TSX - NRG
OTCQX - ANRGF
CALGARY, Nov. 23, 2011 /CNW/ - Alter NRG Corp. ("Alter NRG" or the
"Company") is pleased to announce that it has received notification
of a proposed agreement (the "Agreement") to be finalized by the
middle of December for Alter to be the selected provider for the
engineering, fabrication and construction of a plasma gasifier for
installation at the proposed Tees Valley Renewable Energy Facility (the
"Project") in Northeast England.
The Agreement, when finalized, will include standard cancellation
provisions that can be triggered if the project owner chooses to cancel
the proposed project at any time during the term of the contract.
Under the proposed Agreement, Alter NRG will provide a G65 gasifier and
related engineering and project management services for a fixed price
of approximately $22 million. Alter NRG expects to realize about 90%
of the revenue within fifteen months of the Agreement being signed.
Once the proposed Agreement is signed, Alter NRG will commence
immediately the final engineering and fabrication of the plasma
gasifier and related equipment.
Kevin Bolin, Chairman of Alter NRG, states, "Signing this contract will
be a watershed moment for Alter NRG. This agreement represents the
first sale of our largest plasma gasifier, the G65. Having a
prestigious customer choose our technology provides further credibility
to our product offerings. As well, the Tees Valley plant would provide
Alter NRG a fifth reference plant and our first in Europe."
ABOUT ALTER NRG
Alter NRG is pursuing 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; unforeseen environmental effects; failure of the
proposed project to proceed to completion, ability to market projects
effectively, arrangements with key suppliers; failure of Alter NRG and
APCI to enter into a definitive agreement for the transaction; failure
of the customer's board to approve full funding; the cancellation of
the agreement at any time by the customer; 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:
Mark Montemurro, Chief Executive Officer
(403) 806-3877 firstname.lastname@example.org
Daniel Hay, Chief Financial Officer
(403) 214-4235 email@example.com
Kevin Bolin, Executive Chairman
(678) 296-2851 firstname.lastname@example.org