updated 11/18/2010 4:15:22 AM ET 2010-11-18T09:15:22

BOISE, Idaho, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI) (www.aehipower.com) today provided a business update in conjunction with the filing of the company's quarterly 10-Q report.

  • Payette County Planning and Zoning Commissioners are moving forward on a rezone application filed by AEHI. Commissioners will hold an initial hearing on December 2nd, 2010; this after County Commissioners earlier unanimously approving a change to the county's comprehensive plan, which favored AEHI's proposal to build a nuclear power plant
  • AEHI secured a $150M funding facility with Roswell Capital Partners, a firm that since 1994 has provided in excess of $1B for 155 small-cap public and private companies, which can be used to pay for the land, water rights and NRC application fee in preparation for building a proposed nuclear power plant in Payette County, Idaho
  • AEHI received endorsements from every mayor in Payette County, plus the Payette Chamber of Commerce and the Fruitland Chamber of Commerce, regarding the proposed nuclear power plant in Payette County, Idaho
  • AEHI opened a Green World Water(TM) office in West Africa, to assist in the distribution of information and marketing of nuclear desalination systems
  • AEHI offered a nuclear desalination system at cost to Pakistan to aid the flood-stricken country byproviding long-term clean water sustainability
  • AEHI signs Memorandum of Understanding with Tubestar Oil and Gas in India regarding the negotiation of a nuclear desalination system
  • As of September 30th, 2010, AEHI has more than $8.5M in the bank with no long-term debt

"We are very confident that we are near the end of the rezone process, which we expect could be finished as early as December or January. And we now have the financing in place to begin acquiring land, water and federal nuclear site approval once this process is complete," said Don Gillispie, AEHI CEO.

"I believe the support we received from mayors and chambers of commerce in Payette County echoes that of local residents, who showed upwards of 80% support for AEHI's plan to build a nuclear power plant at recent hearings. I think this speaks volumes as to where we could be in this process in just a couple months."

"With the opening of an office in West Africa, AEHI subsidiary Green World Water(TM) is now positioned to begin accepting orders for nuclear desalination facilities built by China National Nuclear Corporation, in a part of world that may be the hardest hit when it comes to problems involving unsanitary water supplies."

About Alternate Energy Holdings, Inc. (http://www.aehipower.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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