Friday, July 15, 2011

AEHI: Feds Are "Throwing More Darts"

Posted By on Fri, Jul 15, 2011 at 5:10 PM

Alternate Energy Holdings Inc. fired back today in the wake of yesterday's announcement that the Securities and Exchange Commission was filing new charges against the embattled company and its CEO Don Gillispie.

"They're throwing more darts against the wall and hoping one will stick," said AEHI attorney Richard Roth.

AEHI recently got the OK from Payette County Commissioners for a rezone approval in the company's effort to build a nuclear power plant in New Plymouth.

"There will soon be major announcements that show we are very serious," said Gillispie. "The Idaho nuclear plant is a project that can help in a tremendous way with the current economy on a local and even national scale."

But Gillispie will be a bit busy between now and Sept. 27 when he has a date in U.S. District Court. That's when he'll face a number of charges including misleading investors, selling securities in unregistered transactions and sending out bogus news releases.

According to the SEC: "AEHI's securities lawyers and investor relations firm resigned over their concerns about the volume and nature of AEHI's press releases."

The SEC filed similar charges against AEHI and Gillispie in December 2010, but a court hearing in February resulted in AEHI's assets being unfrozen so that the Eagle-based company could continue its operations.

AEHI continues to be traded at approximately 11 cents per share in the so-called OTC Pink and Grey markets that have few reporting requirements.

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