Alternative Earth Resources Reports Results for the three months ended December 31, 2014

VANCOUVER, Feb. 19, 2015 /CNW/ - Alternative Earth Resources Inc. ("Alternative Earth" or "the Company") (TSX.V: AER) today announced results for the three and six months ended December 31, 2014.  The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis (MD&A) are available at www.sedar.com and on the Company's website at http://www.alternative-earth.com.


For the three months ended




(millions of US $ unless stated otherwise)

December 31,

December 31,

Variance

%


2014

2013










Net loss from continuing operations

$

(0.0)

$

(0.3)

$

0.3

100%

Total profit (loss) from discontinued operations


(0.1)


0.1


(0.2)

(200%)

Total net profit (loss)


(0.1)


(0.3)


0.2

67%

Net profit (loss) per share (basic and diluted) ($)


(0.00)


(0.01)


0.01

100%










As at

As at

Variance

%


December 31,

June 30,




2014

2014











Cash & cash equivalents


$

2.2

$

1.3

$

0.9

69%

Total assets


2.6


2.2


0.4

18%

Total liabilities


0.3


0.6


(0.3)

50%

AER has greatly reduced its overhead, project carrying costs and long term liabilities while increasing its cash position through the sale of project assets. As at December 31, 2014, the Company's assets consist primarily of cash and cash equivalents of US$2.2 million. Total assets are US$2.6 million and total liabilities, consisting primarily of well retirement obligations, are approximately US$300,000. Accounts payable and accrued liabilities are US$85,000. Operating losses (overhead costs) were reduced from US$258,651 for the quarter ended March 31, 2014 to US$40,609 for the quarter ended December 31, 2014. 

The Company has sold or optioned three of its four geothermal development projects in the US for cash, thereby reducing project carrying costs to zero. At the Pumpernickel project, which was not included in the sale, AER has terminated its private leases and kept its two BLM leases. The Company has recently plugged and abandoned the existing thermal gradient wells at Pumpernickel in order to discontinue its interest and recover its geothermal well bonds. Well liabilities are expected to be extinguished and the Company expects to recover certain well bonds in California and Nevada by March 31, 2015.

Going forward, AER is evaluating advanced stage mineral projects for potential acquisition.

About Alternative Earth Resources Inc.: Alternative Earth Resources Inc. is a resource developer. The Company is implementing a change of its business focus from renewable energy to mineral resource development which has been approved by the shareholders. With its strong cash position and greatly reduced overhead, the Company plans to pursue late-stage mining project acquisitions and/or merger opportunities.

Alternative Earth Resources Inc. 
Brian D. Fairbank, P. Eng. President & CEO
http://www.alternative-earth.com 
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email:bfairbank@alternative-earth.com 

Investor Inquiries:
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email: info@alternative-earth.com

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions.  These statements reflect our current belief and are based upon currently available information.  Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.  We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Alternative Earth Resources Inc.

RELATED LINKS
http://www.nevadageothermal.com

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