Hydro Alternative Energy, Inc. (“HAE” or the “Company”), a renewable energy company, announced today that it recently entered into its first binding letter of intent with the Municipal Government of San Cristobal County, located in the Galapagos Islands, Ecuador, to provide hydrokinetic energy for electric power production on such island and Puerto Baquerizo Moreno, the capital of the Galapagos Islands. Terms of the one year letter of intent call for the parties to negotiate a definitive agreement which will address technical, environmental, required governmental approvals, sourcing for project funding requirements, electric power pricing and related matters.

Mark Antonucci, HAE’s co-founder and President, stated: “We are thrilled about executing our first binding letter of intent and partnering with the Municipal Government of San Cristobal County to develop this project. We believe that our current and planned ‘green technology’ solutions for the development of sustained, reliable, cost-effective electrical power generation systems utilizing renewable hydrokinetic energy will allow the island to successfully address its desired balance for considered growth and associated energy needs while being ever mindful of its stewardship over its beautiful, fragile ecosystem and environment. We have received a heartfelt, warm welcome from the local government and community, and look forward to working with our Ecuadorian partners to make this project a reality.”

Enrique Pallares, a recently-elected new member of HAE’s Board of Directors, who was instrumental in HAE procuring the letter of intent with the Municipal Government of San Cristobal County, was quoted as saying “I think this was a very important milestone for the Company. We had a clear strategy that included pursuing an agreement with one of the most fragile and observed natural reserves on the planet. We want to demonstrate how safe our technology is for the environment and so, are pleased to have the opportunity for the world-renowned Galapagos Islands to be the site of our first project. We are proud and excited to be a major part of the equation of bringing renewable, energy generation solutions to the Galapagos.”

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 anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company’s expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company’s planned products and services; the performance of the Company’s technology; the Company’s ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; 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; and competitors’ product introductions, 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
www.HydroAlternativeEnergy.com
561-900-7200

The Verso Group of companies is an independent established financial services provider in South Africa that specialises in providing asset management, retirement fund administration, employee benefit consulting, and professional advice and planning to all financial, investment and medical aid professionals.

Verso’s client base comprises of both small and multinational companies, leading South African local authority retirement funds, umbrella funds, private retirement funds and individuals.

“We are delighted to be working with the Verso Group of companies,” said Craig Featherby, deVere Group’s Regional Manager for South Africa. “This alliance will give us the opportunity to broaden our service offering to our clients in the region by including local financial products offered via Verso.”

The deVere Group is truly committed to strengthening its presence in South Africa and will continue to work with third parties to offer the best services to its clients.

About the deVere Group
The deVere Group is the world’s largest independent international financial consultancy group. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$7 billion of funds under administration and management, deVere has more than fifty thousand clients in over a hundred countries. Our independence and ability to offer financial products that are tailor-made to fit an individual’s needs are behind our success. As a result we now have offices in over forty five countries. You can find us in Abu Dhabi, Brussels, Dubai, Geneva, Hong Kong, Johannesburg, London, Moscow, Sao Paulo, Shanghai, Tokyo and Zurich, amongst others. Please visit http://www.devere-group.com for more information about the deVere Group.

The Global Peace Index 2010 (GPI) revealed recently that Nicaragua remains the second safest country in Central America. The study conducted by GPI evaluates over 149 countries and includes indicators such as the levels of military expenditure, its relations with neighboring countries, number of homicides, level of organized conflict and the level of respect for human rights.

Among the Central American countries, Nicaragua is number two after Costa Rica, in the 64th position, while El Salvador is number 103 and Guatemala number 112, followed by Honduras as number 125.

The GPI team uses the latest available figures from a wide range of respected sources, including the International Institute of Strategic Studies, the World Bank, various United Nations offices, peace institutes and the Economist Intelligence Unit.

Aside from being one of the safest destinations in the region, Nicaragua has also been recognized as a country that offers favorable conditions so investors can develop their projects with confidence and security.

The Doing Business Report 2010, published by the World Bank Group, positioned Nicaragua as the country that best protects investors within the Central American region, after measuring transparency of transactions (extent of disclosure index), liability for self-dealing (extent of director liability index), shareholders’ ability to sue officers and directors for misconduct (ease of shareholder suits index) and strength of investor protection index.

The same report also ranked Nicaragua as the fastest country in which to start a business in Central America. This category measures business regulations and the protection of property rights, as well as their effect on businesses.

For more information about the Global Peace Index visit http://www.visionofhumanity.org/.

PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or http://pronicaragua.org.