WEST PALM BEACH, Fla., April 30, 2012 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), an emerging independent power provider, announced today that it has executed a memorandum of understanding ("MOU") with Energreen, SA de C.V ("Energreen") of Mexico, a renewable energy and environmental improvement projects company. Energreen is part of the Desus Group of Mexico, an integrated series of companies with each focused on a specific area of sustainable development.
The intent of the MOU is for HAE and Energreen to partner with each other for the purpose of developing one or many off-shore hydrokinetic energy projects to provide Mexico with additional renewable electric power generation capacity for internal consumption.
Energreen's track record in Mexico is very much aligned with HAE's mission to provide safe, clean reliable and renewable energy generation. Energreen was recognized by the Governor of the State of Quintana Roo in December 2010, when he attended the inauguration of the North Landfill clean energy power plant built and operated by Energreen, and was quoted as saying: "With the opening of the exhaust system and burning biogas in the North Landfill, Quintana Roo puts its two cents in favor of actions to help reverse climate change, through the generation of clean energy." In this regard, the Governor of the State thanked Energreen for its contribution to benefit the environment and to develop their project in a timely manner during a time of great financial difficulty.
Enrique Pallares, HAE's President, said: "When Luis Bernal, Co-CEO of HAE, and I went to Cancun and together with Carlos Diaz, Commercial Director of Energreen, visited the North Landfill clean energy power plant operated by Energreen, it became clear to us that Energreen was clearly the right group to team up and partner with in Mexico to study, develop and sell electricity to be produced by our Oceanus™ system, which is planned to harness energy from underwater ocean currents. Our Mexican partners have demonstrated the highest level of interest and cooperation in working together with us to procure power purchase agreements with local municipalities and governments in Mexico. We are excited and committed to working together with Energreen for many years to come."
Carlos Diaz, Commercial Director of Energreen, was quoted as saying: "Energreen is a company dedicated to renewable energy generation, and we view HAE as a credible and much desired partner with whom to jointly develop energy projects utilizing underwater currents. We believe Energreen's experience in developing electric power generation projects will be instrumental in facilitating our and HAE's joint project efforts in this regard. Both companies have similar philosophies when it comes to understanding the renewable energy business, and we believe this will be key to the success of our joint efforts and projects."
HAE is an emerging independent power provider focusing on utilizing hydrokinetic and other power development resources to generate electric power worldwide, safely, cost-effectively, reliably and profitably, with minimal or no ecological impact.
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Energreen is a company dedicated to the generation of renewable energy and environmental improvement projects. It also offers energy efficiency consulting services and brokerage of certificates of emissions reduction (CDRs), also known as Carbon Bonds.
Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written stat™ements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company's planned products and services; the performance of the Company's technology; the Company's ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.