Clear Peak Energy Announces Ongoing Reorganizational Efforts

SCOTTSDALE, Ariz., April 5 /PRNewswire-FirstCall/ -- Clear Peak Energy, Inc., ("Clear Peak Energy" or the "Company") (Pink Sheets: CLPE), which since 2009 has been planning the development of clean solar electric power plants incorporating photo-voltaic (PV) technology to be purchased from third parties today announced its ongoing reorganizational efforts.

Name Change

On January 26, 2010 the company amended its articles of incorporation with the State of Nevada changing its name to Clear Peak Energy, Inc. from Wavenetworx, Inc.  The name change better reflects the Company's primary business.  In connection with the amendment of the Company's articles of incorporation, the authorized preferred stock of the Company was increased to 20 million from the 6 million previously authorized.  The number of authorized common shares of the Company remained unchanged.

1-for-10 Reverse Stock Split

On March 15, 2010, the Company effectuated a 1 for 10 reverse share split.  As a result of the reverse share split, every ten shares and outstanding Clear Peak Energy common stock automatically combined into one issued and outstanding common share.  The par value of the combined common shares remains US $0.001.  The number of authorized common shares of the Company remains 100 million.  Clear Peak Energy common shares started trading on a reverse split-adjusted basis at the market open on March 15, 2010, under the new ticker CLPE, CUSIP number 184677 102.

Business Reorganization into the Energy Space

David Hunt, a co-founder of a number of enterprises and architect of several business reorganizations over the past decade, commenced service as our sole officer and director in September 2007.  Mr. Hunt made efforts in 2009 to position Clear Peak toward developing a strategy of leveraging tax credits, rebates, guaranteed loans, and grant programs in the alternative energy space and targeted a management team with energy and tax experience.  On January 3, 2010, Mr. Hunt appointed Kirby D. Cochran to Clear Peak's board of directors and resigned as an officer and director to focus on other projects.

Current Management Team

Kirby Cochran, Chief Executive Officer and director, is the former President of Covol Technologies, now known as Headwaters.  Mr. Cochran was responsible for securing a significant amount of energy tax credits during his tenure at Covol in the 1990's.  Under his leadership, Clear Peak has assembled a highly qualified executive team with vast experience in energy sector businesses including oil and gas, and coal plus critical specialized expertise in solar power plant engineering and development.

Lisa Mandell, Chief Operating Officer, holds bachelors and masters degrees in Physics and is a seasoned executive with over 30 years of experience in high tech sales, marketing, & strategic development.  She is a former Vice President of Broadcast International, a Vice President at Electronic Data Systems (EDS), a Vice President of Strategy at Xerox and a Vice President of Marketing and Business Development at Lucent Technologies.

Eric E. Anderson, PhD., Chief Technical Officer is a former Principle Engineer for Science and Applied Technology and at Hughes Aircraft Company, both defense contractors, in the engineering of various weapons and sensor systems.  Mr. Anderson received his PhD in Electrical Engineering from the University of Southern California in 1993 with specializations in communications, detection theory and mathematics.

William H. Davidson, PhD., director, is a former tenured Professor of Management at the Marshall School of Business, University of Southern California from 1985 to 1998.  Dr. Davidson founded MESA, Inc., a management-consulting firm acquired by Deloitte & Touche in 1996.  MESA's clients included over half of the Fortune 100.  As a national partner at Deloitte, he had leadership responsibilities for the telecom consulting practice from 1996-98, when the practice grew by over 900%.  Mr. Davidson has served on numerous public and private company boards, and is a managing member of two investment funds and a partner in a Chinese development group.  Dr. Davidson earned his B.A. in Economics, M.B.A. and doctorate in Business Administration from Harvard University.

Clear Peak Lack of Revenues, Technology And Resources

Clear Peak has developed a plan to employ tax credits, rebates, guaranteed loans, equity tax partnerships (ETPs) and/or other structures and incentives in an effort to fund the development of solar power production facilities.  However, as of the date of this press release, Clear Peak has no revenues, has no expectation of revenue in the next 12 months, owns no solar related technology, owns no licenses to solar related technology, has not qualified for any government loan, tax credit or rebate and presently lacks sufficient assets to develop its business plan.

Outstanding Stock and Public Float

The total number of issued outstanding (including issuance in process) common shares of Clear Peak totals 7,861,226 shares.  We expect to issue additional shares in the near future, which will further dilute our current stockholders.  Of the 7,861,226 shares, the number of shares presently in Clear Peak's public floats, or believed by the Company to be eligible at any time to enter into Clear Peak's public float, is approximately 786,216 common shares.

About Clear Peak Energy

Clear Peak Energy, Inc. is a publicly traded Nevada corporation planning the development and operation of clean solar electric power plants incorporating proven, lower-cost, photo-voltaic (PV) technology.  The Company's business plan covers the development and operations of solar PV power plants in the United States.  The Company believes that traditional energy sources such as petroleum, coal and natural gas are under increasing scrutiny over their environmental implications and carbon footprint.  National concerns about carbon emissions and dependence on foreign oil have resulted in strict government regulations of carbon emissions and substantial incentives to increase use of renewable energies.

Safe Harbor Statement

The matters discussed in this press release contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements contained in this presentation and in the Company's other written and oral reports are based on current Company expectations and are subject to numerous risks, uncertainties and assumptions.  Any forward-looking statements are not guarantees of future performance and actual results of the operations, financial condition and liquidity.  The forward-looking statements herein speak only as of the date stated herein and might not occur or the actual results may differ materially in light of these risks, uncertainties, and assumptions.  The Company undertakes no obligation and disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.  You should carefully consider these factors.

SOURCE Clear Peak Energy, Inc.