JUPITER, FL, May 26, 2010
/24-7PressRelease/ -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that it has entered into a binding three year letter of intent with Groupe Financier de l'Union, S.A., a Haitian corporation ("GFU") headed by Richard Sassine, a well-established Haitian entrepreneur. GFU is part of the Sassine Group, which diversified its activities in 2008 to meet the challenges of infrastructure projects in Haiti and has committed to assist HAE in securing and developing commercial hydrokinetic "water power" projects in Haiti.
Mark Antonucci, HAE's co-founder and President, stated "We are very excited about partnering with Groupe Financier de l'Union and such a relationship, we believe, will give us the high profile opportunity to participate in addressing the needs and rebuilding of Haiti's critical infrastructure. Our current and planned 'green technology' solutions for the development of sustained, reliable, cost-effective electrical power generation systems utilizing hydrokinetic energy are just what is needed to complement the worldwide efforts currently underway to bring Haiti forward into the 21st century. We look forward to our participation in this inspiring and ongoing humanitarian effort."
Enrique Pallares, a recently elected new member of HAE's Board of Directors who was instrumental in HAE procuring the letter of intent with GFU, was quoted as saying "Groupe Financier de l'Union, led by Mr. Richard Sassine, is without any doubt the best partner that any company desiring to develop services within Haiti can get. We are proud and excited to be represented by GFU and we hope we can very soon bring energy generation solutions that will take Haiti to a stable and steady pace of development."
Richard Sassine, GFU's Chairman, was quoted as saying, "Introducing the technologies developed by HAE for clean power generation in Haiti should play an important role not only in meeting Haiti's energy shortfalls, but also in introducing to the world energy market a natural, viable and affordable alternative energy source."
Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company's planned products and services; the performance of the Company's technology; the Company's ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
Hydro Alternative Energy, Inc
www.HydroAlternativeEnergy.com
561-900-7200
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Press Release Keywords:- hydro alternative energy, hydro, alternative energy, hydroelectric, hydrokinetic, tidal power, renewable energy, green energy, clean energy, florida alternative energy, water power, tidal turbine, turbines, ocean energy, carbon free, solar power, windmills, turbine farms
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