Alternate Energy Corporation ("AEC")(OTCBB: ARGY - News) today reported that it had filed its 10-KSB with the Securities and Exchange Commission. The report contains details of its market analysis and business plan.
AEC reported a loss for the fiscal year ended December 31, 2003 of $3,699,119. The Company had no revenue. The Company's expenses included $76,973 in administrative expenses, $2,857,703 in consulting fees, $240,000 in management fees, $29,443 in professional fees, $697,000 in stock option benefits. The 10-KSB filing outlines AEC's market analysis and phased market penetration, with the first phase including Commercial Back-Up Power and Green Energy (Residential and Commercial).
Several key milestones were met over the course of last year. In late September, AEC purchased the rights to its hydrogen production technology for the global fuel cell industry. With 99.95% purity achieved in testing with Maxxam Analytics, AEC, through its joint venture relationship with Astris Energi successfully powered Astris' golf cart fuel cell with its affordable hydrogen maker. In December and continuing into January, AEC completed a total of $3.28 million in funding. AEC intends to use the proceeds to complete certification, finalize development of Alpha products and execute the Company's "go to market" strategy. In early November, AEC expanded its senior management team and hired Velocity Product Solutions to manage its head office. Early in 2004, it selected GT Designs to open and manage its Tennessee-based Product Development Center, which is expected to open in June, 2004.
"We are pleased to provide to our shareholders details of our product deployment strategy which is now well underway," said Blaine Froats, Chairman. "We have invested heavily in our technology in the last several months and believe we have built the foundation for deploying our small scale and non-fossil fuel hydrogen generation system."
Additional information and a link to the SEC 10-KSB filing is also available on the company's website at www.cleanwatts.com.
About Alternate Energy Corporation (AEC):
AEC is an energy company committed to delivering innovative, practical and environmentally responsible fuel and power solutions to consumer, commercial and government markets. AEC's main technology is focused in production of on-demand hydrogen. We believe AEC's hydrogen production process is designed to overcome two major industry obstacles - affordability and safety. The hydrogen production system leverages a proprietary chemical process that yields fuel-cell-quality hydrogen from fresh or salt water, with no known harmful by-products.
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the ability to negotiate outstanding prior debts; develop its technology; react to quarterly fluctuations in results; raise working capital and secure other financing; respond to competition and rapidly changing technology; deal with market and stock price fluctuations; and other risks. These risks are and will be detailed, from time to time, in ARGY's Securities and Exchange Commission filings, including Form 10-KSB 10-QSB and 8-K. Actual results may differ materially from management's expectations.
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Contact:
CEOcast, Inc.
Cormac Glynn, 212-732-4300
or
Alternate Energy Corporation
Suzanne Brydon, 519-620-2623
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