JUPITER, Fla., May 12, 2011 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that in furtherance of its previously announced joint venture with MRS Holdings Limited ("MRS"), members of HAE's and MRS' senior management teams recently concluded a successful initial meeting with the Republic of Cameroon Electricity Sector Regulatory Authority ("ARSEL") to apply for and develop a 100 MW hydrokinetic energy project in Cameroon.
Mark Antonucci, HAE's Co-Chief Executive Officer, was quoted as saying: "We are very pleased with the results of our initial meeting with senior ARSEL representatives, who have pledged their support and assistance in guiding us through the ARSEL approval process for this project."
Commenting further upon the meeting, Mr. Antonucci said: "This meeting served to materially advance and expand upon the terms and conditions of the 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, which spoke, generally, to feasibility studies to be undertaken for the development and operation of facilities for the production of tidal electric power, and for only a 1 MW project."
Mr. Antonucci concluded by saying: "The Director General of ARSEL, Jean Pierre KED, stated at the meeting, held in Cameroon on April 27th, 2011, that ARSEL is a firm believer in the project, and provided a directive and made clear that ARSEL is to assist and guide our team, as much as legally permissible, through the necessary licensure process. This directive gives us the confidence and knowledge that the government and regulatory agencies are behind our efforts to bring safe, cost effective, renewable electric power to Cameroon."
HAE is actively involved in the development of green technology solutions for planned off-shore hydrokinetic energy projects worldwide, principally in developing countries, that will deliver safe, low cost, clean, reliable electrical power.
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HAE's joint-venture partner, MRS, is a major diversified holding company involved in oil and gas, shipping, and other businesses worldwide.
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