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ALTERNATE ENERGY CP (U-ARGY) - News Release Alternate Energy Corp. Selects Genesys Engineering
2006-06-26 12:36 ET - News Release
BURLINGTON, ON -- (MARKET WIRE) -- 06/26/06
Alternate Energy Corporation (OTCBB: ARGY), the developer of innovative technology for the production of hydrogen and select commodity chemical products, today announced an agreement with Genesys Engineering, P.C. to design and construct bulk hydrogen production plants for AEC customers on an exclusive basis.
AEC and Genesys leadership have been in general discussions over time, and with rising interest being expressed by certain of AEC's potential customers in its bulk hydrogen production process, it has become apparent that AEC needed to put together a long term relationship with a design, engineering and construction firm that has experience and a long term interest in the energy industry.
Blaine Froats, CEO of AEC, said, "With the recent interest in a bulk hydrogen production plant being expressed by a potential customer in Brazil, we opened new discussions with Bob Braun and his associate, Ron Mineo, both Principals of Genesys Engineering, and to our great pleasure, Genesys has agreed to become our exclusive engineering and construction firm for bulk hydrogen plants that may be contracted around the world, with the first one likely to be in Brazil."
Mr. Froats commented further, "Hydrogen production plants that we sell to companies that have a need for bulk hydrogen are expected to significantly reduce our customers' hydrogen cost when compared to other sources, such as 'trucked-in' hydrogen. In addition to becoming a low-cost supplier of high-quality hydrogen, AEC's plants would also produce certain commodity chemical products for sale into world markets."
Mr. Robert J. Braun, P.E., a Principal of Genesys Engineering, P.C., stated, "We have been tracking developments at AEC, and we are certainly pleased that the Company has chosen Genesys Engineering to be its partners in the design, engineering and construction of their hydrogen plants. It is becoming increasingly clear that hydrogen will become a major alternative fuel in coming years, and many already existing applications in the food processing industry are well established. As I have been known to say -- 'timing is everything' -- and we believe that now is the time for our company to join with AEC in the hydrogen and alternative energy business."
About Genesys Engineering, P.C. (www.genesysengineering.net)
Genesys Engineering, P.C. (Genesys) is a mechanical and electrical power engineering firm that provides planning and design services for the rehabilitation of existing utility systems, construction of new central utility plants and installation of sophisticated energy process systems. In 2004, Genesys acquired the "Energy Services Group" of Joseph R. Loring and Associates, Inc., providing additional capability for the firm to further focus on the energy and utility infrastructure of major facilities and large physical plant complexes, such as commercial and industrial parks, municipalities, manufacturing facilities, hospitals and university campuses. In 2005, Genesys Engineering acquired Park East Facility Solutions which continued to broaden and enhance our commissioning, start-up and operator training capabilities.
Genesys provides, with in-house resources, mechanical and electrical engineering services to customers ranging from public sector clients to developers and private corporations. Our firm, with a staff of over thirty professionals, has offices in White Plains, Kingston, and Albany, New York.
Alternate Energy Corporation (AEC) is energizing the hydrogen economy with its on-demand hydrogen production technology that provides bulk production of hydrogen and saleable commodity chemical products. These systems have global opportunities in multiple market segments. AEC's proprietary discovery in metallurgy and process technology permits the generation of hydrogen from water through a "green" process at a competitive level to the fossil fuel Kwh cost of energy. AEC believes its systems can have a revolutionary impact on the energy industry. For more information go to: www.cleanwatts.com
Forward Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in AEC's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward looking statements.
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