OTCQX - ANRGF
CALGARY, Sept. 5, 2012 /CNW/ - Alter NRG ("Alter NRG" or the "Company")
is pleased to announce it has executed an exclusive territory license
and joint development agreement ("the Agreement") with POSCO ICT for
US$3 million. Under the terms of the agreement, POSCO ICT will have
exclusive access for 5 years to Alter NRG's Westinghouse Plasma
Gasification Technology for projects that are located in South Korea.
POSCO ICT is a subsidiary of POSCO (NYSE: PKX; LSE: PIDD), which is one
of the world's largest steel companies, and provides engineering and
innovative technology products and services worldwide.
The Agreement stipulates that POSCO ICT will pay an initial installment
of US$1 million with the remaining US$2 million paid when POSCO ICT
finalizes an engineering contract for its initial project in South
Korea. The US$3 million represents exclusive license fees and Alter
NRG will provide engineering support, plasma gasification equipment and
assist POSCO ICT during the commissioning for each project at market
rates. POSCO ICT will also purchase site licenses for each project
which provide Alter NRG the option to invest up to 25% in any POSCO
owned and operated projects that utilize the Westinghouse Plasma
Gasification Technology. Posco ICT currently has a project advancing
which project output and economics are being reviewed. Under the term
of the agreement Posco ICT must make the initial installment by October
15th, 2012 and failure to make this payment will nullify the agreement.
Walter Howard, Alter NRG's CEO, states "We are delighted to have a
globally recognized company like POSCO ICT as a customer. After working
with the POSCO ICT team for the past year, it is clear that POSCO ICT
is aggressively pursuing waste to energy solutions in South Korea.
POSCO ICT is another example of a customer that is a multinational
company with a strong balance sheet that we believe has the ability to
quickly develop projects".
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. 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; failure of POSCO ICT to make its license payments;
unforeseen environmental effects; failure of the proposed project to
proceed to completion, ability to market projects effectively,
arrangements with key suppliers; 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.
SOURCE: Alter NRG Corp.
For further information:
Walter Howard, Chief Executive Office
(403) 806-3877 email@example.com
Daniel Hay, Chief Financial Officer
(403) 214-4235 firstname.lastname@example.org