http://www.aenergypartners.com/ () —
Alternative Energy Partners (OTCBB: AEGY), a provider of comprehensive alternative energy solutions, today announces the formation of a new subsidiary, Elan Energy Corporation ("Elan Energy").
Elan Energy, a Florida corporation, will integrate and coordinate the various energy products and services offered by Alternative Energy Partners ("AEGY") to its clients. AEGY's operating subsidiaries include Sunarias Corporation (http://www.sunarias.com (http://www.sunarias.com) ), a solar thermal energy provider, Shovon, LLC, (www.shovon.com (http://www.shovon.com) ) a provider of remote-controlled energy management systems, and SkyNet Energy, Inc., which is developing four solar energy power generation projects in Eastern Europe. AEGY has signed letters of intent to acquire three operating energy installation and service companies in Dallas, Texas, Tulsa, Oklahoma and Phoenix, Arizona, which will be managed by Elan Energy, and which are expected to be the first of multiple similar acquisitions designed to expand the reach of AEGY nationwide.
The combined annual gross revenues of the three companies is expected to exceed $15 million, and significant operating expense reductions are anticipated through the central management and control by Elan Energy. AEGY is engaged in due diligence and anticipates closing on the three companies by the end of September, assuming satisfactory results of its due diligence investigations. AEGY also is in continuing discussions to acquire several other companies offering fuel cell, solar thermal, and other alternative energy technologies.
Alternative Energy Partners CEO Gary Reed says, "Our ability to offer comprehensive alternative energy services, products and integrated management will be enhanced by Elan Energy, which will help customers find, access, and implement those parts of our many services which are best suited to their needs. Our purpose is to have a single source (Elan Energy) which is able to sell, install, and service the systems that we own and operate or which we offer to clients."
Following completion of its due diligence regarding and closing on the acquisitions of the energy service companies, as well as the completion of its annual audit and annual report on Form 10-K for its fiscal year ended July 31, 2010, which is currently underway, AEGY plans to prepare and file a registration statement on Form S-1 with the U.S. Securities and Exchange Commission and appropriate state securities regulatory agencies, to register certain common shares issued by it in connection with prior acquisitions, including Sunarias Corporation and Shovon, LLC, and to raise working capital for its expanding operations.
About Alternative Energy Partners, Inc.
Alternative Energy Partners is focused on sourcing, marketing and distributing renewable alternative energy solutions on a national and international basis. Through its wholly owned subsidiary, Sunarias Corporation (www.sunarias.com (http://www.sunarias.com) ), AEGY provides on-site solar-thermal energy systems that allow businesses to reduce energy costs. It also holds Shovon, LLC (www.shovon.com (http://www.shovon.com) ), a provider of remote control energy managements and SkyNet Energy Systems, Inc., which is poised to enter the European alternative energy market as a developer of solar energy power. AEGY's goal is to offer a full portfolio of high-performance energy solutions for homes and businesses of all sizes. Alternative Energy Partners is publically traded on the NASDAQ OTC (OTCBB: AEGY). For more information please visit www.aenergypartners.com (http://www.aenergypartners.com) .
FORWARD LOOKING STATEMENT
This announcement is not an offer to sell any Alternative Energy Partners ("AEGY") securities. Offers for any given security are made only through applicable offering circulars and related supplements filed with the SEC pursuant to Section 13(a), 13(c) or 14 of the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of AEGY may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and includes, without limitation, statements regarding AEGY's plan of business operations, product research and development activities, anticipated revenues and expenses and potential contractual arrangements and obligations. Forward-looking statements speak only as of the date of the document or oral statement in which it was made. In making any such statements, the person making them believes that his expectations are based on reasonable assumptions; however, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. These forward-looking statements are subject to numerous risks and uncertainties. There are various important factors that could cause actual results to differ materially from those in any such forward-looking statements and are mostly out of the company's control. Among these are: general economic conditions, receipt of additional working capital, and acceptability of the company's products in the marketplace as well as other factors set forth in the company's SEC filings. AEGY disclaims any intent or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.