BOISE, Idaho, Nov. 1, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCBB:AEHI) () announced today the signing of a $150M Equity Funding Facility with Alpharetta, Georgia based Roswell Capital Partners, which is designed to fund the initial phase of a nuclear power plant project in Payette County, Idaho. The funding proceeds will be applied towards the land, water rights and the Nuclear Regulatory Commission application.
Roswell has committed to purchase through one of its affiliates, subject to certain conditions and limitations set forth in the closing documents, including but not limited to the requirement for an effective registration statement and limitations based upon the trading volume of AEHI's common stock for cash consideration, up to an aggregate of $150 million.
The Equity Funding Facility is a cost effective and flexible financing instrument that places AEHI in control of how and when it raises equity.
AEHI will control the timing and amount of any future sales of shares to RCP and is under no obligation to sell any additional shares to RCP.
Paul Gorski, Senior Investment Officer at Roswell added, "We are very excited to be working with AEHI and look forward to providing them with the necessary capital and support to achieve their potential in the coming years."
"Roswell Capital Partners have been excellent to work with as we share many of the same goals when it comes to nuclear power. This agreement gives us the ability to move forward on the initial phase of building of a nuclear power plant, which is something we both want to see happen," said Don Gillispie, AEHI CEO.
Rezoning for the site in Payette County, Idaho, is expected to be completed as soon as the end of the year, or early 2011. County Commissioners unanimously approved the first stage of the rezoning process.
The last phase of the rezone is slated to begin December 2nd, 2010.
A more detailed description of the agreement with Roswell Capital Partners will be set forth in the AEHI's report on Form 8-K to be filed with the SEC.
About Roswell Capital Partners -- Roswell Capital Partners, LLC, is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies.
About Alternate Energy Holdings, Inc. () -- AEHI 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 () Colorado Energy Park (nuclear and solar generation), and Green World Water(TM), which assists developing countries with nuclear reactors for power generation (), 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.
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CONTACT: Crescendo Communications, LLC Investor Relations Firm: David K. Waldman John J. Quirk (212) 671-1020 aehi@crescendo-ir.com Alternate Energy Holdings, Inc. Media: Dan Hamilton (208) 914-8894