TSX - NRG
OTCQX - ANRGF
CALGARY, May 17 /CNW/ - (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ("Alter
NRG" or the "Company") announces that it has closed on the sale of the
land and building near Bruderheim for $2.1 million. The expected sale
was previously announced in October 2010 for $2.3 million but finalized
at $2.1 million due to some building damage during the closing period.
This represents a gain on sale of approximately $250,000.
Mark Montemurro, CEO of Alter NRG discusses that "Bruderheim was a
legacy project that Alter NRG discontinued in late 2008 as the Company
began to focus on technology sales. I am pleased to see this asset
sale close which strengthens our balance sheet and also eliminates
approximately $300,000 per annum of operating costs on the site."
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; timing of sales; industry trends;; 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
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; arrangements with
key suppliers; the inability of the Corporation to complete any
transactions of the type contemplated by this news release; 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 firstname.lastname@example.org
Daniel Hay, Chief Financial Officer
(403) 214-4235 email@example.com