JUPITER, Fla., May 23, 2011 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that in continued furtherance of its previously announced joint venture with MRS Holdings Limited ("MRS"), a subsidiary of HAE's and MRS' jointly owned corporate entity, Natural Energy Solutions, Inc. (collectively "NES"), has recently entered into a Memorandum of Understanding ("MOU") with the Republic of Benin to develop one or more hydrokinetic energy projects in such country.
The MOU generally provides that the Government of Benin will facilitate and assist in the efforts of NES to obtain the necessary license and approvals for it to enter into a power purchase agreement for the production of electricity, and, in accordance with applicable law, for the Government to provide tax relief and exemptions necessary to accomplish the MOU's objectives. The MOU further provides for the grant by the Benin Government to NES of certain site reservation exclusivity for a period of time prior to the undertaking of feasibility studies by NES, and, in certain instances, for the reimbursement of all expenses incurred by NES in conducting such feasibility studies in the event a particular site is withdrawn by the Government in accordance with the terms of the MOU.
Mark Antonucci, HAE's Co-Chief Executive Officer, and Ruben Halfhuid, MRS' Chief Operating Officer and President of Natural Energy Solutions, Inc., were jointly quoted as saying: "The MOU clearly reflects the Republic of Benin's strong expression of confidence in our capabilities. We thank the Minister of Energy and Water for the Republic of Benin for his country's pledge of support and assistance in guiding us through the necessary license and approval process. We are most anxious to move forward and realize the principal objective of the MOU, which, ultimately, is to bring safe, cost effective, renewable electric power to the Republic of Benin for domestic consumption and export to neighboring countries."
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.
HAE's joint-venture partner, MRS, is a major diversified holding company involved in oil and gas, shipping, and other businesses worldwide.
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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