updated 10/28/2010 10:15:59 AM ET 2010-10-28T14:15:59

BOISE, Idaho, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI), a developer and marketer of innovative clean energy sources based in Eagle, Idaho, today announced a funding facility, Securities Purchase Agreement, with Source Capital Group, Inc. for the committed purchase of up to 170 million shares of common stock which is approximately $120 million today to cover payments for land, water rights, engineering work and Nuclear Regulatory Commission (NRC) application fees to obtain a combined construction and operating license (COL) for building and operating a nuclear power plant in Payette County, Idaho.

"Under the terms of the agreement we can draw upon the funding facility as needed for up to three years, which will allow us to effectively deploy capital following local approval in Idaho while minimizing dilution to shareholders. This facility is very timely as we expect the local approval process to be finished within the next few months," said Don Gillispie, AEHI CEO.

The proposed plant has received overwhelming approval at previous hearings in Payette County, Idaho and has been given endorsements from every mayor in the county as well as the Payette and Fruitland Chambers of Commerce.

"We hope our success in Payette will become a model for other companies to seek out and build new nuclear power plants on greenfield sites. As a long-time executive in the nuclear industry, it has become clear that nuclear is needed. It is the only method for producing baseload power that is both inexpensive and clean. In the past, only massive utilities had the resources and wherewithal to undertake such a project. However, as an independent company with committed site funding, we are defining a new paradigm whereby nuclear plants can be deployed in a cost effective way, without passing on the capital costs to rate payers," said Gillispie.

Source Capital's obligations to purchase shares are subject to AEHI obtaining a registration statement for the shares of common stock.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Source Capital Group, Inc. (www.sourcegrp.com) -- Source Capital Group, Inc. is a full-service financial institution, specializing in middle-market investment banking transactions, distressed and high yield debt securities, investment management, mortgages, and business lending. Source has provided equity, debt, and structured finance solutions to both public and private companies in a variety of industries, including energy, oil and gas, telecommunications, technology, biotech, and consumer goods. Source Capital Group, Inc. was founded in 1992 and is headquartered in Westport, Connecticut, member FINRA / SIPC.

About Alternate Energy Holdings, Inc. (http://www.AlternateEnergyHoldings.com) -- Alternate Energy Holdings develops and markets innovative clean energy sources. The company is the nation's only independent nuclear power plant developer seeking to build new power plants in multiple non-nuclear states. Other projects include Energy Neutral(TM), which removes energy demands from homes and businesses (http://www.EnergyNeutralinc.com) Colorado Energy Park (nuclear and solar generation), and Green World Water(TM), which assists developing countries with nuclear reactors for power generation (http://www.GreenWorld-H2O.com), production of potable water and other suitable applications. AEHI China, headquartered in Beijing, develops joint ventures to produce nuclear plant components and consults on nuclear power.

The Alternate Energy Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8058

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate," "project," "target," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events, including our ability to list on a national securities exchange. These statements are based on the beliefs of our management as well as assumptions made by and information currently available to us and reflect our current view concerning future events. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: our significant operating losses; our limited operating history; uncertainty of capital resources; the speculative nature of our business; our ability to successfully implement new strategies; present and possible future governmental regulations; operating hazards; competition; the loss of key personnel; any of the factors in the "Risk Factors" section of our Annual Report on Form 10-K for the most recently completed fiscal year; and any statements of assumptions underlying any of the foregoing. You should also carefully review the reports that we file with the SEC. We assume no obligation, and do not intend, to update these forward-looking statements, except as required by law.

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