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Clean Energy and Power, Inc. Announces Operating Subsidiary in Czech Republic and First Development Solar Project

^{Published on 2010-05-12 07:50:26 - Market Wire}
 

WARWICK, RI--(Marketwire - May 12, 2010) - Clean Energy and Power, Inc. (PINKSHEETS: [ KEPID ]) ([ www.cleanenergyandpower.com ]) today announced that it has completed registration of its subsidiary, Clean Energy and Power s.r.o., in the Czech Republic. By establishing this subsidiary, the Company can now move forward with acquiring Power Purchase Agreements that have been issued in the Czech Republic for solar projects that remain undeveloped due to lack of funding. With rates of $0.63 US per kWh guaranteed for 20 years by Czech Republic and European Union, these opportunities provide higher revenue than found in many other locations.

"I am very excited to have completed the registration of our subsidiary, and securing the right projects and local management," said Dennis Shen, President of Clean Energy and Power, Inc., who has just returned from a trip to Czech Republic where he spent a week completing the legal process of registration and selection of the first development project.

Simultaneously, the Company announced it is in the final stage of acquiring a small "development" solar project to be located on the roof of a commercial building in South Bohemia. "We want to complete the first development project as soon as possible," said Erwin Vahlsing, Jr., CEO of the company. "This project provides an opportunity to put in place and test all of the processes and procedures we will utilize on larger future projects."

About Clean Energy and Power
The Company is focused on alternative energy opportunities. The Company is dedicated to acquiring fully developed environmental projects and putting them into production. [ www.cleanenergyandpower.com ].

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.