Alter NRG Corp. executes a $2 million exclusive license agreement for the Thailand market
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CALGARY, Dec. 6, 2013 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has signed an agreement to sell Waste2Tricity International (Thailand) Limited ("Waste2Tricity") an exclusive license for the Thailand market for an initial term of 5 years for a price of $2 million. Waste2Tricity has paid $1 million, with the remaining $1 million payable in December 2014. Waste2Tricity is a UK based developer that is actively developing projects in the UK and Thailand using the Westinghouse Plasma Gasification Technology owned by Alter NRG.
Under the terms of the license, Waste2Tricity receives the exclusive use of the Westinghouse Plasma Gasification Technology in the country of Thailand. In addition to the initial exclusive license fee and purchase of the Westinghouse Plasma Equipment, Waste2tricity will pay $3,500 per ton for site licenses and a royalty of $5 per ton of feedstock processed. The initial term is for 5 years during which they must order equipment for two facilities of 250 tons per day or greater in order to extend the license for an additional 5 years. Further extensions to the term are available for the Thailand market if other escalating project milestones are met.
Walter Howard, Chief Executive Officer of Alter NRG comments "I am pleased to be working with a qualified developer such as Waste2tricity and see that their years of effort have paid off in successful financing and achievement of commercial milestones in their key markets. I believe that this license is the first of several such opportunities in the Southeast Asian market which is attributable to population growth that creates significant waste challenges as well as increasing electricity needs. We look forward to working with Waste2Tricity in the development of numerous projects in the UK and Thailand."
Piangkwan Thummukgool, Director and Lead Co-ordinator for the Thai project comments, "The model that Waste2Tricity has created with the purchase of this exclusive licence will now enable us to engage with potential customers, municipalities and other stakeholders to demonstrate how an efficient conversion system can in fact reward all of the existing stakeholders in the waste chain and will create additional opportunities and job creation within this sector. Waste2Tricity will now embark on an aggressive deployment strategy to enable a multiple roll out of 1,000 tonne a day system in Thailand as well as smaller units. In conjunction with the existing exclusive licence for AFC Energy fuel cells, Waste2Tricity has now ensured that it has both the key technologies required to dominate the Thai waste market in years to come."
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.
Waste2tricity is a structured solutions provider for the waste-to-energy sector. Its shareholders include Ervington Investments (UBO Roman Abramovich), Age of Reason Foundation and Eturab, all of whom are substantial shareholders in AFC Energy and/or Alter NRG Westinghouse and represent approx. 30% of each company. For more information, visit Waste2Tricity at www.waste2tricity.com
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 the commissioning development of future projects by Waste2Tricity, the . 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 Company. 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, arrangements with key suppliers; 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 incentive's; changes in government regulation, including changes to environmental regulations; 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 27, 2013 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 Company 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 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.
SOURCE Alter NRG Corp.For further information:
Walter Howard, Chief Executive Officer
(403) 806-3877 email@example.com
Daniel Hay, Chief Financial Officer
(403) 214-4235 firstname.lastname@example.org