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CALGARY, March 5, 2014 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") announces it is has executed a joint development and marketing agreement (the "Agreement") and is jointly launching a small scale, turn-key hazardous waste destruction solution with GTS Energy Technology (Shanghai) Ltd. ("GTS Energy"). The hazardous waste solution is based upon the recently announced reference facility in Shanghai, China, which is taking hazardous incinerator fly-ash, as well as hazardous and medical wastes, and converting it into useful energy that increases the electrical output of the existing incinerator, with which it is co-located (see January 28, 2014 press release). Alter NRG intends to jointly market turn-key incinerator fly-ash and hazardous waste destruction facilities worldwide.
In China and many other countries, incinerator fly-ash is considered a hazardous waste which is a growing, expensive problem that requires special treatment which can cost up to USD$300 per tonne, as well as other hazardous wastes that can cost up to USD$1,000 per tonne to treat. The Westinghouse Plasma Technology is able to treat the hazardous fly-ash from incinerators, turning the majority of it into a benign glass-like slag that can be used in other industries such as construction. The Westinghouse Plasma Technology can increase incinerator facility revenues by taking up to 50 tonnes per day of high tipping fee feedstock, such as medical and hazardous waste, and generating additional syngas or steam, which increases the electrical output. The turn-key solution is expected to have a total installed capital cost of between USD$10 million and USD$20 million.
Walter Howard, CEO of Alter NRG believes that "changes in the regulatory environment and other hazardous waste streams around the world have created a significant market opportunity. The reference facility in Shanghai has clear benefits in that it reduces an incinerator's cost of disposal of the hazardous fly-ash, increases revenues and improves environmental performance, which is complementary to the more than 2,000 existing incinerators worldwide. This is a solution that has significant economic benefit for our customers in addition to many environmental benefits. We are pleased to be working with an industry leader, GTS Energy, our collaboration paves the way in bringing this solution to the market."
Under the terms of the Agreement, Alter NRG receives an irrevocable, royalty-free license to the turn-key hazardous waste destruction unit which includes the Westinghouse Plasma Gasification System and the GTS Energy balance of plant solution. Alter NRG intends to market and sell turn-key facilities to companies with hazardous waste challenges worldwide. GTS Energy will exclusively use the Westinghouse Plasma Technology for their systems and will manufacture the turn-key hazardous waste destruction unit, and provide performance warranties and guarantees for the balance of plant solution. Alter NRG continues to retain the rights for the use of its proprietary technology in all markets worldwide.
With headquarters in the United States and China, GTS Energy is recognized as one of the leading providers of process heating equipment for industrial applications globally. First established in 1986, GTS Energy is a fully integrated company offering client consultation, equipment design, construction management and inspection, start-up guidance, maintenance services, and aftermarket support. They currently manufacture and sell products for the incineration market and have established relationships that will be beneficial for the joint marketing of the new product line.
Naicheng Zhou, President of GTS Energy states that "In these three years, we have cooperated very successfully and constructed a 30 tonne/day medical and hazardous waste plasma gasification treatment system in Shanghai, China. This is the first time in China that advanced plasma technology has been utilized on a large commercial scale, and our system has been highly acclaimed by industry experts and the Chinese government. The medical and hazardous waste treatment industry is an immense domestic and international market with an incredibly bright future for our continued development. I would like to acknowledge and express my sincere appreciation towards Alter NRG/Westinghouse Plasma for their contribution and support of advanced plasma technology. GTS Energy will continue to use all resources, knowledge and 30 plus years of industry experience, which spans over 300 large scale energy projects all over the world, to strengthen this partnership and future ventures."
ABOUT ALTER NRG
Alter NRG provides 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 feedstock, 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", "continue", "objective", "will", "believe", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this new release contains forward looking statements pertaining to: the intention to jointly market turn-key incinerator fly-ash and hazardous waste destruction facilities; the ability for the Westinghouse Plasma Technology to increase incinerator facility revenues; the expected total installed capital cost of the turn-key solution; the intention to market and sell turn-key facilities worldwide; the exclusive use by GTS Energy of the Westinghouse Plasma Solution; and the demand for the product, the future market applicability, and the overall effectiveness of the application. 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 Company. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: unforeseen environmental effects; ability to market and sell the proposed solution; failure of the proposed project to proceed to completion; arrangements with key suppliers; potential product liability and other claims; risks associated with the proprietary technology; changes in government regulation, including changes to environmental regulations; 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 27, 2013 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 Company 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 Company 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:
Walter Howard, Chief Executive Officer
(403) 806-3877 [email protected]
Daniel Hay, Chief Financial Officer
(403) 214-4235 [email protected]