SOURCE: Clean Energy and Power, Inc.

February 17, 2010 11:13 ET

Clean Energy and Power Signs Contract With Glass Time s.r.o., a Czech Republic-Based Solar Farm Development Company, to Jointly Construct and Operate Solar Farms Providing Green Energy to the Czech Republic Electrical Grid Beginning in 2010

WARWICK, RI--(Marketwire - February 17, 2010) - Clean Energy and Power, Inc. (PINKSHEETS: KEPI) ( announced today it has signed a joint project development agreement with Glass Time s.r.o., a Czech-based solar development company to jointly develop and construct solar farms in the Czech Republic. The first project is scheduled to begin upon completion of the land lease which is in process. "Glass Time s.r.o. will be contracted to obtain all permitting and put together shovel-ready projects. We intend to get commitments from a bank for financing up to 70% of project investment costs from one of three top 10 EU banks. Glass Time s.r.o. currently has several solar off-take agreements with a large multibillion dollar European utility E-ON ( at $0.63 cents (US equivalent) per kw for 20 years secured by the Czech Government and European Union," stated Dennis Shen, President of Clean Energy and Power (CEP).

Mr. Shen further commented, "We feel this is an excellent and highly secured beginning for Clean Energy and Power to get its revenue going; I have been following Glass Time s.r.o.'s progress since 2008 and am very familiar with their business model. This is perhaps the quickest and most secure opportunity to bring positive cash flow resulting in near term profits for CEP."

"This is the first of many revenue generating opportunities that are now under development for Clean Energy and Power," continued Mr. Shen, "and we are anxious to move on them as quickly as we can." Joint efforts with Glass Time s.r.o. could lead to profitability for CEP as early as this summer and prepare CEP's entry and expansion into a 12 mWh 2010-2011 solar farm development plan covering the Czech Republic, Slovakia, and Bulgaria.

To implement its joint projects, Glass Time's selection of a highly regarded Czech-based engineering company EGE Spol s.r.o ( has been approved to get projects moving. EGE Spol s.r.o. has over $80M in service revenue and 600 employees, with ongoing expertise and specialization in solar construction, deployment, and project operations & maintenance.

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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