Date: Monday, December 22, 2006
Trading Symbol: OTCBB:OEGY
Open Energy Corporation Acquires WaterEye And Its Proprietary Remote Water Monitoring Systems
Company Plans to Demonstrate First Commercial SunCone Desalination Product in the First Quarter of 2007
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
