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Southern States Power Enters Into Biodiesel Agreement With Rockland Materials
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Southern States Power Enters Into Biodiesel Agreement With Rockland Materials
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For Immediate Release:
Southern States Power Enters Into Biodiesel Agreement With Rockland Materials
The Company is Profiled in a Series of Interviews On UPTIC.com
ONTARIO, CALIFORNIA, Mar. 29 -/E-Wire/-- Southern States Power Co. Inc. (OTCBB:SSPC) announced Tuesday that it has a contractual agreement to provide 1.2 million gallons of biodiesel fuel to Rockland Materials of Arizona, the largest such agreement ever to be assigned.
The contract will allow Rockland's 100 heavy-duty diesel trucks to operate on environmentally friendly fuel without any changes to existing vehicle engines. SSPC has entered into additional contracts to provide other clients with biodiesel fuel for use in commercial vehicles and diesel generators.
A recent United States Supreme Court decision has reinforced the government's right to set clean air standards, and industry analysts believe that this will indirectly lead to heavier U.S. soybean oil use. Southern States Power recently announced that it was forming an alliance with the soybean farmers in Iowa to use 270 million gallons of soybean oil in biodiesel production.
In a unanimous vote, the court said Congress acted constitutionally in giving the U.S. Environmental Protection Agency (E.P.A.) power to set standards protecting the environment. The court's decision could mean more production of biodiesel fuel, a clean-burning diesel that will help industry and states meet clean air standards set by the E.P.A.
Small amounts of soyoil are now used in biodiesel but within three years as much as 2% of U.S. annual soyoil production might be used in its manufacture, according to analysts.
Harrison A. McCoy III, executive vice president and chief operating officer of Southern States Power Inc. commented, "This decision by the Court only confirms the company's belief that clean air regulations will continue to fuel the demand for biodiesel and other alternative fuels.'
The United States Department of Energy has begun a push to have 30% of petroleum-based motor fuel be replaced by alternative fuels by the year 2010, and the E.P.A. has designated biodiesel to be an alternative fuel. SSPC specializes in the production of biodiesel fuel made from a blend of vegetable products, such as soybean oil, with standard diesel fuel.
USDA tests show biodiesel to be less toxic than petroleum-based diesel fuel and the product of choice to reduce harmful emissions.
Southern States Power is currently one of the featured companies on UPTIC.com via streaming audio, and a full corporate profile can be accessed at the company's Web site at www.UPTIC.com. UPTIC.com is an investor resource Web site owned by American Benefits Group Inc. (OTC Pink Sheets:ABFG).
Its goal is to provide investors with current and relevant information on the major markets and to highlight emerging companies with large upside potentials. UPTIC has a partnership with bNet TV, Business Network Television, to provide streaming video and audio content.
The primary focus of Southern States Power Co. is to develop, produce and distribute alternative fuels, particularly biofuel, for use by consumers and commercial businesses. While the demand for alternative fuels is great, there are few producers ready to meet the growing need.
There are nearly 27 billion gallons of diesel consumed annually in the United States alone, and an additional volume consumed internationally. It is the goal of the United States Department of Energy that 30% of petroleum-based motor fuel be replaced by alternative fuels by the year 2010. Federal and state fleets are mandated to use up to 75% domestically produced alternative fuels.
Industry estimates are that the market for biodiesel fuel will be as high as 50 million gallons a year by 2003, virtually doubling in each subsequent year. Southern States is poised to capture a significant portion of this market through an aggressive marketing plan as well as contacts in government, business and industry.
Tightening clean air standards and growing fossil fuel costs are forcing private commercial fleets to look toward alternative fuel products. Major biodiesel initiatives have been passed in Arizona, Ohio, New Jersey, Delaware and Iowa. More information can be found at the company's Web site: www.sspowerco.com.
This news release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies and other factors described in the company's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risk and uncertainties. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Southern States Power Co. Inc.
Southern States Power Co. Inc., Ontario, Mark Taylor (investors), 909/476-3575, Fax: 909/476-3576, Email: [REDACTED-EMAIL]
http://http://www.UPTIC.com
http://http://www.sspowerco.com
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