Alternate Energy Corp. Signs Funding Agreement With Taurus Global.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Oct. 1, 2003

Agreement Will Generate Funding To Bring Affordable, Clean,

and Reliable Off-Grid Power To Consumers Homes And Businesses

Alternate Energy Corporation (OTCBB:ARGY - News) announced today that the company has signed an agreement with Taurus Global, LLC to procure future funding. Once secured, these funds will be immediately put to work bringing AEC's low-cost hydrogen production system into the next phase of deployment. AEC's hydrogen fuel process will help enable residential and commercial customers to generate their own electricity off-grid at on-grid competitive prices.

Franco Scalamandre, President of Taurus Global commented, "We sift through literally hundreds of companies on a monthly basis and decide to support only the ones that make good business sense. When AEC was presented to us we knew that we had found an opportunity with enormous potential."

Taurus Global is a recognized investment banking group operating out of New York City and Los Angeles with a specialty in the funding of emerging, privately-held and/or publicly traded companies. Under the provisions of the contract, Taurus will provide financing to AEC by introducing them to potential private investors as well as other public and/or private companies for the purposes of potential merger, acquisition, and/or financing transactions.

According to AEC chairman Blaine Froats, "We have entered into an agreement with Taurus Global to secure intermediate and senior stage funding for our Company. Though the contract was just signed yesterday, Taurus has been working on the first round of funding over the past number of weeks. We are very pleased with Taurus thus far and are looking forward to future funding that will take our company to the next level. Further announcements regarding funding will be made as they occur."

About Alternate Energy Corporation (AEC):

Founded in March of 2000, AEC is a leading developer of cost-effective, environmentally responsive fuels and electric power solutions. The company's mission is to contribute to an environmentally sound, alternative energy future. The company is the patent holder of power recovery and fuel-cell-quality hydrogen production technologies for residential, commercial and industrial use. Additional information is available at the company's website at www.cleanwatts.com

About Taurus Global:

Through its knowledge and experience, Taurus Global (www.taurusglobal.com) enables companies to properly structure and execute approaches that result in substantial net worth gains. Located in New York City and Los Angeles, the company acts as an independent advisor and is experienced in providing corporate consulting services to publicly traded and privately held companies. The company offers a variety of services including finance sourcing, transaction structuring, strategic partnering, acquisition planning, and more.

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; 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 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.