Hydro Alternative Energy Inc. (HAE) has acquired Water Power Technologies LLC (WPT), giving it the licensing rights to patent-pending technology.
The turbine technology will be incorporated into a system that converts ocean and tidal currents into electricity. The Hydro Power Generation System is expected to generate more power than other renewable sources such as wind and solar, HAE said.
“We believe that the turbine described within the patent-pending applications will allow our system to generate more power than originally estimated,” said Mark Antonucci, chief financial officer of HAE. “The design of the patent-pending technology is modular in design, environmentally friendly and unobtrusive to the surrounding area.”
HAE said the technology’s basic design will eliminate two to three years of research and development.
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Hydro Alternative Energy, Inc. Announces Acquisition Of Water Power Technologies, LLC.
Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a renewable energy company, announced today that it signed a definitive unit purchase agreement ("Agreement") with Water Power Technologies, LLC ("WPT") and its members following which WPT has become a wholly-owned HAE subsidiary.
Pursuant to the Agreement, HAE purchased all the issued and outstanding units of WPT for HAE common stock. As a result of the Agreement, HAE through WPT has acquired exclusive licensing rights to certain water power technology for use in certain commercialized water power applications. Such licensing rights are memorialized in an exclusive licensing agreement ("Licensing Agreement") between WPT and Harry Robinson, one of WPT's former members. This Licensing Agreement provides for an exclusive (subject to certain delineated revenue criteria) license to such technology which is the subject of pending U.S. and international patent applications.
HAE believes that the basic design of the technology set forth in the patent pending applications will allow HAE to save approximately 2 to 3 years of research and development, since WPT has already developed a working prototype and our engineering firm, Parametric Solutions, Inc. ("PSI"), which introduced HAE to WPT, and certain of whose engineering team were members of WPT and are now HAE stockholders, has detailed working knowledge of the technology comprising the prototype device.
In view of such factors, Mark Antonucci, Chief Financial Officer and co-founder of HAE was quoted as saying: "We feel that we are going to be able to produce working turbines and/or farms in areas others could not. We believe that this patent pending technology will allow us to install individual or multiple units in slow moving water."
Mr. Antonucci was further quoted as saying: "HAE is developing a system to generate clean, inexpensive and predictable energy by converting ocean and tidal currents into usable energy through its planned Hydro Power Generation System. Utilizing these currents, we believe we will be able to create significantly higher levels of power generation as compared to other renewable and/or alternative energy sources such as wind and solar power. We believe that the turbine described within the patent pending applications will allow our system to generate more power than originally estimated. The design of the patent pending technology is modular in design, environmentally friendly and unobtrusive to the surrounding area."
Jon Landau, CEO of HAE, said: "I am excited not only about the significant leap in technology HAE has acquired through this acquisition, but also about the strength of our engineering team, who now have a vested interest in our success."
Joel Haas, CEO of PSI, stated: "I see great potential in HAE and am excited to be working on HAE's Hydro Power Generation System. Through the combination of the patent pending technology and the vested interest that PSI and Mr. Robinson now have in HAE, this business relationship is going to add tremendous value to the project and help HAE bring industry leading products to market faster than originally anticipated."
Harry Robinson, the inventor of the technology, was quoted as saying that "I am very excited that such a talented, hardworking and focused group of people has been put together almost as if it were fate to bring my dream to fruition. I am looking forward to assisting HAE in accomplishing its goal of getting the Hydrokinetic Power Systems designed, deployed and operational."
Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company's expectations of future operating results are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made about the Company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as the breadth and severity of the global economic downturn; the strength of housing and related markets; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; foreign currency effects; retail and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
Hydro Alternative Energy, Inc