LAS VEGAS, Sept. 24, 2003 — Alternate Energy Corp. announced that it has purchased the technology rights to supply affordable hydrogen to any company that needs it. Formerly the exclusive licensee, AEC has expanded its investment in this exciting and innovative technology.
This acquisition elevates AEC into the position of sole proprietor of the world’s most economically produced hydrogen. In addition, this ownership stake follows closely on the heels of last week’s successful testing of AEC hydrogen in a live fuel cell.
According to Blaine Froats, Chairman of AEC, “With this purchase we are now poised to serve every type of fuel cell application in any market on the planet.”
Prior to this acquisition, AEC owned only a 40-year license to supply alkaline-focused fuel cell companies with the affordable hydrogen. AEC now possesses a joint ownership to a patent that will be applied for with the inventor. Under the new arrangement AEC now has the right to supply the entire fuel cell industry with its low cost hydrogen.
“The unanimous decision to buy out the technology was based on a number of re-affirming test results which were recently conducted – in particular, the successful joint fuel cell test. These technology-validating trials confirmed in our minds that we needed more ‘skin’ in the game, as it represented an enormous business opportunity for our company and its shareholders,” said Froats.
In addition to worldwide fuel cell rights, the combined stock/cash agreement with the technology’s previous owner insures that all future enhancements to the hydrogen technology are to be integrated at no further cost to the company. On-going modifications will continue as planned as will the originator’s technical guidance, under a separate consulting agreement.
About Alternate Energy Corporation (AEC):
Founded in March of 2000, AEC is a leading developer of cost-effective, environmentally responsive fuels and electric power solutions. The company’s mission is to contribute to an environmentally sound, alternative energy future. The company is the patent holder of power recovery and fuel-cell-quality hydrogen production technologies for residential, commercial and industrial use.
Additional information is also available at the company’s web site at www.cleanwatts.com.