Southern States Approved For Bio-Energy Subsidy
ONTARIO, Calif.-- 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: firstname.lastname@example.org.
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