AEC Takes Step Towards Listing On Recognized Exchange.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Alternate Energy Corp.(AEC AEC US Atomic Energy Commission Noun 1. AEC - a former executive agency (from 1946 to 1974) that was responsible for research into atomic energy and its peacetime uses in the United States Atomic Energy Commission ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARGY) announced today that the Securities and Exchange Commission has settled its litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. brought against the company, when it was known as COI Solutions and under previous management. This settlement clears all past litigation with the SEC and removes a major barrier for the newly-managed AEC in its goal to become listed on a recognized exchange. In 2002, the SEC brought suit against COI Solutions Inc. and one of its former officers. Subsequent to the company's acquisition of the assets of Alternate Energy Corporation in 2003 and complete management change, the SEC agreed to settle the litigation. AEC neither admitted nor denied the allegations of the SEC's complaint as part of the settlement. The settlement was entered by the District Court for the Southern District of Florida and included an injunction enjoining en·join tr.v. en·joined, en·join·ing, en·joins 1. To direct or impose with authority and emphasis. 2. To prohibit or forbid. See Synonyms at forbid. the company, its officers or directors from violating securities laws in the future. "We are very pleased that the SEC has decided to settle this matter with the company," said Blaine Froats, Chairman of AEC. "It should be made clear that this litigation occurred under previous management and in no way did it ever question the actions of current management. No one from former management is any longer associated with the company." This settlement clears the way for AEC to make application to a recognized exchange for listing. This was not possible as long as the lawsuit remained outstanding against the Company. Mr. Froats went on to say, "This formally ends the COI chapter in the company's history, completes the transformation from COI Solutions to Alternate Energy Corp., and frees the company to pursue its hydrogen business." About Alternate Energy Corporation (AEC) - www.cleanwatts.com: Alternate Energy Corporation (AEC) intends to provide a hydrogen fuel system that has mass-deployment economics and provides small-scale, on-demand distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or of electricity. The Company anticipates scheduling product demonstrations with key strategic partners in the first quarter of 2005, then shipping initial hydrogen production Hydrogen production is commonly completed from hydrocarbon fossil fuels via a chemical path. Hydrogen may also be extracted from water via biological production in an algae bioreactor, or using electricity (by electrolysis) or heat (by thermolysis); these methods are presently not and electricity generation systems later in 2005. AEC's proprietary discovery in metallurgy permits a small-scale unit to generate hydrogen from an aqueous solution through a "green" system at a price competitive with the current fossil fuel kWh cost of energy. 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 of acquired companies; properly identify acquisition partners; adequately perform due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. ; manage and integrate acquired businesses; 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 AEC's Securities and Exchange Commission filings, including Form 10-KSB 10-QSB and 8-K. Actual results may differ materially from management's expectations. Alternate Energy Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :ARGY) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion