BOISE, Idaho, May 4, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCBB:AEHI) officials are encouraged that their efforts to bring the Korean-made APR1400 into the international market including the U.S. are bearing fruit.
AEHI CEO, Don Gillispie, has been in discussions with South Korea for more than a year, urging the country, initially in February 2009, to begin selling the reactor internationally including obtaining U.S. Nuclear Regulatory design approval. The latest evidence from these negotiations came April 22 when the Koreans showed a schedule to the U.S. Nuclear Regulatory Commission to obtain design approval. The South Koreans with the aid of President Lee signed their first multi-billion dollar international deal with the United Arab Emirates in December 2009.
Negotiations between AEHI and South Korea matured in January 2010 with a meeting between Gillispie and Prime Minister Han Seung-Soo, which was recognized and endorsed a month later by South Korea Minister of Knowledge Economy, Choi Kyunghwan, in a letter to Idaho Governor Butch Otter.
"I am thrilled AEHI was able to play a role in South Korea's decision to move into the international market. I wish them the best in their endeavors with the NRC and the UAE. I believe these are major steps in the right direction and will directly affect the price of nuclear reactors. The Korean-made reactor is a quality product based on U.S. designs and its pricing structure brings a competitive edge to the market. The competition should create price reductions for companies like ours that want to build more nuclear power plants in the United States," said Don Gillispie, AEHI CEO.
The reactor is one of several AEHI researched for a proposed plant in Payette County, Idaho. AEHI may have the opportunity to purchase and implement the reactor as soon as the company's future site application is approved, provided the Korean APR-1400 has received U.S. approval.
AEHI was the first independent company in 30 years to propose building an investor-funded nuclear power plant in the United States. Today the company is very close to getting the necessary approval. In fact, last week the Payette County Board of Commissioners approved a change to the county's comprehensive plan specifically for AEHI's nuclear project.
This plant will create many thousands of new jobs and an unparalleled stream of revenue in Idaho consistent with jobs creation and clean energy policies being supported by most members of Congress and the current Administration. In fact, during the construction phase alone, AEHI is expected to hire around 5,000 people, making an average salary of $60,000. The numbers are also very impressive during operations, with almost 2,000 direct and indirect jobs, with average plant salaries likely to surpass $80,000.
In terms of overall revenue, the proposed plant would increase Idaho's GDP by $5.3 billion during construction, of which $4.8 billion will flow directly through Payette County.
About Alternate Energy Holdings, Inc. (http://www.alternateenergyholdings.com/) - Alternate Energy Holdings develops and markets innovative clean energy sources. The company is the nation's only independent nuclear power plant developer seeking to build new power plants in multiple non-nuclear states. Other projects include Energy Neutral™, which removes energy demands from homes and businesses (http://www.energyneutralinc.com/), Colorado Energy Park (nuclear and solar generation), and International Reactors, which assists developing countries with nuclear reactors for power generation, production of potable water and other suitable applications. AEHI China, headquartered in Beijing, develops joint ventures to produce nuclear plant components and consults on nuclear power. AEHI Korea, Seoul, is encouraging Korea to export their APR 1400 reactor into the U.S. and achieve NRC design certification.
"Safe Harbor" Statement: This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although AEHI believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate. As a result, investors should not place undue reliance on these forward-looking statements.