Alternative Earth Resources Reports Results for the three months ended September 30, 2015

VANCOUVER, Nov. 30, 2015 /CNW/ - Alternative Earth Resources Inc. ("Alternative Earth" or "the Company") (TSX.V: AER) today announced results for the three ended September 30, 2015.  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)

September 30,

2015

September 30,

2014

Variance

%








Net loss from continuing operations

$

(0.0)

$

(0.1)

$

0.1

100%

Total profit (loss) from discontinued operations


(0.0)


1.1


(1.1)

(100%)

Total net profit (loss)


(0.0)


1.0


(1.0)

(100%)

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


(0.00)


0.04


(0.04)

(100%)










As at

September 30,

2015

As at

June 30, 

2015

Variance

%









Cash & cash equivalents

$

1.8

$

1.9

$

(0.1)

(5%)

Total assets


1.9


2.1


(0.2)

(10%)

Total liabilities


0.2


0.2


(0.0)

-%










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 September 30, 2015, the Company's assets consist primarily of cash and cash equivalents of US$1.8 million. Total assets are US$1.9 million and total liabilities, consisting primarily of a well retirement obligation, is approximately US$190,000, accounts payable and accrued liabilities are US$36,000. Operating losses (overhead costs) were reduced from US$140,466 for the quarter ended September 30, 2014 to US$70,555 for the quarter ended September 30, 2015. 

On October 20, 2015, the Company signed a non-binding letter of intent with Black Sea Copper & Gold ("BSCG") outlining the terms a transaction whereby the Alternative Earth will acquire 100% of the outstanding securities of BSCG.  It is intended the letter of intent will be replaced by a definitive and binding security exchange agreement and the transaction is expected to close in December 2015.

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 mineral exploration project acquisitions and/or merger opportunities.

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.

For further information: 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

RELATED LINKS
http://www.nevadageothermal.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890