MERRITT ISLAND, FLORIDA -- (Marketwire) -- 12/20/12 -- Alternative Energy Partners, Inc. (OTCBB: AEGY) announced today that it has entered into an agreement to acquire StarPoint Acquisition Corp., a Florida corporation ('SAC'), from Elan Energy & Water, Inc. for a combination of cash and common stock. By year end, SAC expects to complete the process of acquiring StarPoint USA, Inc. ('StarPoint'), a U.S. based vehicle distribution company that has a proven track record and that is not exclusive to any specific vehicle brand, which allows it to distribute a number of different brands / models in the U.S. market. As part of its ongoing business, StarPoint has been the exclusive distributor of Daewoo vehicles and Genuine Daewoo Parts to the U.S. market since 1998. A total of 188,000 Daewoo brand vehicles (Leganza, Nubira and Lanos models) were distributed from 1998 through 2002. Today, StarPoint continues to provide both Warranty Administration and Genuine Daewoo Parts to approximately 80,000 remaining Daewoo owners in the US.
StarPoint plans to maximize sales and market share through the near term use and further development of an existing and robust independent retail dealership network. The company will offer unique vehicles of exceptional value at very competitive prices with sales to dealers being supported by a seasoned, market savvy management team that is capable of implementing a marketing strategy designed to introduce new models / brands and establish it as a leader in the alternative fuel vehicle ('AFV') market niche. 'An important aspect of our business strategy is marketing a portfolio of different AFV models that meet the needs of a wide variety of end users including both fleet operators and retail customers,' advises Ben Rainwater, President & CEO of StarPoint USA. 'All-electric vehicles will be one offering, but we are also focused on offering vehicles powered by Compressed Natural Gas (CNG) either as fully dedicated CNG or as Bi-Fuel (gasoline and CNG) capable models,' continued Rainwater.
StarPoint has positioned itself to capitalize on the growing need for less dependence on foreign oil through environmentally friendly 'green' vehicle alternatives for the U.S. market. In June of 2012, the Company secured an exclusive vehicle distribution agreement with a U.S. based alternative fuel vehicle manufacturer for the entire U.S. market, including Puerto Rico, that will involve the distribution of CNG Bi-Fuel and all electric vehicles. 'The company is currently in discussions with several other vehicle manufacturers regarding the distribution of their alternative fuel models, as well, which will further broaden the scope of our AFV portfolio', added Rainwater.
The AFV market is a growth segment that stands to increase market share significantly by 2035 according to projections by the U.S. Energy Information Administration (EIA), which includes a mix of flex-fuel, mild hybrid, hybrid gasoline/diesel, electric, plug-in hybrid electric, gaseous, electric and fuel cell. Certainly, these AFVs will play a significant role in meeting more stringent Green House Gas ('GHG') emissions and fuel economy standards, as well as offering fuel savings in the face of higher gasoline prices.
About Alternative Energy Partners
Alternative Energy Partners is focused on sourcing, marketing and distributing renewable alternative energy solutions on a national and international basis as well as developing and marketing other commodities. Alternative Energy Partners is publicly traded on the NASDAQ OTC (OTCBB: AEGY). For more information please visit www.aenergypartners.com.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21 E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risk that could cause actual performance and results of operations to differ materially from those anticipated. These risks are set forth in the Company's most recently filed form 10-K and Form 10-Q reports. The Company assumes no obligation to update the statements contained in this release except as required by applicable securities disclosure rules. The Company's SEC filings are available at http://www.sec.gov.