AEHI CEO Takes Temporary Leave of Absence Pending Court Decision on SEC Allegations

/ Source: GlobeNewswire

BOISE, Idaho, Dec. 20, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI) () 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. () -- 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 (), 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.

The Alternate Energy Holdings, Inc. logo is available at

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CONTACT: Wolfe Axelrod Weinberger Associates, LLC. Investor Relations: Stephen D. Axelrod, CFA 212-370-4500 317 Madison Avenue, Suite 515 New York, NY 10017 Alternate Energy Holdings, Inc. Media: Dan Hamilton, Director of Corporate Communications (208) 939-9311