Sustainable Power Corp. and Dominican Republic Officials Moving Forward to Develop and Commercialize Natural Resources
Thursday March 5, 8:00 am ET
BAYTOWN, TX–(MARKET WIRE)–Mar 5, 2009 — Sustainable Power Corp. (Other OTC:SSTP.PK - News) announced today that Mr. Octavio Lopez, the Secretary of State of Industry and Commerce, today executed, stamped and sealed a Memorandum of Understanding to develop and commercialize the natural resources of the Dominican Republic under the control of his office. Mr. Lopez had met with the Company at the Company’s facilities in Baytown on February 7 through February 9 and witnessed and assisted with production of biofuel products through the Company’s reactors.
The Dominican Republic is the biggest economy in the Caribbean and has plentiful resources including nickel, bauxite, gold and silver. With a GDP of $85.4 billion (estimated 2007) and $6.881 billion in exports, the country offers amazing opportunities to employ the SSTP process.
Because it must import all of its petroleum, one of the country’s biggest issues is a lack of sufficient electrical power which currently results in shortages throughout the country. An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Three regional electricity distribution systems were privatized in 1998 with two of them repurchased in 2003. The third is currently operated by U.S. concerns and is 50% U.S.-owned. The World Bank records that substantial electricity distribution losses have continued for these entities. Some generating companies are under-capitalized and at times unable to purchase adequate fuel supplies. Upon implementation of the SSTP process for biomass and garbage to turn into electricity, we believe and our partners in Dominica believe that SSTP can eliminate that weakness.
M. Richard Cutler, SSTP CEO, advised, “After our visit to the Dominican Republic three weeks ago, we are excited to have this opportunity to grow and develop our technology in conjunction with the Secretary of State and others in the Dominican Republic. We have met with numerous government officials during our latest visit including a recent head of state. The level of desire in the Dominican Republic for the implementation of our technologies brings us opportunities to both grow our company and assist this vibrant country. We have support from the very highest government levels. We at Sustainable Power intend to push forward quickly with this growing sovereignty with its fuel and power needs as we implement our technologies in numerous industries there.”