SOURCE: Hydro Alternative Energy, Inc.

Hydro Alternative Energy, Inc.

August 29, 2012 12:24 ET

Hydro Alternative Energy, Inc. Announces That the Executive Committee of the eThekwini Municipality of Durban, South Africa, Has Resolved to Recommend That the Municipality's City Manager Continue to Facilitate the Planned Demonstration and Testing of Its Oceanus™ System

WEST PALM BEACH, FL--(Marketwire - Aug 29, 2012) - Hydro Alternative Energy, Inc. ("HAE" or the "Company"), an emerging independent power provider ("IPP"), announced today that it has recently received confirmation from the Energy Office of the eThekwini Municipality of Durban, South Africa that the Executive Committee of the eThekwini Municipality, after having received and reviewed a report submitted by the Energy Office summarizing the Company's ocean energy demonstration project that has been proposed off the eThekwini coast utilizing the Aghulhas current, resolved to recommend that the Municipality's City Manager continue to facilitate the planned demonstrating and testing of our Oceanus™ system.

Mark Antonucci, HAE's Co-CEO, together with Enrique Pallares, the Company's President, were both quoted as saying that they were extremely pleased and satisfied with this continued vote of confidence in the Company and its developing technology. Further, Mr. Antonucci stated that we are looking forward to the completion of this demonstration and moving forward with the discussed 100 megawatt project.

Derek Morgan, Project Manager of the Durban Treasury Energy Office, together with Russell Curtis, the former Chairman of the Institute of Directors (IOD) Southern Africa www.iodsa.co.za and currently the head of the Durban Investment Promotion Agency (DIPA), said they are extremely pleased with the resolution from the Executive Committee and are looking forward to working closely with the Company to facilitate the planned demonstration system and start moving the entire project forward. 

Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan and projects it may undertake; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company's planned products and services; the performance of the Company's technology; the Company's ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact Information

  • CONTACT:
    Hydro Alternative Energy, Inc.
    561-900-7200