ALTER NRG CORP. RECEIVES NOTICE THAT TRIGGERS ALTER'S OPTION TO INVEST IN TEES VALLEY RENEWABLE ENERGY FACILITY

TSX - NRG
OTCQX - ANRGF

CALGARY, April 27 /CNW/ - Alter NRG Corp. ("Alter NRG or the Company") is pleased to announce that it has commenced its process to determine if it will invest in the Tees Valley Renewable Energy Facility.

The Tees Valley Renewable Energy Facility is a proposed 49 MW advanced gasification energy from waste facility that Air Products is developing in northeast England.  Under the terms of the Joint Development Agreement (JDA) between Alter NRG and Air Products, Alter has the option but not the obligation to take a minority stake in the Tees Valley facility.

Alter is exploring several possible funding scenarios and has 60 days to elect to invest in the Project and demonstrate funding capability since receiving the investment notice on April 15.  Alter can choose to invest between $0 and $100 million to take a minority position in the project and Alter's investment would need to be on the same terms as the investment by Air Products.

Mark Montemurro of Alter NRG states "I am excited to see this election notice as this indicates that the project is in its final stages of project development before the gasifier order to Alter NRG.  The fundamentals are very strong in the UK market and we have been impressed with Air Products' project development skills.  This option involves a world-class operator and is in a very strong market that includes incentives and credits.  Alter NRG is pursuing a strategy to elect through a funding structure that would not dilute our current shareholders."

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 the Tees Valley Renewable Energy facility; availability of project financing; timing of sales; 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; 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, 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

 

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