The purchase will be made in exchange for 40 million shares of common stock and 5 million of convertible preferred stock.
Clarrix, a provider of consultative and brokerage energy services will now become a wholly-owned subsidiary of Alternative Energy.
Alternative Energy said the 5m convertible preferred stock it acquired from Clarrix carries 51% of the shareholder vote.
It can be converted into 51% of the outstanding common stock one year from the transaction closure.
