updated 12/20/2010 9:16:05 AM ET 2010-12-20T14:16:05

BOISE, Idaho, Dec. 20, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI) (www.aehipower.com) today announced CEO Don Gillispie will take a voluntary leave of absence until the court rules on the validity of allegations from the U.S. Securities and Exchange Commission. The AEHI Board of Directors voted to support the decision, which was offered by Gillispie. Gillispie has been the CEO of AEHI since founding the company in 2005. Gillispie adamantly denies the charges and has taken steps to fight the complaints in court

Jennie Ransom will also take a voluntary leave of absence. Ransom joined AEHI in 2007 as corporate secretary and later vice president of administration. Her current position is president of Energy Neutral, a subsidiary of AEHI. Ransom has never maintained a position as an executive officer (line officer) for AEHI. She also denies any charges of wrong doing and is taking steps to fight the allegations in court.

"I am saddened that officials with the SEC did not follow up with me or my staff on these allegations prior to filing civil charges. Had they done so and we were given the opportunity to confront these issues, I am certain we would not be in this position today. My first priority is to this company and our stockholders. So I believe it is critical that I take this step for the welfare of AEHI and for the company's future in the nuclear power industry," said Mr. Gillispie.

AEHI is currently in the last stage of the local approval process related to building a nuclear power plant in Payette County, Idaho. On December 9th the Payette County Planning and Zoning Commission voted to recommend approval on the final process that would rezone agricultural property to heavy industrial prior to building a plant. Five days later the SEC suspended trading on AEHI stock pending allegations of securities fraud.

The company fully intends to continue with the Payette Nuclear project and its other business ventures.

AEHI will make no further public comment on this matter at this time.

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.

CONTACT:  Wolfe Axelrod Weinberger Associates, LLC.
          Investor Relations:
          Stephen D. Axelrod, CFA
          212-370-4500
          steve@wolfeaxelrod.com
          317 Madison Avenue, Suite 515
          New York, NY 10017 

          Alternate Energy Holdings, Inc.
          Media:
          Dan Hamilton, Director of Corporate Communications
          (208) 939-9311 
          dan@aehipower.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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