Alter NRG Announces The Sale Of A Non-Core Asset For US$1.75 Million
Oct 06, 2011
OTC Disclosure News Service
Calgary, ALB, Canada –
CALGARY, Oct. 6, 2011 /CNW/ – Alter NRG Corp. (“Alter NRG“) announces it has entered into a definitive agreement to sell its steam turbine for US$1.75 million. An initial deposit of $200,000 has been received and the closing of the additional $1.55 million is expected to occur upon final closing, within the next 90 days. This is a legacy asset from a project that was discontinued in 2009 and was classified in the financial statements as an asset held for sale for $2.1 million.
Kevin Bolin, Executive Chairman states “this sale further strengthens our cash position which combined with the sale of another non-core asset for 5 million announced last month gives us a healthy balance sheet. With the near-term milestones expected, we are well positioned for growth in our core plasma gasification business.”
ABOUT ALTER NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. Alter NRG’s vision is to commercialize growth technologies through environmentally sustainable and economically viable alternative energy projects. Alter NRG’s primary objective is to further commercialize the Westinghouse Plasma Gasification Technology, through its wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and provide a wide variety of energy outputs – including liquid fuels like ethanol and diesel, electrical power, and syngas.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell Alter NRG securities or the solicitation of an offer to buy Alter NRG securities, nor is there to be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Advisory Respecting Forward-Looking Information
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking information“). The use of the words “expect” and “will”, and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to, without limitation, the timing and sale of Alter NRG’s steam turbine and the impact of the sale on Alter NRG’s balance sheet and the growth of Alter NRG’s plasma gasification business. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. The forward-looking information concerning the timing and closing of the sale of the steam turbine, the impact of the sale and the growth of Alter NRG’s plasma gasification business are all based upon certain factors and assumptions including, without limitation, the terms of the asset purchase agreement in respect of the steam turbine and Alter NRG’s current budget and strategic plan.
Forward-looking information is based upon the opinions and expectations of management of Alter NRG as at the effective date of such information. Although Alter NRG believes that the expectations reflected in its forward-looking information are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward looking information is subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking information. As the sale of the steam turbine is subject to closing conditions there is the risk that if not waived or met, such closing conditions could cause the transaction not to close in the timelines anticipated or at all. In addition, although the growth plans for Alter NRG’s plasma gasification business are based on the current expectations of management of Alter NRG, there may be circumstances where, for business reasons, a shift in Alter NRG’s strategic plan may be necessary as may be determined at the discretion of Alter NRG and there can be no assurance as at the date hereof as to how Alter NRG’s strategic plan may change. Additional information and other factors that could affect Alter NRG are included in the documents on file with applicable securities regulatory authorities, including the annual information form of Alter NRG for the period ended December 31, 2010, and may be accessed through the SEDAR website at www.sedar.com.
Alter NRG cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this news release is made as of the date hereof and Alter NRG does not undertake any obligation to update publicly or to revise any of the included forward-looking information to reflect new events or circumstances, except as required by applicable Canadian securities laws. The forward-looking information contained herein is expressly qualified by this cautionary statement.
For further information:
Mark Montemurro, Chief Executive Officer
(403) 806-3877 firstname.lastname@example.org
Daniel Hay, Chief Financial Officer
(403) 214-4235 email@example.com
Kevin Bolin, Executive Chairman
(678) 296-2851 firstname.lastname@example.org
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.