BOISE, Idaho, March 30, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCBB:AEHI) today summarized its operational and financial performance for the fourth quarter and full year ended December 31, 2009.
"This is a very exciting time for AEHI as we made rapid progress on several key aspects of our strategy," said Don Gillispie, CEO of Alternate Energy Holdings, Inc. "We spent 2009 focusing on four key projects that we believe have significant market potential."
These projects include:
- Idaho Energy Complex, formed to oversee a proposed $10 billion nuclear project near Payette, Idaho, with a backup site near Hammett, Idaho;
- Energy Neutral, Inc., which assists homeowners, businesses and farmers in reducing energy consumption and reliance on the electrical grid;
- International Reactors, Inc., assisting developing countries with power generation as well as the production of potable water;
- AEHI China Ltd., establishing multiple joint ventures in China to produce desalinization reactors and nuclear plant components for export such as stainless steel piping, pumps, motors and valves.
"Although the domestic nuclear industry has been dormant for many years, our early lead in this rapidly re-emerging market will enable us to exploit growth trends in the coming years. This resurgence is best evidenced by the additional loan guarantees and strong support for nuclear development by the current Administration in Washington. Moreover, we have a strong international foothold as evidenced by our partnerships in both China and Korea. These strategic relationships, both in the U.S. and internationally, provide further validation of our market leadership and help to establish a foundation for long-term growth."
Key Highlights for the year include the following:
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Initiated construction in the fourth quarter in Boise on the Renewable Energy Model Home, an Energy Neutral™ home that is revolutionary in design as a net producer of electricity – with no monthly energy bills and providing the homeowner money back for excess energy production on an ongoing basis. The monthly power savings and income from excess power generation are expected to more than offset the full cost of home construction and financing costs over a 50-year period in an environment of static energy prices. In an environment of rising energy costs, total savings could potentially exceed the cost of the home, and cash back from energy generation could potentially be used to fully pay down a 30-year mortgage on a monthly basis over the life of the loan. This model home was completed in the first quarter of 2010 with a cost to build, inclusive of special energy generating equipment, that is comparable to that of traditional construction for a similar-sized home. The company will begin an energy neutral subdivision in Idaho and offer franchises this summer.
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In final negotiations with China National Nuclear Corporation ("CNNC"), a prospective partner for the manufacture of a combination power generation and desalinization reactor. In December 2009, AEHI announced its agreement to cooperate in the development of a joint venture with the Nuclear Power Institute of China (NPIC), a subsidiary of CNNC, to manufacture and market a 1000 MWe reactor with the ability to produce potable fresh water from seawater. Upon finalization of this agreement, AEHI intends to undertake sales efforts to meet pressing market needs in South America, the Middle East and portions of Asia.
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In continuing negotiations with Korean Electric Power Company (KEPCO) to import the South Korean's advanced reactor, APR 1400, for AEHI's Idaho and Colorado sites, as well as bring KEPCO's design for a nuclear reactor to the U.S., including assistance to work through required certification.
- AEHI executives met with a number of county and state leaders in Idaho to assess the community support level for a combination nuclear/solar power plant. Entering 2010, commissioners in both Payette County and Elmore County have voted to support AEHI's proposed nuclear plant in their counties' respective comprehensive plans.
Mr. Gillispie concluded, "Our financial performance in 2009 was in keeping with expectations, as we moderated our operational cash burn while focusing on near-term objectives that will enable us to begin generating multiple revenue streams in the nuclear services and green energy sectors."
For the full year, AEHI reported a net loss of $2.3 million, or ($0.02) per share, based on 102.64 million weighted average shares outstanding. This compares to a 2008 net loss of $3.8 million, or ($0.06) per share, based on 65.57 million weighted average shares outstanding. As a development-stage company, AEHI reported no revenue in 2009 or 2008.
About Alternate Energy Holdings, Inc. (http://www.alternateenergyholdings.com/)
Alternate Energy Holdings develops and markets innovative clean energy sources. The company is the nation's only independent nuclear power plant developer seeking to build new power plants in multiple non-nuclear states. Other projects include Energy Neutral, which removes energy demands from homes and businesses (http://www.energyneutralinc.com/), Colorado Energy Park (nuclear and solar generation), and International Reactors, which assists developing countries with nuclear reactors for power generation, production of potable water and other suitable applications. AEHI China, headquartered in Beijing, develops joint ventures to produce nuclear plant components and consults on nuclear power. AEHI Korea, Seoul, is assisting KEPCO (Korea Electric Power Corporation) to export their APR 1400 reactor into the U.S. and achieve NRC design certification.
"Safe Harbor" Statement: This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although AEHI believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate. As a result, investors should not place undue reliance on these forward-looking statements.