RIVERSIDE, Calif., Jan. 22, 2004 (PRIMEZONE) -- Southern States Power Company, Inc. (Pink Sheets:SSPC), today announced that the Company has finalized an agreement to acquire 51% of the outstanding and issued stock of SunAmp Power Company, Inc., a leading regional solar energy provider with approximate gross revenues of $1.2 million in 2003. Details of the agreement are included in a Current Reports on Form 8-K filed today with the Securities and Exchange Commission.
Harrison A. McCoy, III, President and Chairman of Southern States Power Company, commented, "The acquisition of SunAmp Power Company, Inc. as a portfolio investment brings significant revenue generation to balance sheet of the Company, in addition to adding tremendous credibility to Southern States' portfolio of renewable energy businesses. SunAmp's status as a distributor for BP Solar, one of the world's largest solar equipment suppliers, as well as its established client base in Arizona, including existing completed solar power projects, should allow Southern States to expand its reach to additional renewable energy clients."
"With the financing power of a business development company, our alliance with Southern States should provide SunAmp the funding necessary to grow revenues, expand its business and properly execute a more comprehensive business strategy, including our efforts to bring exciting new proprietary and patent-pending technologies to the market," added John Walker, President of SunAmp, Inc.
Additional information on SunAmp, Inc. can be found at their website, www.sunamp.com.
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.