JUPITER, Fla., March 29, 2011 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that in connection with its previously announced joint venture agreement with MRS Holdings Limited ("MRS") to develop hydrokinetic energy projects in the West Africa region and elsewhere, Sayyu Dantata, MRS' President and majority stockholder has been appointed as a member of the HAE Board of Directors. MRS is a major diversified holding company involved in oil and gas, shipping, and other businesses.
Commenting upon Mr. Dantata's appointment to the Company's Board of Directors, Mark Antonucci, HAE's Co-Chief Executive Officer, said, "We are most pleased to have Sayyu join our team. He is a proven successful businessman who brings a wealth of talent, skill sets, international contacts and relationships to the table. We are confident that he will provide valuable guidance and insight into our various planned internationally focused green technology projects."
Commenting further upon the Company's view that the international reception for hydrokinetic energy projects may further increase in view of public safety concerns over nuclear power development, Mr. Antonucci was quoted as saying: "We share the world's heartache and sadness over the recent events in Japan, and are mindful of the current concerns of much of the international community relating to nuclear power acceptance and development." Mr. Antonucci cited a recent New York Times article which discussed a March 2011 nationwide poll reflecting a sharp decrease in acceptance of nuclear power in the U.S. in the wake of the nuclear crisis in Japan. The article stated that only 43 percent of those polled after the failure of the Fukushima Daiichi plant in Japan said they would approve building such new facilities in the U.S. to generate electricity. That is a steep decline from the 57 percent who said in 2008 that they approved of new plants in the U.S. Mr. Antonucci also cited a number of international reports reflecting the concern of various European and African energy ministers and their public constituents in the wake of the Japanese nuclear crisis relating to their countries' current and future nuclear energy facilities and policies.
In furtherance of the HAE-MRS joint venture, the companies plan initially to advance the terms and conditions of a Memorandum of Understanding ("MOU") dated October 15, 2010 by and between a prior MRS subsidiary, since assigned to a jointly owned HAE-MRS entity, and the Government of the Republic of Cameroon, Ministry of Energy and Water Resources. Such MOU provides, among other things, for feasibility studies to be undertaken for the development and operation of facilities for the production of tidal electric power, and for the Cameroon Government to facilitate access to and grant certain exclusivity rights with respect to the project sites that will be selected as part of the feasibility studies and construction of electricity generation facilities to be undertaken.
Mark Antonucci concluded by saying: "Clearly, many areas of the world are in critical need of low cost, reliable, safe electrical power. Together with our partner, MRS, we plan to introduce our green technology solutions for the development of sustained, safe, cost-effective electric power generation utilizing hydrokinetic energy to regions having such need. We are confident that the governments and the people of all the countries that we plan to work with, together with MRS, will benefit tremendously from this source of clean energy, which can serve as a catalyst for steady business and economic growth."
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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 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.
CONTACT: Hydro Alternative Energy, Inc. 561-900-7200