SOURCE: Alternative Green Technologies, Inc.

Alternative Green Technologies, Inc.

February 17, 2009 09:10 ET

Alternative Green Technologies, Inc. Announces Its Name Change, Reverse Stock Split and the Acquisition of Reddiform Worldwide, Inc. - a Green Building Product Company

UNIONDALE, NY--(Marketwire - February 17, 2009) - Alternative Green Technologies, Inc. (PINKSHEETS: AGTI) announced today the acquisition of Reddiform Worldwide, Inc. Alternative Green Technologies, Inc. was formerly known as Niteagle Systems and has changed its name, conducted a reverse stock split and will now trade under the symbol "AGTI."

Alternative Green Technologies (PINKSHEETS: AGTI) is a public company focused on the commitment to reduce the carbon footprint in the world by acquiring and building companies that help the environment in reducing carbon emissions in addition to reducing worldwide energy costs and waste.

Corporations and individuals increasingly face the challenge of leading the climate change battle and carbon neutrality. Developing methods and products that will manage these potential risks of carbon is a mandate of Alternative Green Technologies, Inc. Our Company will seek to acquire and grow companies and undertake projects which help achieve this reduction either directly or through the creation of carbon offset credits and/or tax credits.

OUR FIRST ACQUISITION - REDDIFORM WORLDWIDE, INC.

ReddiForm Worldwide, Inc. has the exclusive worldwide license in perpetuity to market, manufacture and sell ReddiForm Insulated Concrete Forms ("ICFs"), a green patented building product that allows for reduced energy costs while providing more economies and efficiencies in the construction process for homes, industrial and commercial buildings. It is anticipated that as exclusive licensee, ReddiForm Worldwide will achieve revenues by not only selling ReddiForm to developers, builders and distributors but also by acting as a subcontractor building the frames of homes, commercial and industrial buildings out of ReddiForm primarily outside of the United States. The Company is studying the possibility that it will franchise the new subcontracting model domestically to others for specific territories.

ReddiForm Worldwide has entered the Caribbean market and expects to announce various projects shortly which will allow ReddiForm Worldwide, in partnership with others, the opportunity to build frames for homes and commercial buildings carrying a potential revenue value of several million dollars annually. This is just one of several opportunities that the Company is currently working on.

The green effect, energy savings, insurance savings and development time savings makes ReddiForm a very attractive product overseas where concrete block construction is required. Additionally, ReddiForm structures can be designed for use in Earthquake Zones 4 and 5, and to withstand hurricane winds of 200 miles (330 kilometers) per hour.

Some of the advantages of building with ICFs are that (i) nothing blows through reinforced concrete; (ii) there are no CFCs, HCFCs, formaldehydes, wood rot or mold; (iii) ICF wall systems can support concrete form and roof systems and provide flexibility in design; (iv) outside noises are eliminated while inside noises are contained; (v) homes built with ICF exterior walls require an estimated 44% less energy to heat and 32% less energy to cool.

With homebuyers and commercial property owners increasingly interested in green building, energy efficiency is the place to start. That's because the energy used in homes often comes from the burning of fossil fuels at power plants, which contributes to smog, acid rain, and risks of global warming. So the less energy used, the less air pollution generated.

The current value of the construction marketplace domestically is $1.8 billion for the ReddiForm product. While it can be used in any application requiring poured concrete or cement block, it is being specifically targeted for residential and commercial buildings, foundations, retaining walls, swimming pools, marinas, etc. The greatest penetration to date has been in residential housing. In cooperation with the Portland Cement Association, the Insulating Concrete Form Association is forecasting a 6% market penetration for ICF's in use with above grade wall construction.

ReddiForm has been approved by all major building organizations such as BOCA, ICBO, and the International Residential Code. ReddiForm is an Energy Star rated product because of its insulating capacity and is manufactured with no CFCs and the material used to manufacture ReddiForm ICFs is 100% recyclable. The Company is a member in good standing of the Green Building Council, ACI Standards Committee and Insulating Concrete Form Association of which our Company's Technical Advisor is a founding member and was its chairperson for several years. Our Technical Advisor Ron Ardres is an innovator and leader in the ICF industry.

ReddiForm also engages in community work through organizations such as Habitat for Humanity to help raise the awareness of the Company. Our assistance to communities in need of disaster relief has lead to the establishment of a special vendor relationship with companies such as Lowe's Home Improvement Centers where our product is available on a special order basis.

For more information about Alternative Green Technologies, Inc. go to www.altgreentech.com.

NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results.

Contact Information

  • For more information contact:
    Mitchell Segal
    President
    Alternative Green Technologies, Inc.
    Email Contact