OTCQX - ANRGF
CALGARY, May 10 /CNW/ - (TSX: NRG) (OTCQX: ANRGF) Alter NRG Corp.
("Alter NRG" or the "Company") is pleased to announce a partnership
with a leading Canadian chartered bank under which qualified
commercial, industrial and government customers will be eligible to
finance their purchase of CleanEnergy's geoexchange systems. The
financing will be structured such that qualified customers would incur
little or no upfront cost, and it may be optimized to meet a customer's
budgetary or investment objectives. The lease costs are then offset by
the energy savings of the geoexchange system which reduces the use of
fossil fuels by up to 80%.
Danny Hay, CFO of Alter NRG believes that "CleanEnergy (which is our
wholly owned subsidiary offering commercial geoexchange solutions) has
quickly built its reputation as the market leader for larger buildings
including recreational complexes, schools, hospitals condominiums and
other projects it has executed upon in the last 12 months. Introducing
this financing program through a leading chartered bank provides our
commercial and government customers the ability to achieve a lower
carbon footprint and increased comfort from the geoexchange system
under their existing budgets."
Financial structure and terms will vary according to customer credit,
market conditions and other considerations and are subject to final
approval by the lender. The term of the financing will be between seven
and ten years and will be at competitive bank rates, subject to the
discretion of the lender. The Company is currently finalizing an
additional arrangement with a leading US lender which will provide
further financial flexibility for our geoexchange customers.
Clean Energy Capital Securities acted as financial advisor to Alter NRG
in the development of the financing program.
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, 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, availability of project financing; 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; ability to market
projects effectively; arrangements with key suppliers; potential
product liability and other claims; risks associated with the
proprietary technology; ; the possible unavailability of financing at
competitive rates; 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