The Alternative Energy Technology Center, Inc. (OTC:AETE) announced today that it has established a corporate governance regimen to create investor awareness and transparency for the benefit of shareholders and investors. The Company expects to update its current information filings in February and to establish a code of conduct and code of ethics for management and employees as recommended by the Sarbanes Oxley act. The Company then intends to complete the audit of its financial statements and file a Form 10 in 2008 to become a fully reporting company with the Securities and Exchange Commission in order to give better transparency to investors.
In addition, the Company announced today that the venture between recently acquired Meridian Biorefining, Inc. and Gulf Ethanol Corporation was terminated when the parties could not agree to terms on the licensing agreement. The venture would have allowed GFTE to acquire the rights to new cellulose feed-stock processing technology for ethanol.
The Company: The Alternative Energy Technology Center, Inc. (OTC:AETE), based in The Woodlands, TX , 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 addresses the post-petroleum energy needs of the United States.
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.
The Alternative Energy Technology Center, Inc., Houston
David
Mordekhay, 832-358-0203
david@continental-connections.net