High Velocity Alternative Energy, Inc. Completes Acquisition of American Chemical Exchange, Inc.
BEDFORD PARK, IL--(Marketwire - December 18, 2008) - High Velocity Alternative Energy, Inc.
(PINKSHEETS: HVAE) announced today that the Company has executed a Stock
Purchase Agreement and completed the purchase of American Chemical
Exchange, Inc. ("ACE") of Pasadena, CA. High Velocity entered into a
Letter of Intent with ACE in July 2008. ACE was owned by Robert Somerman;
as part of the Letter of Intent to purchase ACE, Mr. Somerman was appointed
President and CEO of High Velocity. ACE becomes a wholly owned subsidiary
of High Velocity. The terms of the purchase of 100% of the shares common
stock of ACE for a purchase price of 14,000,000 shares of restricted common
stock of HVAE and the payment of $150,000.00, in six payments. Robert
Somerman was also given an employment Agreement for a period of five years,
at an initial salary of $180,000 per annum.
Mr. Somerman stated, "The joining of the two companies, both sharing
similar business models and philosophies, will immediately increase an
economy of scale and accelerate the expansion of opportunities into new
markets and products for High Velocity."
American Chemical Exchange, Inc. is a middle market petroleum-based
lubricant company with an emphasis on the recycling of glycols for use in
industrial and automotive coolants. Additionally, the company specializes
in the refining, blending, packaging, and distributing of lubricants,
coolants, and other chemicals sold primarily to the automotive aftermarket
through established distribution channels.
About High Velocity Alternative Energy, Inc.
Headquartered in Bedford Park, IL, High Velocity Alternative Energy, Inc.
is a holding company that specializes in the refining, blending, packaging,
and distribution of middle market petroleum and related products to the
automotive and manufacturing aftermarket. These products are sold, both
direct and through regional distributors, to retail outlets that include
oil change shops, automotive aftermarket chains, gas stations, department
stores, and convenience stores. The Company utilizes an innovative
technology to capitalize on renewable energy and lubricant resources by
recycling spent oils and glycols. High Velocity Alternative Energy's
40,000 square foot plant is conveniently located outside Chicago with
access to interstate and railroad.
Forward-Looking Statements
This press release contains forward-looking statements, which represent the
Company's expectations or beliefs, including, but not limited to,
statements concerning plans, growth and strategies, which include, without
limitation, statements preceded or followed by or that include the words
may, will, expect, anticipate, intend, could, estimate, or continue or the
negative or other variations thereof or comparable terminology. Any
statements contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements. These
statements by their nature involve substantial risks and uncertainties,
some of which are beyond the Company's control, and actual results.
Contact Information: Contact:
High Velocity Alternative Energy, Inc.
Robert Somerman
President
(708) 496-9710
Investor Relations
Corporate Evolutions, Inc.
Susan U
516-482-0155
info@corporateevolutions.com