SOURCE: Clean Energy and Power, Inc.

February 18, 2010 08:47 ET

Clean Energy and Power Announces Appointment of Dennis Shen to Board of Directors and Brings Aboard Two New Executives to Advance CEP's Solar Development Plans

WARWICK, RI--(Marketwire - February 18, 2010) -  Clean Energy and Power, Inc. (PINKSHEETS: KEPI) ( today announced several changes in management to strengthen the Company's focus and future direction.

Dennis Shen, the recently appointed President of the Company, has been appointed to the Board of Directors. "With the addition of Dennis to the Board, we now have the formation of a team committed to the Company's vision for the future and who understand the direction we are heading," stated Erwin Vahlsing, Jr., CEO of Clean Energy and Power (CEP), "Dennis's understanding of the market, contacts within the clean energy area, and business savvy, will be a big help as we evaluate the opportunities before us."

Simultaneously, the Company announced the appointment of Yury Rahubin as the Director of Solar Project Development and Alex Kotunov as the European Solar Operations Manager. Mr. Rahubin has an extensive background in large scale renewable energy projects with recent emphasis on solar development in the Czech Republic; Mr. Kotunov, a resident of the Czech Republic, has extensive background in solar development specific to site permitting, negotiations of grid interconnect and energy off-take agreements. Both Mr. Rahubin and Mr. Kotunov have acted as managing partners of Glass Time s.r.o., the company with which CEP announced a joint venture for solar developments in Czech Republic and EU. 

"I am excited to have Yury and Alex join our developing team and look forward to their management of our solar projects both internationally and domestically," said Dennis Shen, "I look forward to their assistance with the Solar projects that we are developing in the European Union in conjunction with Glass Time, s.r.o. One of the driving forces to push for Solar energy in EU is the high Power Purchase Agreements they have entered into providing $.63 per kWh as compared to the US where kWh prices range in the low teens. In many cases we can get 3 times the revenue for the same amount of power generated in Europe vs. the United States."

Mr. Vahlsing continued, "We are excited that in such a short time, we have been able to tap into two experienced executives who share the vision we have for the Company."

In other news, the company is continuing to work with its auditors to begin the final leg for bringing the company current with the SEC filings and still hopes on having that completed by end of Q1 2010.

About Clean Energy and Power
The Company is focused on alternative energy opportunities. The Company is dedicated to acquiring fully developed environmental projects and putting them into production.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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