SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: February 7, 2000
SOUTHERN STATES POWER COMPANY, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-29536 33-0312389
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(Commission File No.) (IRS Employer
Identification No.)
830 Havens Road
Shreveport, Louisiana 71107
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(318) 221-5703
Item 1. Changes in Control of Registrant
On February 1, 2000, the shares in the Company formerly held by BAT
International, Inc. were cancelled due to nonperformance by BAT under the terms
of its agreement with the Company as set forth in Item 5 below. A total of
4,020,800 shares were cancelled. This amount represented 35% of the outstanding
shares of the Company.
Item 5. Other Events
After a lengthy series of negotiations with the management of BAT the
Board of Directors of the Company voted to enter into a settlement agreement
with BAT whereby BAT would surrender its stock held in SSPC due to lack of
performance under the terms of the original agreement between the two companies.
Pursuant to the terms of that agreement BAT was to provide technology and
prototype equipment employing their "pulse charge" system for use in SSPC
projects. Reasonable time extensions were granted to
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BAT by SSPC throughout the term of the agreement; however, it was apparent that
BAT would not be able to perform within those extended limits.
The negotiated settlement called for BAT to surrender its SSPC shares
to the Company treasury. The certificate representing the shares was forwarded
to the stock transfer agent and the agent effected the cancellation on February
1, 2000. This terminates the rights and obligations between the companies with
the sole exception that SSPC management agreed to consider the option of
accepting performance of the original terms by BAT in exchange for an
unspecified number of SSPC shares should BAT be able to perform at some future
time.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHERN STATES POWER COMPANY, INC.
By: s/ Heber C. Bishop
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Heber C. Bishop,
President
Dated: February 7, 2000
