ALTER NRG CORP. ANNOUNCES UPDATE ON STRATEGIC PROCESS

TSX - NRG
OTCQX - ANRGF

CALGARY, June 27, 2011 /CNW/ - (TSX: NRG) (OTCQX: ANRGF) Further to its press release of March 28, 2011, Alter NRG Corp. ("Alter NRG" of the "Company") would like to provide the following update respecting its pursuit of strategic alternatives.  The Company's advisors, Robert W. Baird & Co. Incorporated ("Baird") and ThomasLloyd Capital LLC ("ThomasLloyd"), undertook a process of contacting various parties to solicit potential strategic alternatives for the Company, Westinghouse Plasma Corp., Clean Energy Developments Corp., and the coal reserves located near Fox Creek, Alberta.

In accordance with the process established by Baird and ThomasLloyd, the Company received non-binding indications of interest on the individual assets as well as the Company as a whole.  These indications of interest are currently being analyzed by the Company and its advisors with the objective of entering into further negotiations and moving towards a binding offer or offers.

Michael Heier, Chairman of Alter NRG states that "I am pleased to have received offers on the individual assets and the Company as it provides options to our shareholders.  We will continue to refine and negotiate the proposals with the various parties to find the greatest shareholder value."

As these indications of interest are preliminary and non-binding in nature, there can be no assurance that the process will result in any transaction being completed.  Many of the indications of interest are conditional upon the successful completion of due diligence respecting the Company, as well as the ability of certain of the third parties to arrange for adequate financing. The Company has not set a definitive timetable for final completion of its exploration of strategic alternatives, and may not make further public announcements with respect to the same other than as required by applicable securities laws.

ABOUT ALTER NRG

Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to commercialize growth technologies through environmentally sustainable and economically viable alternative energy projects. The Company's objectives are twofold: First, is to further commercialize the Westinghouse Plasma Gasification Technology, through a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and providing a wide variety of energy outputs - including  liquid fuels like ethanol and diesel, electrical power, and syngas;  Second, to capitalize on the rapidly growing geoexchange residential and commercial heating and cooling market through a wholly owned subsidiary CleanEnergy that enables consumers to reduce their carbon footprint and reduce the cost and volatility of energy bills using the energy from the earth.

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 potential strategic alternatives and 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 indications of interest received are non-binding; information is of a preliminary nature and may be subject to further adjustment; the inability of the Corporation to complete any transactions of the type contemplated by this news release; risks associated with the proprietary technology; 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, 2011 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:

Mark Montemurro, Chief Executive Officer

(403) 806-3877  mmontemurro@alternrg.ca

Daniel Hay, Chief Financial Officer

(403) 214-4235  dhay@alternrg.ca

Organization Profile

Alter NRG Corp.

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