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Alternative Energy Partners announces corporate reorganization

Comtex News Network "Datamonitor"
Dec 23, 2010 (Datamonitor via COMTEX) --
Alternative Energy Partners, a provider of energy solutions, 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, Alternative Energy said.

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.

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 photo voltaic, which is an ever-increasing and profitable market for us."

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; Xnergy, Inc.; REW; and SkyNet Energy Systems, Inc, the company added.

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