updated 3/14/2011 9:08:22 AM ET 2011-03-14T13:08:22

HENDERSON, Nev., March 14, 2011 (GLOBE NEWSWIRE) -- Qualibou Energy Inc. (Pink Sheets:QALB) reports that previously announced due diligence has concluded and it has entered into an interim agreement to fund its St. Lucia geothermal power project with a private energy company headquartered in Vancouver, Canada.

The interim partnership and investment agreement provides immediate funding to begin pre-construction activities on Phase 1 of the project which has now started. A jointly owned project development company will be formed in St. Lucia with a mix of equity and debt funding to be provided by the new partner. Qualibou in turn will assign its contracts with LUCELEC, to the new project development company. Subject to final evaluation of competing funding offers, closing is expected to occur during the second week of April 2011.

"The agreement represents a major milestone in the development our project in St. Lucia. Future revenues from this first concession will provide a substantial return to our shareholders, without dilution," stated Stephen Baker, President of Qualibou Energy Inc.

Qualibou Energy Inc. is an emerging, renewable energy entity with a growth strategy emphasizing development of non-polluting, sustainable geothermal resources. The company's first geothermal concession is located in St. Lucia and has an energy development potential of 120 MW.

On behalf of the Board of Directors

'Stephen Baker'


Qualibou Energy Inc.

For further information about the company, please visit our website at www.qualibou.com.

The Qualibou Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7763

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

CONTACT: Investor Contact:
         Qualibou Energy, Inc
         Investor Relations
         (702) 990-1984

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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