THE WOODLANDS, TX announced that effective today at the close of
business, the Company will change its name to "Alternative Energy
Technology, Inc." and begin trading under its new symbol
(PINKSHEETS: ATNE). In addition, the Company announced a 1:50
reverse split of its outstanding common shares and an increase in
the number of authorized shares of common and preferred stock to
500,000,000 and 20,000,000 shares, respectively. The reverse split
and the increase in authorized shares will become effective at the
close of business today as well.
Robert T. Kelly states, "The actions taken on June 23, 2008 and
our subsequent submission to FINRA on June 9, 2008 are the result
of Control Shareholder and AETE New Management having exhausted all
avenues to interdict the conduct of ongoing criminal activities
perpetrated by former officers and/or directors (and their
associates) of The Alternative Energy Technology Center, Inc. f/k/a
Mortgage Xpress, Inc." In order to curtail the sale of fraudulently
issued shares of AETE common stock, New Management of AETE and its
Control Shareholder made a decision to reverse split the common
stock on a 1:50 basis. In making this decision the Company and New
Management relied on advice from corporate council and AETE's
Consultant.
"AETE has been in close contact with the Securities Exchange
Commission, FINRA and various state regulatory and enforcement
agencies, cooperating and providing related information ever since
Control Shareholder and New Management discovered the criminal
activities of Jonathan Gilchrist, William Carmichael and their
cohorts," stated Mr. Kelly. He went on to say, "The company and New
Management intend to vigorously and systematically pursue all those
that have been engaged, directly or indirectly, in this illegal
activity, which has caused substantial losses to the company, its
investors and stockholders and significant damage to the reputation
of AETE and its business enterprise."
The New Management of AETE would like the complete cooperation
of all shareholders of AETE that purchased shares between December
2007 and July 31, 2008, as related to shares purchased from a
Broker or Brokerage firm touting AETE's stock and AETE's stock
touted by individuals, email spam and investor relations
websites.
Associated delays in the FINRA approval of the AETE
reorganization were directly related to demands by Depository Trust
Company on two separate occasions to compel AETE, its Consultant
and newly appointed transfer agent, Securities Transfer
Corporation, to generate a letter signed by its Consultant and
transfer agent stating that the fraudulent shares held in various
accounts at Charles Schwab & Co., Inc. (Schwab), Legent
Clearing, LLC (a Schwab company), Aurora Financial Services, LLC
and its clearing firm Penson Financial Services were validly
issued. This, not withstanding the clearly documented facts as
presented to all parties showing the shares to have been
fraudulently issued by Jonathan Gilchrist and William Carmichael
under a Reg. D, 504 Offering on or about December 27, 2007. As a
result of the delay by FINRA as well as demands by DTC, AETE has
lost approximately eight weeks of valuable time executing its
reorganization strategy as opposed to developing its business
model.
Mr. Kelly stated, "It was discovered during an investigation
undertaken by Control Shareholder, New Management and myself that
beginning the first week of January and continuing into July 2008,
AETE had been targeted for use as a conduit in ongoing criminal
activities related to microcap stock fraud by former officers
and/or directors of AETE and their associates. From on or about
February 22, 2008 the Control Shareholder, New Management and I
have been in regular contact with The Securities Exchange
Commission Enforcement Division providing complete documentation on
our internal investigation as it developed. The development of
significant information on the disposition of the Reg. D, 504 stock
offering came about through the analysis of a stock and
money-laundering scheme initiated by Jonathan Gilchrist, William
Carmichael, David Mordekhay and Shir Doron of Petach Tikva,
Israel."
Mr. Kelly went on to say, "On information and belief, Jonathan
Gilchrist transferred to Shir Doron shares of the Reg. D, 504
offering. An offer was then made to the New Management of AETE, by
way of David Mordekhay, acting for an 'investment group out of
Amsterdam/Israel' to provide funds through participation in a
Private Placement Memorandum in the amount of $250,000 over a
period of 5 months with the first $50,000 provided immediately and
the remaining $200,000 in four $50K tranches. The plan was for the
money for the PPM to be raised through the sale of the stock placed
with Shir Doron during the time when Jonathan Gilchrist was
manipulating the stock volume and value through the use of email
spam and "investor relations" websites using false and misleading
information and a website (www.altenergytechcenter.com) controlled
by Jonathan Gilchrist (as Registrant) and designed by agents of
Jonathan Gilchrist. The entire plan was to fund the PPM with funds
from the sale of fraudulently issued Reg. D, 504 stock, in essence,
funding the company with it's own money while gaining a larger
number of shares of stock to be converted at a future date.
Although this plan was interdicted in part, the eight-week delay
referred to above with FINRA and DTC allowed Shir Doron to
liquidate approximately 223,000 shares of fraudulent AETE common
stock through the auspices of Aurora Financial Services, LLC."
As a means of eliminating the negative impact to investors and
bona fide stockholders from the trading of illegal Reg. D, 504
shares and the 1:50 reverse split on bona fide shareholders of
record in AETE stock, the Control Shareholder has decided to gift
shares to those bona fide shareholders of record in a manner and
under conditions that restore their positions in AETE stock. Bona
fide shareholders of record would otherwise suffer substantial
dilution subsequent to the 1:50 reverse split and shareholders who
purchased the illegal Reg. D, 504 shares in the market would have
possibly lost their entire investment due to the activities
described above. All bona fide shareholders of record must be
shareholders prior to the record date, that being Friday, August 1,
2008, and must provide AETE and Control Shareholder with
documentation that substantiates the ownership of recorded
shareholdings. The Control Shareholder is under no obligation,
whatsoever, to honor any bona fide shareholder's request to receive
the gift of shares, under any circumstance. Shortly after the
Record date a letter of transmittal will be mailed to all
shareholders of AETE, which will set forth the procedure involved
with receiving each bona fide shareholder's new shares, gifted
shares and/or warrants. All bona fide shareholders (if qualified)
owning less than 500 shares will receive, in addition to the new
shares and gifted shares, 10 warrants to purchase, in the
aggregate, 2,000 new shares. Each warrant will be exercisable into
200 shares of the new common stock of Alternative Energy
Technology, Inc. at an exercise price of $5.00 per share. Although
no guarantees can be made, it is the intent of the AETE to file a
registration statement with the Securities and Exchange Commission
covering the common stock underlying the warrants. Such
registration statement will serve to bring AETE into compliance
with the Commission's required filings, in order to effectuate
subsequent trading of the AETE's common stock on the Bulletin Board
or higher exchange. All fractional shares held by Stockholders who
own ten shares or more of the new common stock will be rounded up
to the nearest full share.
The Alternative Fuels business model of AETE is structured
around the development, construction and deployment of complete
Fleet Mobile Vertically Integrated Biorefining Units to meet the
transportation fuel needs of the country on a regional basis,
placing the process equipment in close proximity to cellulosic
biomass resources. The integrated proprietary technologies in these
units allow AETE, through its anticipated subsidiaries, to emulate
the process and product streams on a basis similar to that of
traditional petroleum refining and/or chemical units. The New
Management and staff of AETE are renewing its commitment to the
enterprise model based on the following.
First, is the ratification of the Meridian Biorefining
Technology License for cellulosic biomass processing which includes
the simultaneous reduction of biomass to micro and nano particle
scale range with the simultaneous separation of lignin through a
Catalyzed Esterification process and further processing of the
lignin into high value products including gasoline and gasoline
additives. Second, its commitment to sustainable vertically
integrated biorefining technology delivering multiple product
streams on an expanded basis.
All of the actions described in this press release were taken by
AETE's New Management and the Control Shareholder in order to bring
greater value to the company and all of its bona fide stockholders.
New Management, Consultant and the Control Shareholder wishes to
thank all bona fide shareholders for their support in the past and
their continued support now and into the future.
About Alternative Energy Technology Center, Inc.
The Alternative Energy Technology Center, Inc. (PINKSHEETS:
AETE), based in The Woodlands, Texas, 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
address the post-petroleum energy needs of the United States and
abroad. AETE's integrated technologies provide the ability to
convert cheap, abundant cellulosic plant material into a variety of
fuel products that will allow AETE, initially, to efficiently
address a part of America's energy needs. America's energy future
must be built on renewable fuels that can be produced at a lower
cost and AETE's vertically integrated biorefining technology
delivers the answer to this pressing need.
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.
Contact: Robert T. Kelly Consultant 9390 Forest Lane Conroe, TX
77385 Phone: 214-500-7834 Email: Email Contact
Alternative Energy Techn... (CE) (USOTC:ATNE)
Historical Stock Chart
From Jan 2025 to Feb 2025
Alternative Energy Techn... (CE) (USOTC:ATNE)
Historical Stock Chart
From Feb 2024 to Feb 2025
