SOURCE: American Alternative Energy Systems Corp.

December 18, 2008 16:21 ET

American Alternative Energy Systems Corporation Receives Board Approval From Great Lakes Biogas Technologies Inc. for Takeover Offer

DENTON, TX--(Marketwire - December 18, 2008) - American Alternative Energy Systems Corporation (PINKSHEETS: AATV) (FRANKFURT: AFP) received confirmation from the Board of Directors of Great Lakes Biogas Technologies Inc. approving a recent takeover bid proposed by the Board of Directors of AATV that will come into effect March 16, 2009.

Great Lakes Biogas Technologies Inc. shareholders of record will receive 1 (one) American Alternative Energy Systems Corp. shares for every 3 (three) GLBS shares held. Great Lakes Biogas Technologies has similar operations and objectives in alternative renewable energy sectors that will complement and strengthen the current business activity of American Alternative Energy Systems Corporation.

In addition the company has proposed a takeover offer to Companies West Group Inc. of Denver, Colorado. The offer is a 1 (one) for 1 (one) share swap and is currently being considered by the Board of Directors of Companies West Group Inc. A decision on this agreement is expected to be received on or before January 20, 2009.

About American Alternative Energy Systems Corporation

American Alternative Energy Systems Corp. (AAESC) is a company focused on reducing greenhouse gas emissions and making a more sustainable environment through renewable energy. There are three different types of renewable energy in the market: wind, solar, and biomass. Of the three, biomass is the most economical and can solve other issues, making it a superior energy source.

AAESC will produce Anaerobic Digesters that will turn manure and other bio-waste into electricity and heat. The digester will solve the farmers' manure disposal problems, and will produce electricity, heat, and income for the farm (the excess electricity will be sold to the hydro grid).

AAESC goal is to become Canada's market leader in digesters. It plans to become the leader by offering farmers the digester at no cost, simplifying the purchase process.

About Great Lakes Biogas Technologies Inc.

Formed in 2001, Great Lakes Biogas Technologies Inc. searches for the winners of tomorrow -- entrepreneurs whose ideas and talents qualify them to pursue large market opportunities successfully. We seek opportunities across a broad spectrum, including environmental market sectors and renewable energy solutions, The companies recent reorganization and business focus is to pursue the numerous opportunities that are presenting themselves in the alternative energy exploration and technology fields today and in the foreseeable future.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

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