some interesting history thay might have some merit TODAY...?!
BAYTOWN, TX--(Marketwire - 02/17/10) - Sustainable Power Corp. (Pinksheets:SSTP - News) 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."
