SOURCE: Alternate Energy Holdings, Inc.

September 06, 2007 09:32 ET

Alternate Energy Holdings Completes Audit and Plans 'Up-Listing' to OTC BB

LYNCHBURG, VA--(Marketwire - September 6, 2007) - Alternate Energy Holdings, Inc (PINKSHEETS: AEHI) today announced that it has completed the GAAP Audit of its financial statements for its fiscal years 2005 - 2007, its first qualified two-year audit completed by Malone & Bailey of Houston. The company also revealed that it will soon commence the process of filing a registration statement on Form 10SB with the Securities and Exchange Commission (SEC). This will cause it to become subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended, and therefore become a "fully reporting company."

Alternate Energy Holdings plans to release the Audited Financials along with the auditors' report of those results on its website in the near future.

The formal audit establishes a benchmark for Alternate Energy Holdings reporting for the last two years of operations.

"The completion of the audit is the most important step to date in our path to moving up to the OTC Bulletin Board," said Don Gillispie, CEO, AEHI.

About Idaho Energy Complex Corporation (www.idahoenergycomplex.com)

The Idaho Energy Complex, a holding of AEHI, is a proposed $3.5 billion commercial nuclear power plant/bio-fuel generation facility to be constructed on a designated site near Grand View, Idaho. The electricity provided by the nuclear plant would be sufficient to power Idaho's growing needs and allow the elimination of fossil fuels for current power production. Additionally, excess heat from the nuclear reactor would be used to produce ethanol and methane from local crops and agricultural waste.

About Alternate Energy Holdings, Inc. (www.alternateenergyholdings.com)

Alternate Energy Holdings actively acquires private green energy companies, as well as develops and markets innovative clean energy sources. Current projects include nuclear construction, bio-fuel generation, a safe and effective system for removing carbon dioxide from coal and natural gas plants emissions, and marketable lightning harvesting technology for electricity production.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation that the objective and plans of AEHI will be achieved.

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