AEHI Back in Business After Federal Judge Releases Company Funds

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| Source: Alternate Energy Holdings, Inc.

BOISE, Idaho, Feb. 4, 2011 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCQB:AEHI) (www.aehipower.com) today announced a federal judge dropped the freeze on all AEHI and personal funds, allowing the company access to all of its assets, which will be used to continue the process of approving a site in Payette County, Idaho in order to build a large-scale nuclear power plant, continue Energy Neutral™ projects and market Green World Water™ nuclear desalinization systems.

The decision was made following a hearing in the Idaho Federal Courthouse in Boise on Thursday, February 3rd, 2011.

"As I said before, the SEC was simply wrong about allegations that AEHI officials were defrauding their investors. After our evidence was laid before the judge, he agreed and made the decision to release the funds," said Richard Roth, Esq., of the Roth Law Firm, PLLC, from New York City, AEHI's attorney.

AEHI accounts were frozen on December 18th, 2010, following a civil complaint from the U.S. Securities and Exchange Commission.

Shortly after funds were frozen, Don Gillispie and Jennifer Ransom temporarily stepped down from their respective roles as CEO of AEHI and President of Energy Neutral™. It is anticipated following a vote of confidence from the AEHI Board of Directors, expected early next week, that both Gillispie and Ransom will resume their former positions.

"This decision allows us to follow through on promises that we have been making all along. Investors entrusted us with their money in order to create a company with a goal of building a nuclear power plant as well as other energy projects and that's what we plan to do," said Gillispie.

As part of the agreement between AEHI and the SEC, AEHI will report any expenses of more than $2,500 on a monthly basis and has agreed to continue to comply with all federal securities laws.

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(TM), which removes energy demands from homes and businesses (http://www.EnergyNeutralinc.com) Colorado Energy Park (nuclear and solar generation), and Green World Water(TM), which assists developing countries with nuclear reactors for power generation (http://www.GreenWorld-H2O.com), 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.  

The Alternate Energy Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8058

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate," "project," "target," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events, including our ability to list on a national securities exchange. These statements are based on the beliefs of our management as well as assumptions made by and information currently available to us and reflect our current view concerning future events. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: our significant operating losses; our limited operating history; uncertainty of capital resources; the speculative nature of our business; our ability to successfully implement new strategies; present and possible future governmental regulations; operating hazards; competition; the loss of key personnel; any of the factors in the "Risk Factors" section of our Annual Report on Form 10-K for the most recently completed fiscal year; and any statements of assumptions underlying any of the foregoing. You should also carefully review the reports that we file with the SEC. We assume no obligation, and do not intend, to update these forward-looking statements, except as required by law.

Investor Relations Firm:
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Wolfe Axelrod Weinberger Associates, LLC.
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Media:
Dan Hamilton
Director of Corporate Communications
Alternate Energy Holdings, Inc.
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