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SOLANA
BEACH, Calif.--Dec. 22, 2006--Open Energy Corporation
(OTC BB: OEGY), a renewable energy company focused
on the development of solar technologies that
produce renewable energy, fresh water, and related
resources, today signed a definitive agreement
to acquire privately-held WaterEye Corporation
in an all stock transaction worth approximately
$3 million.
David
Saltman, President and CEO of Open Energy Corporation,
stated: "This is a strategic acquisition
for our company. WaterEye has developed proprietary
remote monitoring and display technology for water
systems, with customers that include GE Water,
Siemens, Dow, Dupont, and Poseidon Resources.
This same monitoring package will be important
as we launch SunCone CSP systems next year."
Saltman
continued, "Tom Wolfe, founder and president
of WaterEye, will join our management team as
Open Energy's Senior Vice President of Engineering
and Development. He and his engineering team in
Grass Valley are already coordinating with our
CTO, Ron Gangemi, to complete the engineering
and industrial design of SunCone Desal. We are
working to demonstrate our first commercial unit
in the first quarter of 2007."
Tom
Wolfe commented: "The ability to utilize
solar energy to desalinate water is very exciting.
Up to 50% of the cost of producing potable water
is directly attributable to energy consumption.
Many areas of the world where fresh water is most
needed, lack access to grid power or simply can
not afford the costs of diesel fuel. Once we demonstrate
the capabilities of SunCone Desal, I think many
organizations around the world will take notice."
About
Open Energy
Open Energy Corporation (OTCBB: OEGY) focuses
on the development and commercialization of renewable
energy products and technologies for a wide range
of applications including electrical and thermal
power production and water desalination. The Company
pursues these objectives through technology innovation,
acquisitions, strategic partnerships and other
business strategies. The company’s mission
is to enhance life by harnessing the power of
the sun. For more information please visit our
website www.openenergycorp.com.
About
Water Eye
Water Eye is headquartered in Grass Valley, California
and provides secure ASP based remote monitoring
and diagnostic services to the water and wastewater
treatment industries. This proprietary software
grew out of the Company's work as system integrators
and software developers for ultra pure water systems
refineries, power stations, municipal water treatment
plants, and high tech manufacturing facilities.
WaterEye president Tom Wolfe is one of the pioneers
in reverse osmosis technology. He has also designed
large and small systems utilizing ion exchange,
micro-filtration and thermal disinfection. He
is the author of numerous reports and publications
in the field.
Safe
Harbor for Forward Looking Statements
Except for statements of historical fact, the
information presented herein constitutes forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties
and other factors, which may cause the actual
results, performance or achievements of the Company
to be materially different from any future results,
performance or achievements expressed or implied
by such forward-looking statements. Such factors
include general economic and business conditions,
customer demand for its products, the Company’s
ability to scale up manufacturing to meet demand,
the Company's competitive position and other factors
over which Open Energy Corporation has little
or no control.
Contact:
Integrated Corporate Relations
James McCusker (Media)
203-682-8245
jmccusker@icrinc.com
John Mills (Investor Relations)
800-250-2610
jmills@icrinc.com
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