SOURCE: Alternative Green Technologies

Alternative Green Technologies

February 23, 2009 08:55 ET

Alternative Green Technologies, Inc. Executes Letter of Intent Licensing Reddiform's Technology to Real Estate Development Group for the Country of Canada

License Agreement Expected to Yield Several Million Dollars Annually Upon Penetration of the Canadian Market

UNIONDALE, NY--(Marketwire - February 23, 2009) - Alternative Green Technologies, Inc. (PINKSHEETS: AGTI) announced today the execution of a letter of intent licensing its Reddiform green building product technology for the exclusive production, distribution and installation of the Reddiform ICF construction system throughout the country of Canada to Vision enVert Inc., a Canadian construction, development and management company.

Alternative Green Technologies, through its Reddiform Worldwide subsidiary, will achieve initial licensing fees totaling $ 875,000.00 as exclusive rights of certain Canadian provinces are exercised. Additionally, Reddiform Worldwide shall receive a royalty of 3% of gross sales when the Reddiform ICF system is manufactured, purchased and/or installed and a royalty of 10% of gross sales when the Canadian licensee acts as a distributor of the product. Reddiform Worldwide will also have a carried interest of 20% in the licensee entity.

The 15-year licensing agreement specifically covers the provinces of Quebec, Ontario, British Columbia, Alberta, New Brunswick, New Foundland and Labrador, and Prince Edward Island and is subject to minimum sales requirements which increase over time in each province. It is expected that a definitive agreement will be executed by March 15, 2009.

Vision enVert is a full service real estate firm involved in the design, development, construction and management of various real estate projects throughout Canada with a philosophy of conservation of the environment. It is the intention of Vision enVert to not only use the Reddiform ICF system in their own projects but also to manufacture, sell and install the system for third party real estate projects.

About Alternative Green Technologies, Inc.: 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. 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 subsidiary, 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. Homes built out of Reddiform require an estimated 44% less energy to heat and 32% less energy to cool and can be designed for use in Earthquake Zones 4 and 5, and to withstand hurricane winds of 200 miles (330 kilometers) per hour.

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

  • Contact:

    Alternative Green Technologies, Inc.
    626 RXR Plaza
    Uniondale, NY 11556
    516-832-7000