SOURCE: High Velocity Alternative Energy

December 18, 2008 15:39 ET

High Velocity Alternative Energy, Inc. Completes Acquisition of American Chemical Exchange, Inc.

BEDFORD PARK, IL--(Marketwire - December 18, 2008) - High Velocity Alternative Energy, Inc. (PINKSHEETS: HVAE) announced today that the Company has executed a Stock Purchase Agreement and completed the purchase of American Chemical Exchange, Inc. ("ACE") of Pasadena, CA. High Velocity entered into a Letter of Intent with ACE in July 2008. ACE was owned by Robert Somerman; as part of the Letter of Intent to purchase ACE, Mr. Somerman was appointed President and CEO of High Velocity. ACE becomes a wholly owned subsidiary of High Velocity. The terms of the purchase of 100% of the shares common stock of ACE for a purchase price of 14,000,000 shares of restricted common stock of HVAE and the payment of $150,000.00, in six payments. Robert Somerman was also given an employment Agreement for a period of five years, at an initial salary of $180,000 per annum.

Mr. Somerman stated, "The joining of the two companies, both sharing similar business models and philosophies, will immediately increase an economy of scale and accelerate the expansion of opportunities into new markets and products for High Velocity."

American Chemical Exchange, Inc. is a middle market petroleum-based lubricant company with an emphasis on the recycling of glycols for use in industrial and automotive coolants. Additionally, the company specializes in the refining, blending, packaging, and distributing of lubricants, coolants, and other chemicals sold primarily to the automotive aftermarket through established distribution channels.

About High Velocity Alternative Energy, Inc.

Headquartered in Bedford Park, IL, High Velocity Alternative Energy, Inc. is a holding company that specializes in the refining, blending, packaging, and distribution of middle market petroleum and related products to the automotive and manufacturing aftermarket. These products are sold, both direct and through regional distributors, to retail outlets that include oil change shops, automotive aftermarket chains, gas stations, department stores, and convenience stores. The Company utilizes an innovative technology to capitalize on renewable energy and lubricant resources by recycling spent oils and glycols. High Velocity Alternative Energy's 40,000 square foot plant is conveniently located outside Chicago with access to interstate and railroad.

Forward-Looking Statements

This press release contains forward-looking statements, which represent the Company's expectations or beliefs, including, but not limited to, statements concerning plans, growth and strategies, which include, without limitation, statements preceded or followed by or that include the words may, will, expect, anticipate, intend, could, estimate, or continue or the negative or other variations thereof or comparable terminology. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These statements by their nature involve substantial risks and uncertainties, some of which are beyond the Company's control, and actual results.

Contact Information

  • Contact:
    High Velocity Alternative Energy, Inc.
    Robert Somerman
    President
    (708) 496-9710

    Investor Relations
    Corporate Evolutions, Inc.
    Susan U
    516-482-0155
    info@corporateevolutions.com