JUPITER, Fla., Feb. 16, 2011 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that HAE and MRS Holdings Limited, a Nigerian corporation ("MRS") and major diversified holding company involved in oil and gas, shipping, and other businesses, have entered into a joint venture agreement to develop hydrokinetic energy projects in the West Africa region. Such joint venture arrangement follows the previously announced binding letter of intent between HAE and MRS to secure and develop such hydrokinetic water power projects in the West Africa region.
HAE and MRS have formed Natural Energy Solutions, a Panamanian corporation ("NES"), which plans to enter into power purchase agreements for developing hydrokinetic water power projects in such region. NES will be headed by select senior management from both the HAE and MRS organizations.
In connection with such joint venture, MRS has made an initial substantial equity investment in HAE, with follow-on funding to occur. Such funds will be utilized both by HAE and NES for further technology development, working capital and general corporate purposes.
In furtherance of the companies' joint venture, NES plans 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 NES, 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, Co-Chief Executive Officer of HAE, stated, "We are naturally very excited about formalizing our partnership with MRS. The West Africa region is in critical need of low cost, reliable electrical power. Together with our partner, MRS, we plan to introduce our green technology solutions for the development of sustained, cost-effective electric power generation utilizing hydrokinetic energy to such region. 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 more steady business and economic growth."
MRS is headed by its President and major stockholder, Sayyu Dantata, an established businessman and entrepreneur who, in 2008, steered MRS' acquisition of the Chevron operation in West Africa. Mr. Dantata stated, "We are likewise very pleased to formalize our partnership with HAE, and are fully committed to making our relationship a success and providing West African countries with low cost, clean, renewable hydrokinetic energy for their electricity needs."
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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