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.
SOURCE: Alter NRG Corp.
For further information:
Walter Howard, Chief Executive Office
Daniel Hay, Chief Financial Officer