RIVERSIDE, Calif., March 3, 2004 (PRIMEZONE) -- Southern States Power Company, Inc. (Pink Sheets:SSPC), today announced that its subsidiary, SunAmp Power Company, Inc., a leading regional solar energy provider, has reached an initial agreement to acquire 24% of NativeSUN, an established Native American solar energy company with offices in Arizona and Colorado.
NativeSUN, originally known as the Hopi Solar Electric Enterprise, is one of the oldest Native American solar energy companies and has installed over three hundred of solar electric systems on Hopi and Navajo reservations. To foster a more effective collaborative relationship between the two companies, NativeSUN has established a satellite office in the SunAmp building and will use their expertise to install and maintain SunAmp's energy production systems.
John Walker, CEO of SunAmp, Inc., commented, "NativeSUN has been a pioneer in the design and installation of submersible water pumping and home electric systems, and we look forward to working closely with NativeSUN to expand the installation of remote home systems, grid-tied systems, solar lighting, and many varieties of water pumping systems. While its expertise in the solar energy business is virtually unparalleled, we also admire the way in which NativeSUN has managed to improve the lives of thousands of Hopi and Navajo people by installing environmentally responsible electric power where there had previously been none."
Harrison A. McCoy, III, President and Chairman of Southern States Power Company, commented, "The NativeSUN agreement with SunAmp represents a significant step forward in the growth of the company. This is part of the overall approach of developing renewable energy resources on tribal lands and meeting the minority vendorship programs of major Fortune 500 companies, public utilities, federal and state renewable programs. Southern States Power Company plans to aggressively pursue these opportunities with SunAmp and NativeSUN. It is also heartening to see the federal government recognizing the importance that alternative fuel, particularly biodiesel and renewable energy resources will play in the energy future of the United States."
Additional information on SunAmp, Inc. can be found at their website, www.sunamp.com.
Additional information on NativeSUN can be found at their website, www.nativesun.biz.
About Southern States Power Company, Inc. (website: www.sspowerco.net) Southern States Power Company is a business development company whose core focus is to invest in revenue-generating alternative energy businesses in areas such as solar, wind, and biomass, and provide the revenue necessary for these companies to execute their business plans.
All statements included in this release, including, without limitation, statements regarding potential future plans and objectives of Southern States Power Company, are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond the Southern States Power Company's control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially depending on many factors, including those described above. Southern States Power Company cautions that historical results are not necessarily indicative of the future performance.