JUPITER, FL, June 11, 2010
/24-7PressRelease/ -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that it recently entered into its first binding letter of intent with the Municipal Government of San Cristobal County, located in the Galapagos Islands, Ecuador, to provide hydrokinetic energy for electric power production on such island and Puerto Baquerizo Moreno, the capital of the Galapagos Islands. Terms of the one year letter of intent call for the parties to negotiate a definitive agreement which will address technical, environmental, required governmental approvals, sourcing for project funding requirements, electric power pricing and related matters.
Mark Antonucci, HAE's co-founder and President, stated: "We are thrilled about executing our first binding letter of intent and partnering with the Municipal Government of San Cristobal County to develop this project. We believe that our current and planned 'green technology' solutions for the development of sustained, reliable, cost-effective electrical power generation systems utilizing renewable hydrokinetic energy will allow the island to successfully address its desired balance for considered growth and associated energy needs while being ever mindful of its stewardship over its beautiful, fragile ecosystem and environment. We have received a heartfelt, warm welcome from the local government and community, and look forward to working with our Ecuadorian partners to make this project a reality."
Enrique Pallares, a recently-elected new member of HAE's Board of Directors, who was instrumental in HAE procuring the letter of intent with the Municipal Government of San Cristobal County, was quoted as saying "I think this was a very important milestone for the Company. We had a clear strategy that included pursuing an agreement with one of the most fragile and observed natural reserves on the planet. We want to demonstrate how safe our technology is for the environment and so, are pleased to have the opportunity for the world-renowned Galapagos Islands to be the site of our first project. We are proud and excited to be a major part of the equation of bringing renewable, energy generation solutions to the Galapagos."
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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