Hydro Alternative Energy signs letter of intent for hydro projects in Haiti

Florida-based Hydro Alternative Energy Inc. announced it has entered into a binding three year letter of intent with Haiti’s Groupe Financier de l’Union, S.A. for developing commercial hydrokinetic power projects in Haiti.

GFU is part of the Sassine Group, which diversified its activities in 2008 to meet the challenges of infrastructure projects in Haiti and has committed to assist HAE in securing and developing commercial hydrokinetic projects in Haiti.

Mark Antonucci, HAE’s co-founder and president, stated: “We are very excited about partnering with Groupe Financier de l’Union, and such a relationship, we believe, will give us the high profile opportunity to participate in addressing the needs and rebuilding of Haiti’s critical infrastructure. Our current and planned green technology solutions for the development of sustained, reliable, cost-effective electrical power generation systems utilizing hydrokinetic energy are just what is needed to complement the worldwide efforts currently under way to bring Haiti forward into the 21st century. We look forward to our participation in this inspiring and ongoing humanitarian effort.”

Enrique Pallares, a member of HAE’s board of directors who was instrumental in HAE procuring the letter of intent with GFU, was quoted as saying: “Groupe Financier de l’Union, led by Mr. Richard Sassine, is without any doubt the best partner that any company desiring to develop services within Haiti can get. We are proud and excited to be represented by GFU, and we hope we can very soon bring energy generation solutions that will take Haiti to a stable and steady pace of development.”

Richard Sassine, GFU’s chairman, said: “Introducing the technologies developed by HAE for clean power generation in Haiti should play an important role not only in meeting Haiti’s energy shortfalls, but also in introducing to the world energy market a natural, viable and affordable alternative energy source.”

Hydro Alternative Energy Inc. recently acquired all U.S. and international patent and intellectual property rights to certain water power technology for use in certain commercialized water power applications. Such technology rights are the subject of an exclusive licensing agreement between Water Power Technologies, LLC (WPT), a wholly-owned subsidiary of HAE, which the company previously reported as having acquired in December 2009, and HAE.

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