The Alternative Energy Technology Center, Inc.: Retraction and Clarification of Statements Contained in Unauthorized Press Releases.
On or about January 29, 2008, by virtue of a press release, listing David Mordekhay as the contact person, it was announced that AETE had procured a research facility in Woodlands, Texas, whereby AETE would continue commercialization and research of its biomass refining technology. Due to financial constraints and other related matters an agreement on this facility has not been contracted and may be available to AETE in the future, although no guarantee can be made.
On or about February 18, 2008, by virtue of a press release, listing David Mordekhay as the contact person, it was announced that AETE had terminated its joint venture agreement, dated December 14, 2007, by and between Gulf Ethanol Corporation (GFET) and Meridian Bio-Refining, Inc. a wholly owned subsidiary of AETE, due to material default by GFET with regards to the terms and conditions of said joint venture agreement, thus the "Intellectual Property and Sublicense Agreement", having been previously submitted in writing to GFET was formally withdrawn and any and all relationships with GFET have been revoked, rescinded and withdrawn.
On or about May 7, 2008 AETE advised that Jonathan Gilchrist and related companies had been issued a "cease and desist" directive relative to conducting business on behalf of The Alternative Energy Technology Center, Inc. AETE had also demanded that Gilchrist take the necessary steps to ensure that all rights, title and interest to the web page, http://www.altenergytechcenter.com, be transferred to AETE. Such demands have gone unanswered, thus AETE intends to take the necessary steps to ensure that this website is shut down or ownership is transferred to AETE. Some of the information presented on this website is false and misleading as set forth below:
"Carliwater, Inc. is an Israeli company to which we have licensed the use of our technologies for the purification and desalinization of water. Many parts of the world lack the fresh water resources needed to support growing populations and agricultural needs. Carliwater is working to deliver a cost-efficient technology for removing salt from seawater and delivering fresh, potable water to these nations in cooperation with The Alternative Energy Technology Center." http://www.altenergytechcenter.com/company.html
AETE, at the present time, neither owns nor has a license, exclusive or otherwise, to technology for the purification and desalinization of water, nor does AETE have any business relationship with Carliwater, Inc. as alleged on this website (http://www.altenergytechcenter.com). On information and belief, Carliwater, Inc. may be a business entity owned and/or controlled by Jonathan Gilchrist and David Mordekhay.
"Morgan Stacy, Inc. builds equipment used for materials separation and purification. AETE will be the primary R&D, engineering and construction partner for Morgan Stacey. Currently gas separation units are being developed for the oil field service industry. This technological platform is expected to be expanded to provide technologies to clean toxic wastes and for the more efficient processing of human waste products." http://www.altenergytechcenter.com/company.html
AETE, at the present time, neither owns nor has a license, exclusive or otherwise, to technology for the materials separation and purification of gas for the oil field service industry, nor does AETE have any business relationship with Morgan Stacy, Inc. as alleged on this website (http://www.altenergytechcenter.com).
"Quantum Refining, Inc. is a development stage technology company focused on developing new and revolutionary technologies for the refining of crude oil into transportation fuels, chemicals and plastics. Quantum refining has retained AETE as its technology development partner. They expect to deliver faster, cheaper, safer and more scalable refining technology within five years." http://www.altenergytechcenter.com/company.html
AETE does not have any business relationship, whatsoever, with Quantum Refining, Inc., for the refining of crude oil into transportation fuels, chemicals and plastics, as alleged on this website (http://www.altenergytechcenter.com).
As set forth on hotstockmarket.com message boards, AETE adamantly denies any and all relationships with Cariwater, Inc., Morgan Stacy, Inc and. Quantum Refining, Inc, as referenced above and as alleged on the hotstockmarket.com message boards as set forth below: http://www.hotstockmarket.com/forums/showthread.php?t=59458&page=2.
AETE also commented on reports that individual investors had received unsolicited spam e-mails promoting AETE stock. Activity of this type, conducted by any individual, group or entity, has been without the knowledge or consent of AETE Management. Any compensation in cash or free trading stock associated with this activity was not authorized nor paid for by AETE.
AETE and its Management sincerely regret if any of the investing public have been inconvenienced or misled by any information promulgated by the website (http://www.altenergytechcenter.com), message boards and spam e-mails. Complaints have been filed with the appropriate regulatory agencies to ensure that these sites and their emanating claims are dealt with in the appropriate manner.
AETE also disclosed that it had been notified by McElravy, Kinchen & Associates, P.C. that the previously announced audit engagement commitment is being withdrawn, prior to the commencement of any work on behalf of AETE. AETE is presently seeking a qualified auditing firm and will advise shareholders when an auditing firm has been retained.
On or about April 3, 2008 and April 15, 2008 Gulf Ethanol, Inc. (GFET) announced that it had signed product development and distribution agreement with Vortex Ventures and GFET had ordered prototype cellulosic processing unit, respectively. On information and belief AETE believes that GFET may be violating a confidentiality agreement signed by GFET for the benefit of AETE, during the timeframe when AETE had entered into its joint venture arrangement with GFET. AETE intends to vigorously defend it rights, title and interest with respect to its technology and any breach by GFET.
About The Alternative Energy Technology Center, Inc.
The Alternative Energy Technology Center, Inc. (OTC:AETE), based in The Woodlands, Texas, is a technology company focused on biofuels and alternative energy technologies. It is developing the first true biorefinery in the U.S. It will focus on technologies using renewable energy inputs from non-food energy sources and on technologies that can be scaled up to efficiently address the post-petroleum energy needs of the United States and abroad. AETE's integrated technologies provide the ability to convert cheap, abundant cellulosic plant material into a variety of fuel products that will allow AETE, initially, to efficiently address a part of America's energy needs. America's energy future must be built on renewable fuels that can be produced at a lower cost and AETE's vertically integrated biorefining technology delivers the answer to this pressing need.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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|Date:||May 23, 2008|
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