USSE unreal! But par for the course on the pinkies!
U.S. Sustainable Energy Corp. Terminates Agreement With United Ethanol Group, Inc.
U.S. Sustainable Energy (PINKSHEETS: USSE) -- In accordance with the terms of a Technology Licensing and Distribution Agreement dated as of February 21, 2007 (the "Agreement") by and between U.S. Sustainable Energy Corp. (USSE) and United Ethanol Group, Inc. (currently legally named Originally New York, Inc."ONYI") (Bulletin Board: ONYI ), USSE announced today that it elected to terminate the Agreement because of substantial fraud and failures discovered in connection with the representations and warranties of ONYI in the Agreement and other matters relative to the ongoing operations of ONYI.
In particular, and without limitation to other matters, USSE has determined that ONYI has not complied with applicable reporting obligations of the United States Securities and Exchange Commission in connection with numerous prior transactions and that there are material misstatements and omissions in such filings. As a consequence, ONYI's reporting obligations under applicable securities laws and the Sarbanes-Oxley Act's requirements have failed and may lead ONYI to potential liability to shareholders and regulators for such violations. As a consequence, USSE terminated the Agreement ab initio.
Furthermore, USSE terminated any and all relations, operations and/or funding for ONYI. USSE and its officers and directors are currently reviewing numerous matters with respect to ONYI and indicated that they have reserved the right to seek restitution and other damages from ONYI. In its notice, USSE demanded immediate return of any and all funding delivered to ONYI in connection with the fraudulent Agreement and prior negotiations.
About U.S. Sustainable Energy Corp.
U.S. Sustainable Energy offers a revolutionary new energy process that creates three times more fuel per feedstock unit than any other biofuel process. The company has engineered the first bio-renewable fuel able to serve as a replacement to diesel, with none of the negative traits associated with competitive green fuels. The USSEC biofuel is furthermore created at a nominal cost as the byproduct of producing organic fertilizer from recycled waste products, a discovery made during research into agricultural biomass now known as the "Rivera Process." The technology offers a solution to foreign oil dependence, significant reduction to the cost of electricity and ethanol production, and the eventual reversal of greenhouse gas emissions.
Management and current operations are focused on leveraging the superior performance and low cost of the fertilizer, biogas and biofuel within bundled plant operations, turnkey energy contracts, ethanol production, and other critical applications that rely on energy as a major cost component. For more information please visit www.ussec.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
Jens Dalsgaard
415-884-0348
