ONTARIO, Calif., Sept. 11, 2001 — Southern States Power Co. Inc. today announced that Lawrence W. Taggart has resigned as president, CEO and director of Southern States Power Co., effective Sept. 1, 2001.
Present officers and management have assumed additional duties, including William O. Sheaffer, former vice president of marketing, who has been appointed president and chief operations officer, and Harrison A. McCoy III, executive vice president, who has assumed the role of chief executive officer of the company.
Sheaffer, whose knowledge and experience in business operations will serve the company well, stated: “Larry Taggart was appointed president by the board of directors nearly two years ago and did an excellent job of directing and stabilizing the company as well as providing focus during a challenging period in the company’s history.
“Now that there are two established divisions within SPPC, it is appropriate to take the next step of defining and refining our internal organizational structure, which includes Taggart’s legal assistance and other business advisory services.”
McCoy, who has been the technical spokesperson and visionary for the company, will continue to contribute and fulfill a key role as chief executive officer. “Larry has provided a great service to the company, and we appreciate his tremendous effort and dedication,” McCoy added.
“We are pleased that there will be continuity in the leadership and direction of the company as he continues to serve in the capacity of legal adviser and business consultant.”
The company further stated that it is filing a full report under Form 8-K with the Securities and Exchange Commission regarding the changes in the management structure.
Southern States Power Co. is a fully reporting publicly traded company, whose core business is to develop, produce and distribute alternative fuels, particularly its OXyG Biodiesel. There are nearly 27 billion gallons of diesel consumed annually in the United States alone, and an additional volume is consumed internationally.
It is the goal of the United States Department of Energy that 30% of petroleum-based motor fuel is replaced by alternative fuels by the year 2010.
Southern States Power Co. has two synergistic divisions: one for the production and sale of biodiesel and the other devoted to the generation of power using alternative fuels. Tightening clean air standards and growing fossil fuel costs are forcing municipal and private commercial fleets to look toward alternative fuel products.
Major biodiesel initiatives have been passed at the federal and state levels across the United States.
More information can be found at the company’s Web site: www.sspowerco.com or by contacting Investor Relations at firstname.lastname@example.org.