Alter NRG Corp. To Sell Large Scale Plasma Gasifier For Approximately US$22 Million
Nov 23, 2011
OTC Disclosure News Service
Calgary, ALB, Canada –
CALGARY, Nov. 23, 2011 /CNW/ – Alter NRG Corp. (“Alter NRG” or the “Company”) is pleased to announce that it has received notification of a proposed agreement (the “Agreement”) to be finalized by the middle of December for Alter to be the selected provider for the engineering, fabrication and construction of a plasma gasifier for installation at the proposed Tees Valley Renewable Energy Facility (the “Project”) in Northeast England.
The Agreement, when finalized, will include standard cancellation provisions that can be triggered if the project owner chooses to cancel the proposed project at any time during the term of the contract.
Under the proposed Agreement, Alter NRG will provide a G65 gasifier and related engineering and project management services for a fixed price of approximately $22 million. Alter NRG expects to realize about 90% of the revenue within fifteen months of the Agreement being signed. Once the proposed Agreement is signed, Alter NRG will commence immediately the final engineering and fabrication of the plasma gasifier and related equipment.
Kevin Bolin, Chairman of Alter NRG, states, “Signing this contract will be a watershed moment for Alter NRG. This agreement represents the first sale of our largest plasma gasifier, the G65. Having a prestigious customer choose our technology provides further credibility to our product offerings. As well, the TeesValley plant would provide Alter NRG a fifth reference plant and our first in Europe.”
ABOUT ALTER NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. 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.
Advisory Respecting Forward-Looking Statements:
This news release contains certain “forward-looking information and statements” within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “confident”, “might” and similar expressions are intended to identify forward-looking information or statements. In particular, this new release contains forward looking statements pertaining to capital expenditures, schedules and commencement of operations of existing projects and projects under development; availability of project financing; timing of sales; industry trends; factors influencing capital investments and development activities; the Corporation’s reputation and market position within the industries in which it operates and the Corporation’s strategy and competitive advantages. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management’s current beliefs and assumptions, based on information currently available to management. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Corporation. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: that the information is of a preliminary nature and may be subject to further adjustment; unforeseen environmental effects; failure of the proposed project to proceed to completion, ability to market projects effectively, arrangements with key suppliers; failure of Alter NRG and APCI to enter into a definitive agreement for the transaction; failure of the customer’s board to approve full funding; the cancellation of the agreement at any time by the customer; potential product liability and other claims; risks associated with the proprietary technology; closing on grants and incentives, the possible unavailability of financing at competitive rates and the related effect on development activities; changes in government regulation, including changes to environmental regulations; the effects of competition; the dependence on senior management and key personnel, and fluctuations in currency exchange rates and interest rates, as well as those factors discussed in or referred to under the heading “Risk Factors” in the Company’s Annual Information Form dated March 29, 2010 available at www.sedar.com. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.
The Corporation cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
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
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