path to a mutually beneficial collaboration.
"With the involvement of the independent third party Texas A&M, additional corporate leadership, and a review of the facts, both parties sought to re-evaluate the past, extricate themselves from a time consuming and wasteful litigious situation, and look to the future. As a result, both SSTP and Borneo have agreed to drop their lawsuits, SSTP agreed to issue Borneo an agreed upon amount of stock in consideration for all proceeds previously remitted, and both parties agreed to mutual releases from past events while leaving the door open for future interactions with the possibility of extending the SSTP process at some point into Malaysia.
"I extend my sincere thanks to SSTP Board Member Scott Hoerr, Edmond Soo and Joseph Lee of Borneo, and SSTP counsel and CEO M. Richard Cutler for their help in resolving this situation and I look forward to further communications with the principals of Borneo."
About Sustainable Power Corp.
Sustainable Power Corp (PINKSHEETS: SSTP) is a green energy provider focused on environmentally safe biofuels (Vertroleum(R)), biogases, and biochar. The company has an exclusive license in the United States for a renewable fuel source able to be produced from non-food organic feed stock. 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: Sustainable Power Corp. info@sstp.us
