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Alternate Energy Acquires Vehicle and Onsite Electricity Generation Rights to Its Hydrogen Generation Process.

Energy Editors/Business Editors


Worldwide Rights Include Use In Combination With An Internal

Combustion Engine

Alternate Energy Corporation (OTCBB:ARGY) announced today that it has acquired all rights relating to its on-demand hydrogen production system, including use with hydrogen-powered internal combustion engines, autos and other vehicles, and onsite power applications.

Alternate Energy (AEC) has received indications of substantial market demand for a hydrogen internal combustion engine, which can be fueled by the AEC proprietary system. Such an engine is similar to the internal combustion engine utilized in a car or truck with modifications to accommodate the different combustion and handling characteristics of hydrogen. The hydrogen internal combustion engine has the advantage of low initial capital cost and, due to its similarity to auto engines, should have worldwide serviceability.

The newly acquired rights should permit AEC to utilize its hydrogen production system in combination with a hydrogen internal combustion engine to provide onsite, low cost power to homes and businesses. This combination unit can additionally provide excess power back to the electric utility. In sufficient volume, this excess power should reduce the peak load requirements of electric utilities and so help diminish the need for new fossil fuel plants.

The newly acquired rights also should permit AEC to utilize its hydrogen production system to recharge the batteries of an electric or hybrid car or other vehicle.

The AEC system, when working with a hydrogen internal combustion engine and an alternator, generates electricity from its proprietary metal formula and water. There is no need for any other ingredients in the process and no hazardous materials result. AEC's fuel production costs are competitive with fossil fuel alternatives.

"We have been talking about the importance of our hydrogen production system for some time. We are still on track for demonstration and initial product shipment in the fourth quarter of this year," said Blaine Froats, AEC's Chairman. Demonstrations of AEC's hydrogen production system should begin during late 2004 at AEC's Product Development and Demonstration facility at Oak Ridge, Tennessee.

About Alternate Energy Corporation (AEC;

Alternate Energy Corporation (AEC) intends to provide a hydrogen system that has mass-deployment economics and provides small-scale, on-demand distributed generation of electricity. The Company anticipates shipping initial hydrogen production and electricity generation systems in late 2004 and that they will qualify for Renewable Energy Certificates. AEC's proprietary discovery in metallurgy permits a small-scale unit to generate hydrogen from water through a "green" system at a price competitive with the 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; 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.
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Publication:Business Wire
Date:May 25, 2004
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