Alternative Energy Partners, Inc.
OTC Bulletin Board : AEGY

Alternative Energy Partners, Inc.

November 09, 2010 09:16 ET

Alternative Energy Partners (AEGY) Has Acquired Xnergy; Increases Revenues to Over $23 Million

Executives From the Award-Winning Firm to Head AEGY

MERRITT ISLAND, FLORIDA--(Marketwire - Nov. 9, 2010) - Alternative Energy Partners (OTCBB:AEGY), a provider of comprehensive alternative energy solutions, announces that it has completed the acquisition of Xnergy, a California-based Energy Services Company, construction and engineering firm.

Xnergy (www.xnergy.com) specializes in providing complete turn-key energy conservation design-build and maintenance solutions for a number of high-profile industries. Drawing from over 20 years of construction experience, Xnergy provides a single source for project management, execution, and maintenance of energy and green-building projects, and is at the forefront of the ever-changing sustainability and green-build movement. The company is a leader in the alternative energy field, and has over 80 MW of interconnect experience. The company's reported gross revenue in 2009 exceeded $15 Million and has already exceeded $15 Million in revenues half way through 2010.

D. Jason Davis, President and CEO of Xnergy, has been appointed to the posts of President and CEO of AEGY; Xnergy Vice President and COO Joseph Patalano will serve as Executive Vice President and COO of AEGY. At Xnergy, Davis has been responsible for managing complex, multi-million dollar projects while developing future business. His high profile project list has included: Guidant Corporation, Pfizer Stability Chambers, The Salk Institute, Medtronic, San Diego Zoo Polar Bear Plunge Exhibit, Techniclone cGMP Pilot Plant, Boston Scientific IVT, and the Baxter heart valve manufacturing facility.

Patalano and Davis co-founded Xnergy in 2001. Patalano oversees Xnergy's operational processes including project scheduling, manpower, coordination, business development, compliance quality control, and all field labor. Together, Davis and Patalano have led Xnergy to win a number of awards including the "Excellence in Construction" award from the Associated Builders & Contractors (www.abc.org).

AEGY Chairman Gary Reed says, "Xnergy's ability to take on high profile, multi-faceted projects and deliver them on budget and on time sets a new standard for this industry. Their executive management abilities are well suited to AEGY's focus on high quality services, delivered efficiently."

Davis says, "AEGY is the vehicle to take a successful and proven business to a national scale. We intend to be the ultimate energy services company by vertically integrating technology with service under a single source of responsibility. We are impressed with the assembled companies and teams at AEGY and are very excited to deliver positive results for our clients and shareholders. We (Davis and Patalano) are prepared to bring the same passion that has made Xnergy a success to everything we do at AEGY."

About Alternative Energy Partners, Inc.

Alternative Energy Partners ("AEGY") is focused on sourcing, marketing and distributing renewable alternative energy solutions. AEGY is a family of businesses including: Xnergy (www.xnergy.com), an Energy Services Company, construction and engineering firm; Sunarias™ Corporation (www.sunarias.com), provider of on-site solar-thermal energy systems that allow businesses to reduce energy costs; Shovon, LLC (www.shovon.com), a provider of remote control energy management systems; and Skynet Energy Systems, Inc., through which it is poised to enter the European alternative energy market. Elan Energy, another wholly-owned subsidiary of AEGY, has acquired R.L.P. Mechanical Contractors, Inc.

AEGY's goal is to offer a full portfolio of high-performance energy solutions for homes and businesses of all sizes. Alternative Energy Partners is publically traded on the NASDAQ OTC (OTCBB:AEGY). For more information please visit www.aenergypartners.com.

FORWARD LOOKING STATEMENT
This announcement is not an offer to sell any Alternative Energy Partners ("AEGY") securities. Offers for any given security are made only through applicable offering circulars and related documents filed with the SEC pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of AEGY may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and includes, without limitation, statements regarding AEGY's plan of business operations, product research and development activities, anticipated revenues and expenses and potential contractual arrangements and obligations. Forward-looking statements speak only as of the date of the document/oral statement in which it was made. In making any such statements, the person making them believes that his expectations are based on reasonable assumptions; however, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. These forward-looking statements are subject to numerous risks and uncertainties. There are various important factors that could cause actual results to differ materially from those in any such forward-looking statements and are mostly out of the company's control. Among these are: general economic conditions, receipt of additional working capital, and acceptability of the company's products in the marketplace as well as other factors set forth in the company's SEC filings. AEGY disclaims any intent or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information