HAE Turbine Animation Video
Jupiter, FL – February 2, 2010. Hydro Alternative Energy, Inc. (“HAE” or the “Company”), a renewable energy company, announced today that it recently acquired all U.S. and international patent and intellectual property rights to certain water power technology for use in certain commercialized water power applications.
Such technology rights are the subject of an exclusive licensing agreement between Water Power Technologies, LLC (“WPT”), a wholly-owned subsidiary of HAE, which the Company previously reported as having acquired in December 2009, and HAE.
HAE believes that the basic design of the technology set forth in the patent pending applications will allow HAE to save approximately 2 to 3 years of research and development, since WPT has already developed a working prototype and our engineering firm, Parametric Solutions, Inc. (“PSI”), which introduced HAE to WPT, and certain of whose engineering team were members of WPT and are now HAE stockholders, has detailed working knowledge of the technology comprising the prototype device.
The Company acquired such patent technology rights from the inventor, Harry “Skip” Robinson, a former WPT unit holder and now a Company shareholder, in consideration for: (i) $5,000; (ii) a guarantee on the part of HAE to pay certain vendor fees owed by the inventor in connection with the preparation of the patent applications; and (iii) an earned running royalty agreement between HAE and the inventor which provides for HAE to pay the inventor an earned running royalty rate of 1% based on the net selling price of patented products sold using the technology, commencing with the first sale, for the duration of HAE’s patent rights.
Mark Antonucci, Chief Financial Officer and co-founder of HAE was quoted as saying: “We are very excited about this patent rights technology acquisition and believe that it will accelerate our efforts to produce working turbines for clean, low cost electric energy production and deployment in slow moving water in areas not yet currently serviced.”
Mr. Antonucci was further quoted as saying: “We are developing a system to generate clean, inexpensive and predictable energy by converting ocean and tidal currents into usable energy through our planned Hydro Power Generation System. Utilizing these currents, we believe we will be able to create significantly higher levels of power generation as compared to other renewable and/or alternative energy sources such as wind and solar power. We believe that the turbine described within the patent pending applications will allow our system to generate more power than originally estimated. The design of the patent pending technology is modular in design, environmentally friendly and unobtrusive to the surrounding area.”
Jon Landau, CEO of HAE, said: “I am excited not only about the significant leap in technology HAE has acquired through this acquisition, but also about the strength of our engineering team, which has a vested interest in our success.”
www.HydroAlternativeEnergy.com
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 strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company’s expectations of future operating results are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made about the Company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as the breadth and severity of the global economic downturn; the strength of housing and related markets; 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; foreign currency effects; retail and industrial demand; 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.