TAMPA, Fla., Nov. 15, 2004 (PRIMEZONE) -- Internal Hydro International Inc. (OTCBB:IHDR) (www.internalhydro.com) announces that with the entry into Phase II production, the company has been able to project completion of operations by utilizing the resources of its contract funds and investment proceeds from the sale of some assets held on the London Exchange to fund Phase II operations.
IHDR's two Phase II contracts with ETIG (soon to be Mac Gregor Energy) and New Impact, Inc., will take the twenty units of Phase II into various uses with these entities. IHDR's up front income from the two contracts will provide sufficient financing for the production of the units and corporate operations during Phase II without a significant equity financing liquidation event.
The two contracts call for the delivery of twenty 25 kilowatt units at a price of $1,000,000.00. The pricing for future units is on a sliding scale, with Mac Gregor's contract calling for an initial 100 units and a projection by Mac Gregor for 500 units in the first two years. IHDR keeps revenue shares of all units produced under both contracts.
IHDR CEO and President Craig A. Huffman has appointed Wade Kenyon to supervise and direct production in Phase II. Kenyon is an expert in project management and purchasing. Currently an outside Director of IHDR, Kenyon is a Sales Manager with Baring Industries, Inc. a division of Electrolux Professional.
IHDR is also announcing that it was able to convert 50% of its free trading Langley Park Investment shares of stock (London Exchange: LPI) for approximately $244,000.00 in revenue, which was received on November 11, 2004. Under the agreement with Langley the asset shares of IHDR are "locked up" which means the IHDR restricted shares cannot be traded for a period of two years. At the time of the exchange of shares, IHDR received the shares of LPI based upon a $2.40 bid price for IHDR stock.
About IHDR: IDHR is an alternative energy firm with its core technology of low impact/small hydroelectric generation units using positive displacement of pressure to create electricity from generators. The patented device uses volume and pressure from water, air or gas such as city water mains, to create its electricity. The Company will seek to certify use to qualify for development tax credits and renewable energy credits.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.