| FROM: | Alliance Energy Renewables, LLC | FOR IMMEDIATE RELEASE |
| CONTACT: | Jane E. Rubinstein Rubenstein Associates 212-843-8287 direct / 516-993-0708 cell |
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STATEMENT OF ALLIANCE ENERGY ON OFFER TO PURCHASE MIRANT LOVETT FACILITY
(New York, NY - January 18, 2008) - Alliance Energy Group, on behalf of Alliance Energy Resources, LLC has officially withdrawn its offer to purchase the Lovett facility from Mirant, effective today.
The bona fide offer to purchase Lovett was based on Alliance's prior understanding that the facility was targeted for closure in sixty days and that an offer to purchase would have been in the best interest of all parties.
It is one week since the offer was made by Alliance and no response has been received from Mirant. As interested as Alliance remains in seeing this critically important energy resource repowered to a clean and renewable facility for the benefit of the facility, community and environment, it does not appear to be a feasible alternative for Alliance at this time.
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