False Media Reports Prompt AEHI to Correct News of Former CEO Stock Distribution

BOISE, Idaho, May 31, 2013 /PRNewswire/ -- Alternate Energy Holdings, Inc. (OTC:AEHI; www.aehipower.com) announced today that the company has no choice but to correct recent erroneous media reports that former President/CEO Donald Gillispie, who resigned his position more than six months ago, sold 41,370,500 shares of AEHI stock.  The false information, which has now been disseminated throughout the media, could cause irreparable harm and may damage thousands of already battle-weary shareholders of AEHI stock.  AEHI has contacted KBOI Television and demanded an appropriate retraction and admission of false reporting.

In fact, as reported by AEHI's stock transfer agent, Gillispie's stock was gifted, not sold, to various entities, with a vast majority of the shares being donated to a local church.  An AEHI representative shared this information with a reporter from the CBS television affiliate in Boise well in advance of the story that actually aired, which falsely stated Gillispie sold his stock for $100,000.  This outright false information has also been posted on other websites and blogs, one of which is operated by known anti-nuclear activists who oppose AEHI's project in Idaho.

The false information was aired on a May 29, 2013 broadcast on KBOI Television and later published to the KBOI TV website.  The misrepresentation of Gillispie's filing of an SEC Form 4, filed on May 17, 2013, is required of any stockholder who owns 10% or more of a Company's outstanding stock upon a change of ownership of any of their shares.  This includes stock that is gifted.

Shareholders should understand the Form 4, filed by Gillispie, lists the stock value of $0.0025 per share.  The amount is simply the market value of the stock on the day it was transferred and in this case it is not a "sale price".

AEHI remains dedicated to its proposed project of building a nuclear power plant in Payette County, Idaho.  The project has been delayed due to a lengthy civil suit filed by the SEC, but the company's dedication to the project has not changed.  AEHI believes once the SEC litigation is finalized, the company will be able to resume normal business, which includes the continuation of the project in Idaho.

AEHI received local approval from Payette County Commissioners to build the proposed nuclear power plant in 2011, which includes a ratified development agreement between AEHI and Payette County.

About Alternate Energy Holdings, Inc. (http://www.aehipower.com) -- Alternate Energy Holdings develops and markets innovative carbon-free energy sources. The company is the nation's only publicly traded independent nuclear power plant developer seeking to build a new nuclear power plant; Idaho Energy Complex is the lead project. Other business units include Energy Neutral(R), which reduces energy demands for homes and businesses using primarily renewables (http://www.energyneutralinc.com) and Green World Water(TM), which markets nuclear desalination reactors primarily to developing countries for production of potable water, power generation and other suitable applications (http://www.greenworld-h2o.com).

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Alternative Energy Holdings', intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. . The forward-looking statements involve risks and uncertainties including, but not limited to, the risk the company may not raise sufficient money to fund the costs and expenses of the COLA application process, the risk that the company may experience delays in the COLA application process and the risk that the COLA application will not receive regulatory approval. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the fiscal year ended December 31, 2011. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Alternate Energy Holdings, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Contact Information:
Dan Hamilton
Director of Corporate Communications
Alternate Energy Holdings, Inc.
Tel: (208) 939-9311
Email: [email protected]

SOURCE Alternate Energy Holdings, Inc.