The SpendSmart Payments Co (SSPC)

[Wise Investment]

(BSNS WIRE) Southern States Power Co. Receives Approval For Up To $7.5 Mill
Southern States Power Co. Receives Approval For Up To $7.5 Million Feedstock
Subsidy Under U.S. Department of Agriculture Bio-Energy Program


Business Editors

ONTARIO, Calif.--(BUSINESS WIRE)--Feb. 12, 2002--Southern States
Power Co. Inc. (OTCBB:SSPC) today announced that the company has
received notification that its application has been approved for the
2002 United States Department of Agriculture Bio-Energy Subsidy
Program (CCC-850).
As a result of the growing national interest of developing
renewable energy sources, the U.S. government initiated this program
to support renewable fuel production. Under the subsidy, the company
will be reimbursed quarterly for purchases of bio-based feedstock used
in the production of biodiesel.
Harrison A. McCoy III, CEO of Southern States Power Co.,
commented, "Approval of the company's application represents an
important step in development of Southern States as a biodiesel
producer and is another milestone in its expanding corporate strategy,
putting Southern States in an ideal position to capture a substantial
portion of the regional market.
"This program also assists U.S. efforts to establish homeland
energy security and shift payments from foreign oil interests to
America's farmers, assisting in the overall health of domestic
agriculture," McCoy added.
All biodiesel produced from soy oil by Southern States Power Co.
for fiscal year 2002, up to a maximum amount of $7.5 million, will be
eligible under the Bio-Energy subsidy program. The subsidy includes
biodiesel produced from the Coachella joint venture plant, as well as
any soy-based biodiesel produced at planned facilities in Reno, Nev.,
Phoenix, and Sacramento, Calif.

About Southern States Power Co.

Southern States Power Co. is a fully reporting publicly traded
company, whose core business is to develop, produce and distribute
alternative fuels, particularly its OxEG Biodiesel. Southern States
Power Co. has two synergistic divisions: one for the production and
sale of biodiesel and the other devoted to the generation of power
using alternative fuels.
Tightening clean air standards and growing fossil fuel costs are
forcing municipal and private commercial fleets to look toward
alternative fuel products. Major biodiesel initiatives have been
passed at the federal and state levels across the United States.
More information can be found at the company's Web site:
www.sspowerco.net or call 909/476-3575, or e-mail Investor Relations
at: [e-mail].

Safe Harbor Statement

The foregoing news release may include numerous forward-looking
statements concerning the company's business and future prospects and
other similar statements that do not concern matters of historical
fact. The federal securities laws provide a limited safe harbor for
certain forward-looking statements. Forward-looking statements in this
press release relating to product development, business prospects, and
development of a commercial market for technological advances are
based on the company's current expectations. The company's current
expectations are subject to all of the uncertainties and risks
customarily associated with new business ventures including, but not
limited to, market conditions, successful product development and
acceptance, competition and overall economic conditions, as well as
the risk of adverse regulatory actions. The company's actual results
may differ materially from current expectations. Readers are cautioned
not to put undue reliance on forward-looking statements. The company
disclaims any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information,
future events or for any other reason.

--30--EZ/np* JP/np

CONTACT: Southern States Power Co., Ontario
Steve Peacock, 909/476-3575
Fax: [phone]
E-mail: [e-mail]

KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: ENERGY
SOURCE: Southern States Power Co.

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