SOURCE: Clean Energy and Power, Inc.

June 21, 2010 08:30 ET

Clean Energy and Power Finalizes First Solar Project in Czech Republic Ground Breaking Set

WARWICK, RI--(Marketwire - June 21, 2010) -  Clean Energy and Power, Inc. (PINKSHEETS: KEPI) ( announced today it has acquired its first solar project in Europe. As disclosed in May, projects in the Czech Republic carry rate guarantees by both the Czech government and the European Union for 20 years. 

Clean Energy and Power Inc. signed an acquisition agreement and released funding to immediately acquire the equipment necessary to complete the project located in a Southern part of the Czech Republic. The project should break ground this week and is scheduled to be completed by the beginning of July. "This first project is important to our continued development of business in the Czech Republic and ultimately, Europe as a whole," said Mr. Erwin Vahlsing, Jr., CEO of the company.

Mr. Dennis Shen, President of the company and Chief Operating Officer of CEP's subsidiary that was created for the European projects, Clean Energy and Power s.r.o. is travelling to Czech Republic to oversee all aspects of the deployment. "I want to be with the project through its completion," said Mr. Shen. "It is an important first step in our entry into the European solar market. I am excited to see our progress in such a short time frame. Our solar power off-taker (power purchaser) is the largest utility in Europe, a $60B energy company called E-On. With E-On as our partner (, we plan to complete the project on time and turn the first power to the Czech grid by the end of this month." While the revenue from this initial project will be nominal, it sets the stage for the much larger deployments that the Company is finalizing and expects to deploy shortly. 

During his visit, Mr. Shen is expected to appoint the administrative personal including the CEO required to oversee future deployments through our subsidiary. In addition, he will personally oversee all the administrative measures required for the current projects commissioning.

About Clean Energy and Power
The Company is focused on alternative energy opportunities. The Company is dedicated to acquiring fully developed environmental projects and putting them into production.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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