Alter Energy Group AG
Alter Energy Group AG closes acqiusition
Alter Energy Group AG / Acquisition Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Zurich Switzerland – March 26, 2008 ALTER ENERGY GROUP AG (AEG) (Frankfurt Stock Exchange Ticker Symbol: 39f) announces that it has received notice of majority shareholder approval the acquisition of it’s purchase of CJSC Kievenergomash (KEM) from Ukraine Energy Acquisition Corp. (UEAC). KEM translates as: Kiev (the city), Energo (Energy) Mash (Machine) or 'Kiev Energy Machine'. To date 76% of UEAC shareholders of record have accepted the sale of KEM to AEG. UEAC expects that the remaining shareholders will submit paperwork accepting the transaction by the deadline of April 4, 2008. The UEAC shares will remain with the UEAC shareholder. All requested documentation for closing has been executed and the KEM certificates have been delivered. Alexander Chugay, Chairman of KEM and Director of UEAC will be appointed as Director of AEG and will oversee the operations of KEM as a wholly owned subsidiary of AEG. About AEG: AEG is a Zurich based, publicly traded company active in acquiring and making investments in Eastern Europe and CIS renewable energy generation companies and facilities as well as energy infrastructure transmission companies and assets. KEM is the first of multiple planned acquisitions as AEG executes its penetration and expansion into these high growth emerging energy markets. About KEM: A UEAC wholly owned subsidiary, KEM is a profitable Ukrainian company with over 13 years in operations, investments and activities in several energy related industries including but not limited to: thermal generation, commercial, residential, industrial and infrastructure electrical systems and services, heating, natural gas pipeline support and services construction. KEM is now diversifying into electricity infrastructure transmission and clean energy generation. For more information please visit: www.alterenergygroup.com Contact: Investor Relations info@alterenergygroup.com Forward-Looking Statements Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to successfully integrate KEM with the operations of AEG, the Company's current and future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release. 27.03.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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