Alternate Energy Corporation

Alternate Energy Corporation

March 01, 2005 16:30 ET

AEC Takes Step Towards Listing On Recognized Exchange



OTC Bulletin Board SYMBOL: ARGY

MARCH 1, 2005 - 16:30 ET

AEC Takes Step Towards Listing On Recognized Exchange

LAS VEGAS, NEVADA--(CCNMatthews - March 1, 2005) - Alternate Energy
Corp.(AEC) (OTCBB:ARGY) announced today that the Securities and Exchange
Commission has settled its litigation brought against the company, when
it was known as COI Solutions and under previous management. This
settlement clears all past litigation with the SEC and removes a major
barrier for the newly-managed AEC in its goal to become listed on a
recognized exchange.

In 2002, the SEC brought suit against COI Solutions Inc. and one of its
former officers. Subsequent to the company's acquisition of the assets
of Alternate Energy Corporation in 2003 and complete management change,
the SEC agreed to settle the litigation. AEC neither admitted nor denied
the allegations of the SEC's complaint as part of the settlement. The
settlement was entered by the District Court for the Southern District
of Florida and included an injunction enjoining the company, its
officers or directors from violating securities laws in the future.

"We are very pleased that the SEC has decided to settle this matter with
the company," said Blaine Froats, Chairman of AEC. "It should be made
clear that this litigation occurred under previous management and in no
way did it ever question the actions of current management. No one from
former management is any longer associated with the company."

This settlement clears the way for AEC to make application to a
recognized exchange for listing. This was not possible as long as the
lawsuit remained outstanding against the Company.

Mr. Froats went on to say, "This formally ends the COI chapter in the
company's history, completes the transformation from COI Solutions to
Alternate Energy Corp., and frees the company to pursue its hydrogen

About Alternate Energy Corporation (AEC) -

Alternate Energy Corporation (AEC) intends to provide a hydrogen fuel
system that has mass-deployment economics and provides small-scale,
on-demand distributed generation of electricity. The Company anticipates
scheduling product demonstrations with key strategic partners in the
first quarter of 2005, then shipping initial hydrogen production and
electricity generation systems later in 2005. AEC's proprietary
discovery in metallurgy permits a small-scale unit to generate hydrogen
from an aqueous solution through a "green" system at a price competitive
with the current fossil fuel kWh cost of energy.

Statements herein express management's beliefs and expectations
regarding future performance and are forward-looking and involve risks
and uncertainties, including, but not limited to, the ability to
negotiate outstanding prior debts of acquired companies; properly
identify acquisition partners; adequately perform due diligence; manage
and integrate acquired businesses; react to quarterly fluctuations in
results; raise working capital and secure other financing; respond to
competition and rapidly changing technology; deal with market and stock
price fluctuations; and other risks. These risks are and will be
detailed, from time to time, in AEC's Securities and Exchange Commission
filings, including Form 10-KSB 10-QSB and 8-K. Actual results may differ
materially from management's expectations.


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