JUPITER, FL, August 30, 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 MRS Holdings Limited, a corporation formed in the Federal Republic of Nigeria ("MRS"). MRS is headed by its President and major stockholder, Sayyu Dantata, an established business man and entrepreneur who, in 2008, steered MRS' acquisition of Chevron downstream operations and assets in West Africa, through its subsidiary Corlay Global S.A. Pursuant to the letter of intent, MRS will assist HAE in securing and developing commercial hydrokinetic water power projects in the littoral sovereign countries of West Africa, including but not limited to: Cameroun, Nigeria, Namibia, Angola, Benin, Togo, Ghana, Senegal, Liberia and Cote d' Ivory.
Mark Antonucci, co-founder and President of the Company, stated "We are very excited about partnering with MRS, which relationship, we believe, will give us a high profile opportunity to participate in addressing the needs of West African countries' electrical infrastructure. Our current and planned 'green technology' solutions for the development of sustained, reliable, cost-effective electric power generation utilizing hydrokinetic energy are just what is needed to complement the efforts of local West African governments currently underway to expand their electrical power generation. We look forward to contributing to such efforts."
Enrique Pallares, a Board Member of the Company and HAE's Director of Business Development, visited Nigeria last year to explore with Mr. Dantata and MRS business opportunities and ways to approach the West African market to develop electricity generation projects with hydrokinetic systems. Mr. Pallares stated "It is a very important milestone for HAE to have agreed on initial terms to work together with MRS in West Africa. Sayyu Dantata has achieved much success for his companies, and this new venture is planned to further add to his portfolio of successful business ventures. We are confident that the governments and the people of all the countries that we plan to work with, together with MRS, will benefit tremendously from this source of clean energy, which can serve as a catalyst for more steady business and economic growth."
Sayyu Dantata, President of MRS, stated "MRS Holdings Limited is delighted to partner with Hydro Alternative Energy in seeking to establish the generation of renewable energy in West Africa. Renewable energy fits our portfolio as an energy company and it shows our care for the people of Africa and our respect for the global environment. In our discussions with various West African Governments we have received tremendous support and therefore we will pursue our efforts to realize renewable energy with the highest priority."
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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