Marketwire "Press Releases"
MERRITT ISLAND, FLORIDA -- (MARKET WIRE) -- 12/22/10 --
Alternative Energy Partners (OTCBB: AEGYD), a provider of comprehensive alternative energy solutions, announces that it has undertaken a corporate reorganization that will allow it to focus on fuel cell technology in the immediate future, while issuing a dividend to its shareholders.
Alternative Energy Partners' ("AEGY") plans for reorganization include the transfer of its Elan Energy, Inc. and Sunarias Corporation subsidiaries to another, as-yet-undisclosed publicly traded company, which will acquire the subsidiaries in a share exchange transaction.
As part of the reorganization, AEGY will acquire all of the outstanding shares of Renewable Energy and Water, Inc. ("REW"), a developer and systems integrator of renewable energy projects and water reclamation solutions including fuel cell technology, from Healthcare of Today, Inc. REW provides its customers with a dynamic and customized combination of technologies and processes including water treatment technologies, anaerobic digestion of waste to create energy and biogas, and fuel cell power plants. The company integrates commercially proven stationary fuel cell power plant technologies as key components of its renewable energy projects and water reclamation solutions. Fuel cells have emerged as a preferred technology to position large consumers of energy for independence from utilities and grid power. REW is currently undergoing the survey process and is under a letter of intent with a major drainage district in the Central Valley of California to develop a water remediation project there.
AEGY's new President and CEO Jason Davis says, "We continue to feel that Elan Energy will be highly successful, but it does not fit into our immediate strategy for AEGY. We plan to focus AEGY on developing alternative energy and energy efficiency projects such as fuel cells, water reclamation and solar PV, which is an ever-increasing and profitable market for us. Our HVAC holdings will now be concentrated within our Xnergy company through both organic growth and future acquisitions. We intend to brand Xnergy across the nation as our platform company for Energy Services, HVAC, engineering, and construction."
The spinoff will allow Elan to continue its growth unhampered while enabling AEGY's shareholders to now partake of two energy ventures rather than just one.
As part of the spin-off, the shares of the as-yet unidentified public company will be distributed to the shareholders of AEGY on a pro-rata basis.
The result of the transactions, which are expected before year end, will be four operating subsidiaries within AEGY: Shovon, LLC (http://www.shovon.com
); Xnergy, Inc. (http://www.xnergy.com
); REW (http://www.renergyandwater.com
); and SkyNet Energy Systems, Inc. Once the transactions are closed, AEGY intends to proceed with the filing of its registration statement on Form S-1, as previously announced.
About Alternative Energy Partners, Inc.
AEGY is a portfolio of energy solutions businesses servicing organizations of all sizes. Its companies include: Xnergy (http://www.xnergy.com
), Sunarias Corporation (http://www.sunarias.com
), Shovon, LLC (http://www.shovon.com
), and Skynet Energy Systems, Inc.Elan Energy Corporation, AEGY's mechanical contracting subsidiary, also houses R.L.P. Mechanical Contractors, Inc., a Dallas-Fort Worth area contractor serving the medical industry. Alternative Energy Partners is publicly traded on the NASDAQ OTC Bulletin Board (OTCBB: AEGYD); however, as a result of the recently announced and approved 50:1 reverse stock split, AEGY's stock symbol has temporarily changed to AEGYD for a period of 20 business days from November 24, 2010, and will revert to its original symbol "AEGY" on December 23, 2010.
About Renewable Energy and Water (REW)
REW is a California-based developer and systems integrator of renewable energy projects and water reclamation solutions. To accommodate customers' needs, REW uses a dynamic combination of technologies and processes including water treatment technologies, anaerobic digestion of waste to create energy and biogas, and fuel cell power plants. A partial list of the benefits to clients of using REW services includes: efficiency (fuel Cells generate 25% more power and heat than a conventional generator); environmental friendliness (fuel cells avoid combusting methane, and anaerobic digestion reduces landfill gas emissions); as well as higher - and often faster -- ROI. California alone represents a billion dollar waste water market. As a result, the state has become highly oriented to the type of clean, renewable solutions that REW provides.
Xnergy is an award-winning engineering, construction, and alternative energy market leader based in Southern California. Drawing from over 20 years of construction experience, Xnergy provides a single source for project management, execution, and maintenance of energy and green-building projects, and is at the forefront of the ever-changing sustainability and green-build movement. The company is a leader in the alternative energy field, and has over 80 MW of interconnect experience. The US Congress recently honored Xnergy for its work with clean, green technology. Xnergy is a member of the United States Green Build Council and is led by LEED Accredited professionals. For more information please visit http://www.Xnergy.com
About Shovon, LLC
) offers cutting edge hardware technology to provide users with Web-based, Internet remote control capabilities for monitoring and controlling high power electrical devices. Shovon is in development with an industrial controller that would have direct application to the hospitality industry, allowing users to access and monitor facilities, viewing relevant events or statuses online, drilling down to the individual appliance level. Shovon's energy monitoring is enabled from anywhere in the world by using a PC or cell phone, and is designed to access multiple locations wirelessly, allowing for enhanced oversight of widespread operations.
About Skynet Energy Systems
Skynet Energy Systems provides Energy Service Agreements or Power Purchase Agreements (PPAs) to customers domestically and abroad. By offering long-term energy purchase plans, Skynet aims to ensure that organizations, corporations, governments and others have the energy they need when they need it.
Alternative Energy Partners, Inc.