Alter NRG reports third quarter 2009 activities, financial results and announces appointment of director
TSX - NRG
OTCQX - ANRGF
In his position at EnerTech,
In addition to his experience in the renewable fuels market,
The following are the highlights for the third quarter of 2009 and the period up to
Q3 HIGHLIGHTS
- Acquired Clean Energy Developments (CleanEnergy), a leading private
company providing geoexchange services in the Canadian commercial,
industrial and residential markets. Geoexchange is the industry's
term to describe using heat from the ground to provide an
environmentally friendly means for heating and air conditioning.
Geoexchange systems have lower energy consumption compared to
conventional equipment and adoption of this technology has
experienced rapid market growth worldwide in recent years. Alter NRG,
through CleanEnergy, intends to offer turnkey geoexchange solutions
to the market which includes engineering, equipment and installation.
- Completed the construction of Project Lighthouse, a commercial
demonstration facility developed by Coskata Inc. (Coskata) that uses
the Westinghouse Plasma Gasification (WPC) gasification solution to
turn biomass into ethanol. The facility is in operation and
represents a significant milestone in the development of cellulosic
ethanol from non-food feedstocks and is expected to lower operating
costs compared to current ethanol production.
- The NRG Energy Somerset Massachusetts 110 megawatt coal retrofit
project using Westinghouse Plasma Technology has been selected to
proceed into the detailed due diligence phase of the DOE Loan
Guarantee Program. NRG Energy continues to advance the renewable
energy project, which will use up to 35% to 100% biomass. The
proposed coal retrofit project would provide enough electricity to
support approximately 100,000 homes in southeast Massachusetts.
- Continued to advance an agreement in the China market which is
expected to include facilities being constructed in 2010. The
interest in China and Southeast Asia for the Westinghouse technology
has been significant and the central government has aggressive plans
to utilize renewable energy solutions.
- Continued discussions in the European market with credible companies,
respected engineering firms and governments that are looking for
renewable energy alternatives. The European market has very favorable
incentives and having operational facilities since 2002 and 2003
using our Westinghouse technology has been a benefit. The Company
expects to execute on further strategic alliances in this market in
the first half of 2010.
- Signed a MOU for a 75 tonne per day energy from waste project located
in Dufferin County, Ontario. Alter NRG submitted into a request for
proposal process and was selected as the technology provider for a
project expected to start construction in late 2010. Councilor Ed
Crewson, Chair of the Community Development Committee for Dufferin
County stated, "The selection of Alter NRG to provide the technology
for our Energy from Waste facility will result in the generation of
green energy through the gasification of our waste. This is a major
step forward in creating a sustainable Dufferin County and thereby
protecting our environment for our children's benefit."
- Announced the signing of an alliance agreement with Uhde Engineering
Consulting (Shanghai) Co. to provide engineering services, marketing
service and jointly pursue business opportunities predominantly in
the Asia Pacific region, including China. This alliance agreement
provides Alter NRG presence on the ground in China and Southeast Asia
through a well respected and capable engineering firm.
- Commissioned the world's largest hazardous waste to energy facility
in Pune, India which was developed by SMS Infrastructures, Central
India's largest engineering company. The facility is operational and
has received the government environmental approvals.
- Focused engineering efforts on the construction of the Coskata
Lighthouse facility and the preparation for the testing program of
our gasification testing facility in Madison, Pennsylvania. This
resulted in lower second quarter revenues as the testing facility was
closed and our engineering resources were supporting preparation for
the upcoming 50 test program in Q4 of 2009 and into 2010, estimated
at approximately $3 million in revenue.
- Advanced 16 projects located worldwide which are at the engineering
stage of the project development. If constructed, this would
represent over $400 million in plasma gasification equipment sales.
For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.
PRESIDENT'S MESSAGE
Evolution relies on changes that facilitate survival. Successful evolution means proving we can do more than survive. It's been a busy, exciting and positive quarter for Alter NRG. Our company is successfully evolving and by remaining focused on our core values with an unwavering commitment to our shareholders through strategic changes we will continue our evolution and continue our success.
After exploring acquisition opportunities that would be complimentary to our plasma efforts and align with our vision, we announced the successful acquisition of CleanEnergy, a privately owned Canadian Company focused on geoexchange solutions.
This acquisition allows us to grow as a Company and advance toward our vision of commercializing growth technologies through developing environmentally sustainable and economically viable alternate energy projects, by broadening our product offering. We are in a position now to leverage our history of negotiating large commercial projects and strategic alliances in a market that provides faster growth and a more stable base of revenue from year to year through projects that have a shorter sales cycle than larger scale plasma projects.
On the plasma front we have continued our focus of developing and advancing strategic relationships while maintaining tight expenditure controls. By employing a disciplined approach we are seeing traction in a number of areas. Advancing worldwide, the Company currently has over 43 proposed projects that are actively being developed by customers or strategic partners who are sourcing feedstock, site selection, key contracts and other early stage development activities, and 16 projects that are further along in with active engineering work using Alter NRG under a signed engineering services agreement or a broader memorandum of understanding.
The total revenues to Alter NRG to support the 16 projects in the engineering stage would result in over
As we advance plasma projects and build a presence in
FINANCIAL RESULTS ($)
September 30, December 31,
2009 2008
-------------------------------------------------------------------------
Total assets $ 100,876,584 $ 122,483,956
Total liabilities 22,755,142 26,862,685
Total equity 78,121,442 95,621,271
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Three months ended Three months ended
September 30, September 30,
2009 2008
-------------------------------------------------------------------------
Revenue, interest and other income $ 887,524 $ 780,348
Loss (6,923,156) (4,414,367)
Loss per share - basic and diluted (0.12) (0.08)
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Nine months ended Nine months ended
September 30, September 30,
2009 2008
-------------------------------------------------------------------------
Revenue, interest and other income $ 2,495,073 $ 3,986,072
Loss (15,956,297) (8,677,808)
Loss per share - basic and diluted (0.28) (0.17)
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For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.
MANAGEMENT'S DISCUSSION AND ANALYSIS EXCERPTS
CORPORATE OVERVIEW
Alter NRG provides and pursues alternative energy solutions through plasma gasification and also through geoexchange to meet the growing demand for clean energy in world markets. The Corporation's vision is to commercialize growth technologies through developing environmentally sustainable and economically viable alternative energy projects. Alter NRG has two main operating divisions both of which are wholly owned subsidiaries:
- Westinghouse Plasma Corporation ("WPC") - Plasma gasification can
take renewable feedstocks such as household, commercial or
industrial waste, biomass, or combinations of feedstocks and turn
them into syngas. The syngas can be used as a replacement to
natural gas as fuel or converted into ethanol, diesel fuel or
electricity. This provides clean energy that has a lower carbon
footprint and lower emissions of other harmful pollutants and
provides affordable domestic energy sources.
- CleanEnergy Developments ("CleanEnergy") - CleanEnergy provides
geoexchange solutions for buildings (residential homes,
apartments, schools, etc) that use energy from the earth for
heating and cooling. This reduces the use of fossil fuels by 60%
to 80% in most applications which means a smaller carbon footprint
and reduced energy costs.
Alter NRG creates revenues by selling plasma gasification technology and geoexchange services and through participation in projects that fit its strategic growth plan.
Alter NRG's mission is to maximize returns for its investors by participating in financially accretive projects in the emerging alternative energy market, through technology sales and project interests. Alter NRG endeavors to be a leader in innovative gasification related technologies applied to produce profitable and clean alternative energy solutions. The Corporation invests in the skills of its people who will provide the creativity, determination and passion to generate growth in stakeholder value. The Corporation strives to be transparent and fair in its activities and works to form positive relationships with the communities where it operates and with all of its stakeholders.
Initially, the Corporation is focusing its efforts on technology sales and developing a strategic portfolio of customers with the capability to advance projects from internally generated cash flow. The focus will be to increase near term cash inflows by generating operational revenues and reducing capital expenditures.
Plasma Gasification Solutions
The Corporation owns Westinghouse Plasma Corporation (WPC). WPC has proprietary technology that the Corporation believes is an industry leading technology with the following broad advantages:
- Commercially proven - the technology has been commercially
applied, for six years, in facilities in Japan for gasification of
waste. The plasma torches, which are core to the overall
technology, have been commercially used for over 20 years.
- Environmentally responsible - the technology has the capability to
reduce emissions significantly as compared to other conventional
fossil fuel technologies.
- Flexible technology - the technology can handle a wide range of
feedstocks, including many types of waste (municipal, commercial,
industrial, and hazardous), biomass, coal and petroleum coke. The
flexibility to accept a variety of feedstocks gives the technology
a range of uses and markets to which it can be applied.
- Scalable technology - the technology is ideal for projects with
total capital between $50 million and $500 million. The technology
is larger scale than most other plasma gasification technologies,
and has a longer commercial operating history.
The current economic and capital market conditions provide a challenging environment to navigate. To mitigate the challenges, Alter NRG is focusing on technology sales to parties that bring the capital, skill and expertise to develop energy projects. A core part of the corporate strategy is the use of strategic alliances and partnerships to commercialize the technology into different geographic regions and markets.
Geoexchange Solutions
The Corporation owns CleanEnergy, a leading company providing geoexchange services in the Canadian commercial, industrial and residential markets. Geoexchange is the industry's term to describe using heat from the ground to provide an environmentally friendly means for heating and air conditioning using renewable geothermal energy. Geoexchange systems have lower energy consumption compared to conventional equipment, and adoption of this technology has experienced rapid market growth worldwide in recent years. Alter NRG, through CleanEnergy, intends to offer a turnkey geoexchange solution to the market which includes engineering, equipment and installation. Geoexchange has the following benefits:
- For every unit of electricity used in the process, 3 to 5 units of
'free' energy are recovered from the earth
- For an average home a Geoexchange system is the equivalent to
planting 750 trees (one acre of trees) or removing 2 cars from the
road permanently
- Has payback for a consumer generally in 5 - 6 years for larger
installations and replacement of heating oil, electricity,
propane, etc.
- In addition to economic & environmental drivers
- Reliable and greater than 20 year life
- Quiet - no outdoor units
- Safe - no combustion, no CO fumes
- Clean - improves internal air quality
The Corporation acquired CleanEnergy on
HIGHLIGHTS
Acquisitions
Alter NRG acquired Clean Energy Developments, a leading private company providing geoexchange services in the Canadian commercial, industrial and residential markets. Alter NRG, through CleanEnergy, intends to offer a turnkey geoexchange solution to the market which includes engineering, equipment and installation.
Technology Sales
Alter NRG has a strategic focus on technology sales to large waste and energy companies with the ability to advance plasma gasification projects in this challenging market environment. The Corporation is initially focusing on opportunities in
The Somerset Massachusetts 110 MW coal retrofit project using Westinghouse Plasma Technology has been selected to proceed into the detailed due diligence phase of the DOE Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% eligible, or Massachusetts Department of Environmental Protection-approved, biomass and if permitted, up to 100% eligible biomass. The proposed 112-megawatt (MW) repowering project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.
The Corporation advanced an agreement in the
During the quarter, the Corporation continued discussions in the European market with credible companies, respected engineering firms and governments that are looking for renewable energy alternatives. The European market has very favorable incentives and having operational facilities, since 2002 and 2003, using our Westinghouse technology has been a benefit. The Company expects to execute on further strategic alliances in this market in the first half of 2010.
The Corporation signed a MOU for a 75 tonne per day energy from waste project located in Dufferin County, Ontario. Alter NRG submitted into a request for proposal process and was selected as the technology provider for a project expected to start construction in late 2010. Councilor Ed Crewson, Chair of the Community Development Committee for Dufferin County stated, "The selection of Alter NRG to provide the technology for our Energy from Waste facility will result in the generation of green energy through the gasification of our waste. This is a major step forward in creating a sustainable Dufferin County and thereby protecting our environment for our children's benefit."
The Corporation announced the signing of an alliance agreement with Uhde Engineering Consulting (
During the third quarter of 2009, the Corporation focused engineering efforts on the construction of the Coskata facility and the preparation for the testing program of our gasification testing facility in Madison, Pennsylvania. This resulted in lower third quarter revenues as the testing facility was closed and our engineering resources were supporting preparation for the upcoming 52 test program in Q4 of 2009 and into 2010, estimated at approximately
The Company continued to advance 16 projects worldwide, to the engineering stage. A plasma gasification equipment sale would result in approximately
Construction Projects
Continuing projects that align with Alter NRG's strategic focus include the following:
- In the third quarter of 2009, the Corporation completed the
construction of Project Lighthouse, a commercial demonstration
facility developed by Coskata Inc. (Coskata) that uses the WPC
gasification solution to turn biomass into ethanol. The facility
is in the final stages of commissioning and represents a
significant milestone in the development of cellulosic ethanol
from non-food feedstocks and expected lower operating costs than
current ethanol production.
- The Corporation commissioned the world's largest hazardous waste
to energy facility in Pune, India, which was developed by SMS
Infrastructures, Central India's largest engineering company. The
facility is operational and has received government environmental
approvals.
Alter NRG Project Development
As a means to reduce Alter NRG's capital requirements the Corporation has adopted a staged approach for internally led projects under development, as described below:
- Fox Creek, Alberta is a coal deposit in Central, Alberta with 468
million tonnes of reserves based on an independent reserve report
(filed on SEDAR). Alter NRG has been advancing a coal to liquids
project and is currently re-evaluating the project to determine
the optimal size and scope of the project in light of the current
capital markets. The Corporation expects to expend minimal capital
on determining a final scope for the project.
SELECTED FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED SEPTEMBER 30 2009 2008
-------------------------------------------------------------------------
Total revenues, interest and other income $ 887,524 $ 780,348
Gain on sale 43,430 -
Expenses 7,987,590 4,714,842
Write down of assets held for sale 3,043,028 -
Loss (6,923,156) (4,414,367)
Comprehensive loss (8,636,425) (3,417,019)
Loss per Unit/Share - basic and diluted (0.12) (0.08)
Cash used in operations (1,685,413) (2,268,009)
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-------------------------------------------------------------------------
FOR THE NINE MONTHS ENDED SEPTEMBER 30 2009 2008
-------------------------------------------------------------------------
Total revenues, interest and other income $ 2,495,073 $ 3,986,072
Gain on sale 45,782 778,404
Expenses 19,015,026 12,892,006
Write down of assets held for sale 4,909,028 -
Loss (15,956,297) (8,677,808)
Comprehensive loss (18,892,140) (6,901,550)
Loss per Unit/Share - basic and diluted (0.28) (0.17)
Cash used in operations (7,817,243) (5,791,088)
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AS AT AS AT
SEPTEMBER 30, DECEMBER 30,
2009 2008
-------------------------------------------------------------------------
Total assets $ 100,876,584 $ 122,483,956
Total liabilities 22,755,142 26,862,685
Shareholders' equity 78,121,442 95,621,271
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PLASMA TECHNOLOGY SALES AND SERVICES
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Sales revenue
Engineering and
testing services $ 259,446 $ 244,170 $ 1,553,491 $ 1,632,162
Parts and other sales 127,826 74,104 245,811 251,004
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387,272 318,274 1,799,302 1,883,166
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Direct cost of sales
Engineering and
testing services 47,105 176,620 531,912 882,066
Parts and other sales 68,450 36,034 151,452 165,840
-------------------------------------------------------------------------
115,555 212,654 683,364 1,047,906
-------------------------------------------------------------------------
Gross margin $ 271,717 $ 105,620 $ 1,115,938 $ 835,260
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-------------------------------------------------------------------------
Plasma technology sales and service revenues result from engineering services provided for reactor design and process engineering, replacement parts for existing gasification customers and plasma gasification testing services provided at the Corporation's testing centre pilot facility located in the
Direct costs of sales relate to direct materials and expenditures for products and services and reflect standard rates. Margins in 2009 are higher than 2008 due to the reduced amount of direct labor spent on engineering products.
The Corporation's revenue generating projects are advancing as expected and will generate revenues that vary from one quarter to the next. Revenues for the three months ended
Revenue for the nine months ended
Alter NRG anticipates a key revenue stream from equipment sales of a plasma torch or a plasma gasification island. Plasma torches are one component of the plasma gasification island and the sale of torches used in a small scale gasification facility generates approximately
The Corporation works with project developers worldwide in the early stages of planning and developing plasma gasification projects. Engineering services are required in the preliminary planning phase and equipment is ordered only after a project has received regulatory approval and project financing, thus these sales have a long lead-time.
Since the Corporation purchased WPC it has increased its number of customers. Key customers advancing commercial projects include Air Products, Dufferin County, Coskata, NRG Energy, and SMSIL (see the Highlights section). These companies indicate they expect to order equipment in 2010 to support their development activities. Alter NRG also has 16 engineering sales for customer projects in various stages of development (see the Business Conditions and Risks section).
INTEREST AND OTHER INCOME
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Interest income $ 22,114 $ 461,243 $ 215,281 $ 1,248,987
Gain on short-term
investments 434,302 - 434,302 -
Gain on sale of asset 43,430 - 45,782 778,404
Other income 406 831 406 75,515
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Total interest and
other income $ 500,252 $ 462,074 $ 695,771 $ 2,102,906
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Interest income relates to funds invested in high interest accounts with a Canadian chartered bank and decreased by 83% for the nine months ended
In July of 2009, the Corporation invested the majority of its cash resources in short-term investments including a government backed mortgage fund in pursuit of a better rate of return without increasing significantly the Corporation's investment risk. The total gain on this investment for the three months ended
GENERAL AND ADMINISTRATIVE EXPENSES
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
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Employee costs, net of
recoveries $ 1,520,439 $ 1,271,077 $ 4,278,200 $ 3,686,901
Office rent and parking 231,734 142,694 591,866 383,741
Repairs and maintenance
and other office costs 101,107 219,236 1,187,711 630,527
Professional and
consulting fees 870,910 347,828 1,802,984 1,314,378
Travel costs 188,724 191,330 563,689 507,329
Other costs 289,637 1,444,244 1,016,203 1,914,048
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General and
administrative
expenses $ 3,202,551 $ 3,616,409 $ 9,440,653 $ 8,436,924
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-------------------------------------------------------------------------
Employee costs increased due to the increased number of staff required to enact the Corporation's corporate growth strategy. At
As at September As at September
30, 2009 30, 2008
Engineering and operations 23 17
Sales and marketing 13 9
Finance 7 6
HR, IT and administration 6 8
-------------------------------------
Total number of employees 49 40
Office rent and parking expenses for the three and nine months ended
Repairs and maintenance and other office expenses for the nine months ended
Professional and consulting fees include legal, audit, accounting, external recruiting and engineering consulting fees. For the three and nine months ended
Travel costs for the nine months ended
Other costs include bad debt expense, business development costs, public reporting costs, IT-related costs, advertising, promotion and banking charges. At
Total general and administrative costs for 2009 are expected to be approximately
FOREIGN EXCHANGE LOSS
US dollar denominated intercompany advances made to the US subsidiary, which are eliminated at consolidation, are revalued at the exchange rate as of the balance sheet date. The unrealized foreign exchange losses recognized during the three and nine months ended
DEPRECIATION AND AMORTIZATION
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Depreciation $ 84,074 $ 70,527 $ 229,432 $ 176,175
Amortization 452,281 381,136 1,335,687 1,118,796
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Total depreciation
and amortization $ 536,355 $ 451,663 $ 1,565,119 $ 1,294,971
-------------------------------------------------------------------------
The increase in depreciation for the nine months ended
Amortization relates to the intangible assets acquired from the purchase of the US subsidiary in 2007 and on the completed internally generated intangible assets thereafter. The acquired intangible assets are being amortized on a straight-line basis over an estimated useful life of thirty years. The internally generated intangible assets are being amortized on a straight-line basis over an estimated useful life of ten years.
WRITE DOWN OF ASSETS HELD FOR SALE
During the three months ended
During the three months and nine months ended
LOSS
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Loss $ 6,923,156 $ 4,414,367 $15,956,297 $ 8,677,808
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The increased loss for the nine months ended
QUARTERLY INFORMATION
2009
Q1 Q2 Q3 Total
-------------------------------------------------------------------------
Capital
expend-
itures $ 1,398,152 $ 1,652,023 $ 1,104,424 $ 4,154,599
Total
revenues,
interest
and other
income 1,250,464 357,085 887,524 2,495,073
Interest
and other
income 136,322 56,845 456,822 649,989
Gain on
sale - 2,352 43,430 45,782
Write down
of assets
held for
sale - 1,866,000 3,043,028 4,909,028
Loss (2,945,549) (6,087,592) (6,923,156) (15,956,297)
Loss
per Share
- basic
and
diluted $ (0.05) $ (0.11) $ (0.12) $ ( 0.28)
-------------------------------------------------------------------------
2008
Q1 Q2 Q3 Q4 Total
-------------------------------------------------------------------------
Capital
expend-
itures $ 1,968,600 $ 5,894,939 $ 5,450,365 $ 1,472,406 $14,786,310
Total
revenues,
interest
and other
income 1,063,849 2,141,875 780,348 861,671 4,847,743
Interest
and other
income 352,262 510,166 462,074 356,639 1,681,141
Gain on sale - 778,404 - - 778,404
Loss (1,809,133) (2,454,308) (4,414,367) (4,246,478)(12,924,286)
Loss per
Share -
basic and
diluted $ (0.04) $ (0.04) $ (0.08) $ (0.08) $ (0.24)
2007
Q1 Q2 Q3 Q4 Total
-------------------------------------------------------------------------
Capital
expend-
itures $ 321,141 $ 594,085 $ 463,178 $ 1,330,057 $ 2,708,461
Total
revenues,
interest
and other
income 73,465 583,727 1,156,115 777,563 2,590,870
Interest
and other
income 73,465 134,907 348,308 489,335 1,046,015
Loss (311,382) (3,276,859) (3,642,098) (4,286,204)(11,516,543)
Loss per
Share -
basic and
diluted $ (0.02) $ (0.10) $ (0.09) $ (0.10) $ (0.35)
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The loss in the third quarter of 2009 was more than the loss incurred in the previous quarter. Third quarter revenues, interest and other income increased from the second quarter by
Capital expenditures in the third quarter decreased from second quarter as Project Lighthouse nears completion.
LIQUIDITY AND CAPITAL RESOURCES
The Corporation's working capital balance was approximately
CASH USED IN OPERATIONS
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Cash used in operations $ 1,685,413 $ 2,268,009 $ 7,817,243 $ 5,791,088
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The increase in cash used in operations for the nine months ended
Cash flow used in operations is expected to decrease as Alter NRG secures equipment sales contracts and license revenue. The timing of these cash flows is a function of sales timing, type and margin and can be affected by various operating issues as outlined further in the "Business Conditions and Risks" section.
CAPITAL EXPENDITURES
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
2009 2008 2009 2008
-------------------------------------------------------------------------
Resource property 149,254 431,824 556,242 1,140,356
Property, plant and
equipment 406,089 4,605,966 1,899,691 11,156,280
Internally generated
intangible assets 549,081 412,575 1,698,666 1,017,268
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Total capital
expenditures $ 1,104,424 $ 5,450,365 $ 4,154,599 $13,313,904
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Internally generated intangible assets consist of internal project development work on the Corporation's plasma gasification island. The majority of these costs are not currently amortized, as the related projects have not reached completion. As individual projects are completed and commercial use or construction begins, the costs associated with that specific project begin to be amortized.
Resource property expenditures for the nine months ended
EQUITY
The number of common shares and options outstanding as of
For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.
The
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, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; ability to finance; risk of obtaining regulatory approvals; ability to find joint venture partners; engineering and design risk; fluctuation in commodity prices and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. 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 are based on current expectations, estimates and projections that involve a number of risks and uncertainties including but not limited to:, unexpected events during construction, and start-up; variations in feedstock grade,; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of commodities; failure of plant, equipment or processes to operate as anticipated; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading "Risk Factors" in the Company's Annual Information Form dated
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.
For further information: Mark Montemurro, President and Chief Executive Officer, (403) 806-3877, mmontemurro@alternrg.ca; Daniel Hay, Chief Financial Officer, (403) 806-3881, dhay@alternrg.ca