HOUSTON, June 30, 2011 /CNW/ - SSP Offshore Inc. (the "Corporation")
announced today that it has completed an internal reorganization of its
intellectual property holding structure that has been in process over
the past several months. All intellectual property owned by the
Corporation has been transferred to a new wholly-owned subsidiary, SSP
Technologies Inc., incorporated in the Cayman Islands. SSP
Technologies Inc. will be the licensing entity for the SSP Offshore
group and will facilitate greater tax efficiency as the Corporation
commercializes its proprietary SSP floating platform technology.
The Corporation also announced that it has filed its audited financial
statements for the quarter ended March 31, 2011 along with the
Management's Discussion and Analysis relating thereto. The
Corporation's financial statements and accompanying disclosure
documents are available online at www.sedar.com.
In addition, the Corporation announced that the Board of Directors has
approved the granting of options to acquire 200,000 common shares to
its CEO in conjunction with its annual compensation review. The
exercise price of the options is US $0.15 per share with standard term
and vesting provisions.
About SSP Offshore Inc.
SSP Offshore is a public company listed under the symbol "SSZ" on the
TSX Venture Exchange. The Corporation is actively commercializing its
proprietary SSP® FPSO platform design in two formats: (i) SSP Base and
(ii) SSP Plus+. Visit the company's website at www.sspoffshore.com for more information.
* * * * *
The TSXV has neither approved nor disapproved of this press release.
* * * * *
SOURCE SSP Offshore Inc.
For further information:
PLEASE CONTACT; L. Daniel Wilson, President, at (403) 358-1110 (phone); (403) 887-7666 (fax); or firstname.lastname@example.org.