SOURCE: South Shore Resources Inc.

October 15, 2010 16:01 ET

South Shore Resources Updates Status of LOI: $44 Million for Exclusive Licensing of Its Intellectual Property

PROVIDENCIALES, TURKS and CAICOS--(Marketwire - October 15, 2010) -  South Shore Resources Inc. (PINKSHEETS: SSHO) (FRANKFURT: SXB) (WKN: A0LD9H) wishes to announce that further to its press release dated August 13, 2010 whereby it had received a letter of intent (LOI) pursuant to which a private Ontario company headed by Mr. Erich Genseberger wished to purchase for $44 million, an exclusive 20 year license for use of our intellectual (Hydrogen on Demand) property, the Company has been advised and has determined not to pursue a definitive agreement with Mr. Genseberger at this time.

South Shore believes that its HyProStar Series of Hydrogen Generating Modules are an obvious aftermarket alternative to Rising Fuel Prices and Harmful Greenhouse Gases. 

To learn more about the HyProStar Hybrid Conversion Kit, please visit: www.southshoreresourcesinc.com or www.hyprostar.com.

About South Shore Resources Inc.:
South Shore Resources Inc. is a company engaged in the development of products which are committed to the reduction of harmful greenhouse gases and fuel savings with the use of Hydrogen Generating Modules and related accessories to the transportation and automotive industries which are either in development and/or the commercialization stages.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements involve known and unknown risks, uncertainties and other facts that could cause the actual future results of the Company to be materially different from such forward-looking statements. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update or revise the information contained in any such forward-looking statements, whether as a result of new information, future events or otherwise.

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