Hydro Alternative Energy, Inc. Announces Execution of Letter of Intent With Paso Ancho Hydro Power, Corp.

Companies to Promptly Commence Negotiations for HAE to Acquire an Operating Run-of-the-River Hydroelectric Power Plant

JUPITER, FL / ACCESSWIRE / May 20, 2015 / Hydro Alternative Energy, Inc. (“HAE” or the “Company”), a Florida corporation which, together with its subsidiaries, plans to become an independent power provider, announced today that it has executed a binding Letter of Intent (the “LOI”) by and between HAE and Paso Ancho Hydro Power, Corp. a Panamanian corporation (“PAHP”) pursuant to which HAE and PAHP agree, promptly and in good faith to commence negotiations with a view toward HAE (and/or a HAE now or later formed subsidiary and/or otherwise related entity (collectively, “HAE”)) acquiring PAHP, which operates a Run-of-the-River type hydroelectric project with an approximate nominal capacity of 6.7 MW, located on the Chiriqui Viejo River in the province of Chiriqui, Republic of Panama.

The LOI sets forth HAE’s intent to acquire PAHP and/or PAHP’s Holding Company. All parties have agreed that since the execution of the LOI by both parties on May 9th, 2015, each will promptly and in good faith seek to negotiate and discuss terms and conditions, satisfactory to both parties, for the potential acquisition of PAHP, whether in whole or in part.

Mark Antonucci, CEO of HAE, stated, “We look forward to furthering the intent of this LOI and reaching our goal of generating revenue. This LOI further evidences HAE’s efforts to expand our operations by utilizing existing technology in the hydroelectric power generation industry while keeping true to our mission: to become a leading worldwide independent power provider focused on utilizing hydrokinetic and other power development sources to generate electric power worldwide, cost-effectively, reliably and profitably, with minimal to no ecological impact.” Mr. Antonucci was further quoted as saying, “We believe that certain hydroelectric forms of power generation such as this PAHP Project can be environmentally friendly and have minimal ecological impact while delivering consistent electrical power generation.”

Luis Bernal, HAE’s Chief Relationship Officer, who was instrumental in procuring the LOI, was quoted as saying: “Panama has a tremendous geographical position with the Pacific and Atlantic Oceans being a short distance from each other. Furthermore, Panama as a country has the potential ability to increase their electrical power generation through their potentially huge hydroelectric resources. We, at HAE, are extremely excited with the possibility of entering into a market with such potential and we are looking forward in doing so.”

Mr. Antonucci added, “While HAE remains committed to the deployment of its proprietary hydrokinetic Oceanus(TM) technology in the waters off the coast of Durban, South Africa, this LOI affords HAE the opportunity to expand its prospective markets into other areas of hydroelectric power provider while staying true to our mission.”

HAE’s business model provides for utilizing its own proprietary technology, identifying and locating existing and new technologies, and, when appropriate, partnering with others, for its power development and generation needs.

Forward Looking Statements

Certain statements made by Hydro Alternative Energy, Inc. (“HAE”), its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding HAE’s operating performance, events or developments that HAE 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 HAE or of the market for its products and services, or general belief in HAE’s expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including but not limited to the need by HAE for substantial additional working capital to materially advance its business plan, including the projects discussed in this press release, including in the case of the PAHP Project even if HAE securities may be issued in whole or in part as consideration for acquisition of the PAHP Project; no assurances that HAE will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of HAE’s planned products and services, including the performance of technology which may be utilized by HAE, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; HAE’s ability to protect its intellectual property; 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 and uncertainties. Forward-looking statements included herein are made as of the date hereof, and HAE undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact Information:

Mark Antonucci, CEO
840 Jupiter Park Drive, Suite 104, Jupiter, Florida, 33458, USA
Unit Number 2, 3 Rydall Vale Office Park, 1 Douglas Saunders Drive, La Lucia Ridge, La Lucia, Durban, South Africa
Office: 1-561-900-7200
Email: ir1@hae-usa.com

SOURCE: Hydro Alternative Energy, Inc.

ReleaseID: 429105