Alter NRG Corp. announces completion of the sale of CleanEnergy Developments Corp.
OTCQX - ANRGF
CALGARY, July 26, 2012 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce the completion of the sale of all of the issued and outstanding shares of CleanEnergy Developments Corp. ("CleanEnergy"), Alter NRG's wholly owned subsidiary, to Bellair Ventures Inc. ("Bellair") for $5 million (the "Transaction"). As press released on January 5, 2012, the sale price of $5 million was satisfied by the issuance of shares of Bellair to Alter NRG. The Transaction constitutes the qualifying transaction for Bellair which will resume trading on the TSX Venture Exchange under the symbol BVI, subject to satisfaction of listing conditions and final approval of the Transaction by the TSX Venture Exchange.
Walter Howard, CEO of Alter NRG states that "the sale of CleanEnergy is an important milestone for Alter NRG as it reinforces the Company's singular focus on the Westinghouse Plasma Gasification technology which we believe is the best in class and has hit a commercial tipping point. The sale of CleanEnergy will provide Alter NRG an additional source of liquidity to support our growth."
ABOUT ALTER NRG
Alter NRG provides 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. Forward-looking information relates to future events or Alter NRG's future performance. In particular, this news release contains forward-looking statements and information pertaining to Bellair's "qualifying transaction", the TSX Venture Exchange's final approval of the same and the trading of Bellair's shares on the TSX Venture Exchange All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of: the trading of Bellair's shares on the TSX Venture Exchange and the final approval of the "qualifying transaction" by the TSX Venture Exchange could differ materially from that expressed in or implied by such forward-looking information and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that Alter NRG will derive from them. Alter NRG's forward-looking information is expressly qualified in its entirety by this cautionary statement. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company 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.
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