Sustainable Power Corp. Forms Dominican Republic Company
BAYTOWN, TX–(MARKET WIRE)–Mar 25, 2009 — Sustainable Power Corp. (Other OTC:SSTP.PK - News) announced today the formation of Rhino Evergreen International S.R.L.: a Dominican limited liability company. Rhino Evergreen will be the entity which implements the Company’s core technologies in the Dominican Republic and is licensed with the Vertroleum(TM) technology, the Sustainable Produce Technology and the Emissions Remediation Technology. Rhino Evergreen has already commenced construction on its first plant on property donated by one of its key partners in the Dominican Republic. This project will be financed entirely through SSTP’s Dominican partners, with the precise acreage and amount of financing to be announced upon completion of accounting and definitive final documentation.
Sustainable Power Corp. holds 35% of the equity interest in Rhino Evergreen with key Dominican finance partners holding the balance. SSTP will have no obligation to fund this entity which will finance 100% of its planned operations through other partners.
“Our partners in the Dominican Republic completely understand the value of our technology and stand ready not only to immediately commence operations, but to provide 100% financing for everything we will do there,” said M. Richard Cutler, CEO of SSTP. “They have already pushed us to move forward with our first project which we have commenced. When the government gets behind a project, and affirmatively pushes key private sector partners, things happen very fast. We anticipate significant cash flow and profitability to SSTP from these projects in the very near term.”
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy total service provider focused on environmentally safe power generation. The company has the exclusive rights in the United States to develop and manage a portfolio of green energy plants utilizing a renewable fuel source able to be produced from non-food feed stock. For more information please visit www.SustainablePowerCorp.us.