SOURCE: Sustainable Power Corp.

February 29, 2008 08:45 ET

Borneo Energy Sendirian Berhad Acquires Equity Interest in Sustainable Power Corp.

Sustainable Power Corp. and BOE Have Entered Into a Technical Collaboration

BAYTOWN, TX--(Marketwire - February 29, 2008) - Sustainable Power Corp. (PINKSHEETS: SSTP) today announced that Malaysian-based Borneo Energy Sendirian Berhad (BOE), a wholly owned subsidiary of Borneo Oil and Gas Corporation Snd Bhd (a subsidiary company of Borneo Oil Berhad) (KLSE: BORNOIL) has entered into a Share Subscription Agreement ("Agreement") with Sustainable Power Corp. to purchase 50,000,000 restricted shares of SSTP. The initial deposit required per the Agreement has been received by Sustainable Power Corp. On the same date, Sustainable Power Corp. also entered into a technical collaboration term sheet with BOE ("Technical Collaboration").

The Agreement for the Technical Collaboration will be implemented in two stages. Stage One entails the immediate fabrication and successful commissioning of a mini biofuel reactor in Malaysia to undertake trial production of biofuel using Malaysian-sourced feed stocks such as palm oil, fresh fruit bunches or waste, coconuts, wood chips and other industrial waste. The site in Malaysia will be determined by BOE. Stage Two entails the fabrication and successful commissioning of commercial type biofuel reactor plant(s) across Malaysia and Indonesia.

All project costs for both Stages 1 and 2 shall be funded by BOE. All technical know-how and training shall be provided by SSTP at no cost. BOE shall send 6 technical staff for training at SSTP's facilities in the USA. Stage One shall be for a period of 6 months from the date of successful commissioning of the mini biofuel reactor and Stage Two shall be turnkey within 18 months from the commencement of Stage 1.

Scott Hoerr, Director of SSTP, stated, "We are ecstatic to have identified the availability of non-food feedstock in large enough quantities to have a significant impact on the alternative fuel markets. We believe the introduction of SSTP in Malaysia is a major step towards replacing the world demand for petroleum-based products and helping the world ecosystem."

About Borneo Oil Berhad

Borneo Oil Berhad, an investment holding company, engages in operating and franchising restaurants in Malaysia. The company is involved in the operation of fast food restaurants, food processing and catering services, as well as supplying related raw material products. It also engages in trading machinery, spare parts, and phone cards. The Company also manages and operates resorts and provides management and technical services to the oil & gas industry as well as other energy related businesses. Furthermore, the company engages in investing in managing and renting real estate properties and projects. Borneo Oil Berhad also provides incentive shopping programs to participating retail shops. The company, which is based in Sarawak, Malaysia, was founded in 1979. It was formerly known as Sugar Bun Corporation Berhad and changed its name to Borneo Oil Berhad in January 2007.

About Sustainable Power Corp.

Sustainable Power Corp. is an international green energy service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green power plants utilizing a USSEC biofuel discovery, a renewable fuel source able to be produced from one-fifth of the soybean acreage traditionally associated with biodiesel. For more information please visit 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.

Contact Information

  • Investor Contact:
    Redwood Consultants, LLC
    415-884-0348