RIVERSIDE, Calif., March 23, 2004 (PRIMEZONE) -- Southern States Power Company, Inc. (Pink Sheets:SSTP), today announced that its ticker symbol was changed from SSPC to SSTP. In addition to the symbol change, the company reported favorable results from its annual shareholders meeting held on Monday, March 09, 2004.
At the shareholders meeting, out of a possible 246,443,633 shares issued and outstanding, an average of approximately 90 percent of the shares making up the quorum voted in favor of management's proposals, resulting in all of the proposals passing.
The major proposals that passed at the meeting were to amend the Company's Articles of Incorporation to approve an increase in the authorized shares of capital stock, to approve a 1 to 15 reverse stock split, to elect all members of the Board of Directors, to approve the company's new independent auditors, to approve a change in domicile of company from Delaware to Nevada, and to approve the employee stock option plan approved by the Board of Directors.
Harrison A. McCoy, III, CEO and Chairman of SSTP, stated, "By passing these proposals, the Company's shareholders have given us an overwhelming mandate to begin executing our plan to bring greater value to Southern States investment portfolio and assist our portfolio companies in fulfilling their business strategies. We are presently working toward, and expect to see, an improved financial performance in the third quarter ending October 2003 and look forward to keeping shareholders well informed of our progress via press communications and our corporate website, www.sspowerco.net. We greatly appreciate the continued vote of confidence by our shareholder base as we transition into what we anticipate to be an ambitious future for SSTP."
About Southern States Power Company, Inc.
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. Its most recent acquisition was an investment in SunAmp, Inc., a solar energy provider (www.sunamp.com).
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.