HAE Update On Project in South Africa

  • May 14, 2013, 8:30 a.m. ET

Natural Forces Energy Solutions Pty. Ltd., a Wholly Owned Subsidiary of Hydro Alternative Energy, Inc. Announces That eThekwini Municipality of South Africa Has Executed a Memorandum of Agreement to Proceed With the Planned Demonstration and Testing of Our Oceanus(TM) System

 

Natural Forces Energy Solutions Pty. Ltd., a Wholly Owned Subsidiary of Hydro Alternative Energy, Inc. Announces That eThekwini Municipality of South Africa Has Executed a Memorandum of Agreement to Proceed With the Planned Demonstration and Testing of Our Oceanus(TM) System

WEST PALM BEACH, FL–(Marketwired – May 14, 2013) – Natural Forces Energy Solutions Pty. Ltd., (“NFES” or the “Company”), a wholly-owned South African subsidiary of Hydro Alternative Energy, Inc., (“HAE”), an emerging independent power provider (“IPP”), announced today that it has executed a Memorandum of Agreement (“MOA”) with the eThekwini Municipality within the City of Durban, South Africa. This has been facilitated by the Durban Investment Promotion Agency (DIPA), with support by eThekwini’s Energy Office. The MOA provides that its purpose is to assist NFES with obtaining access to certain municipal facilities for the purposes of demonstrating NFES’ technology, and to facilitate licensing, permissions, information and assistance which may be required for NFES to demonstrate its ocean current power generation system, Oceanus(TM).

Luciano Garcia, President of NFES, stated, “Now that the Company has received the final ‘green light’ to proceed with the demonstration and testing of the Oceanus(TM) System for the Municipality of eThekwini within the Durban offshore Agulhas current, we are looking forward to demonstrating that electric energy can be produced consistently in a sustainable and environmentally sensitive manner.”

Russell Curtis, Head of the Durban Investment Promotion Agency, together with Derek Morgan, Senior Manager, eThekwini’s Energy Office, both expressed that they are extremely pleased with the final execution of the MOA and are looking forward to working closely with NFES to execute the planned demonstration of Oceanus(TM). Their stated intent is to further move the entire project forward, in partnership with local South African businesses.

Enrique Pallares, HAE’s President, expressed that working these several months with the different authorities and executives of the eThekwini Municipality has been most exciting and rewarding, adding, “The level of efficiency, cooperation and professionalism of every single person involved in this process has been outstanding.”

Mark Antonucci, CEO of HAE and NFES, also commented on the latest news received from the eThekwini Municipality, saying, “Working in South Africa and having the opportunity presented to demonstrate and test Oceanus(TM) is a tremendous milestone for us. Very few places in the world have the favorable conditions of the Agulhas Current. The eThekwini Municipality authorities have been most proactive in seeking to fulfill the Municipality’s mandate to provide electrical power generation and distribution services in a sustainable and environmentally sensitive manner. We are looking forward to the completion of this demonstration and moving forward with a 100 megawatt project being discussed for the future.”

Certain statements made by Natural Forces Energy Solutions Pty. Ltd. and Hydro Alternative Energy, Inc. and members of their management team on their behalf in this release and other periodic oral and written statements, regarding their operating performance, events or developments that they believe or expect 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, or of the market for their products and services, or general belief in their expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by both companies for substantial additional working capital to materially advance their business plans and projects they may undertake; no assurances that either or both companies will be able to secure such capital; technology challenges involved in the development of the companies’ planned products and services; the performance of the companies’ technology; the companies’ ability to protect their 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 neither Natural Forces Energy Solutions Pty. Ltd. nor Hydro Alternative Energy, Inc. undertake any obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

CONTACT:

Hydro Alternative Energy, Inc.

561-900-7200

 

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