NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Power Clouds Inc. (www.powercloudsinc.com) (OTC Pink: PWCL) today announces that on November 29, 2018, FINRA approved of the Company’s corporate action request changing its name to Alternus Energy Inc. FINRA also approved a change of its ticker symbol to “ALTN” with an effective date at the open of the market on November 29, 2018.
“Over the past 3 years we have been building the foundation for a sustainable and substantial long-term global business in alternative energy. With growth capital now in place due to our uni-tranche $20 million debt facility with InMost Partners LLC and the signing of an exclusive framework agreement with a leading developer in Germany to acquire at least 200MWs of solar projects it develops over the next 3 years, along with other similar relationships pending in the Netherlands, we now have the execution and funding relationships in place to significantly scale from our current base,” said ALTN Chairman and CEO Vincent Browne.
“Given this inflection point in the business, along with our actions underway to pursue an up-listing of the Company to a US National Exchange (market conditions depending), we felt that now was the time to change the identity of the Company to one that better reflects our focus on alternative energy over the long term – not just in solar as it is today, but all forms of alternative energy projects and technologies that we can address in the future. We also wanted a corporate name that is understood in all corners of the world and can last for decades as we build a global brand. Alternus is the latin word for Alternative, and so what better name to address these requirements,” continued Mr. Browne.
The Chairman and CEO also noted, “We plan to further progress into other European markets in 2019 and look forward to announcing some of the other exciting developments we are currently working on as they come to fruition as we continue our mission to become a leading independent power producer in green energy, and to do so at the lowest possible risk and highest possible returns for our shareholders.”
About Alternus Energy Inc.
Alternus Energy Inc. is a global renewable energy provider that creates value for investors by developing, owning and operating clean energy power projects in multiple countries where the combination of regulatory, economic and environment elements are maximized. ALTN operates solar projects that connect directly to national power grids rather than residential rooftops. The Company currently has activities in Europe & Asia. This global focus means operations are not limited to any one geography or single commercial model or regulatory influence. For further information please go to: www.alternusenergy.com
Forward Looking Statements
This news release contains “forward-looking statements” 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the OTC Markets. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Alternus Energy Inc.
Vincent Browne, CEO