Alter Nrg Corp. announces project site acquisition and gasification project development

    TSXV - NRG

    CALGARY, Jan. 31 /CNW/ - Alter Nrg Corp. ("Alter Nrg" or the "Company")
is pleased to announce that it has entered into a Purchase and Sale Agreement
with ERCO Worldwide, a division of Superior Plus LP ("ERCO Worldwide"), for
the acquisition of a project site near Edmonton, Alberta (the "Project Site")
by a subsidiary of Alter Nrg. Alter Nrg's subsidiary is paying $2.5 million
for the Project Site and the transaction is occurring concurrently with the
sale of ERCO's Salt Cavern Assets to Rotex Energy Ltd.
    The Company plans to use the site to develop an IGCC (Integrated
Gasification Combined Cycle) plant capable of producing electric power
initially using natural gas that in the second phase will be substantially
replaced by synthesis gas (syngas) produced using Alter Nrg's proprietary
plasma gasification technology. The plant will be designed for CO(2) capture,
with potential sequestration in oilfield miscible flood projects.
    The Project Site is comprised of the former Bruderheim sodium chlorate
facilities of ERCO Worldwide and includes much of the plant infrastructure,
including buildings, water supply and cooling tower facilities, and is
currently serviced by high voltage 138kV transmission lines and onsite
substation, natural gas pipelines, and rail lines. The 30 acre site will need
to be subdivided from the balance of the ERCO lands prior to transfer and
    Closing under the Purchase and Sale Agreement is conditional upon the
satisfaction of conditions customary for transactions of this nature,
including the completion of environmental studies and the receipt of
subdivision approvals for the 30 acre Project Site, the receipt of all
necessary third party and regulatory consents and approvals, and the final
approval of the Superior Plus LP board of directors.
    Alter Nrg anticipates closing of the Purchase and Sale Agreement will
occur in the second quarter of 2008. Development, permitting and regulatory
activities related to the proposed development of the IGCC plant will be
initiated shortly thereafter. Development of the IGCC plant will involve local
stakeholder consultation and will be in accordance with applicable regulatory
requirements. Subject to receipt of the required permitting and regulatory
approvals, financing, as well as equipment deliveries and construction
schedules, the plant is expected to start producing electric power as early as
Q4/2009 or early 2010.
    It is anticipated that the IGCC plant will benefit from the environmental
advantages of Alter Nrg's proprietary plasma gasification technology and will
provide needed local area power generation, construction employment, as well
as full time local area employment and economic benefits
    This is Alter Nrg's first announced Canadian project, and the Company is
anticipating preliminary project economics comparable to its U.S. joint
venture projects. Further project details will be provided upon successful
closing of the transaction and further project planning and detailed
    "We are pleased to have the opportunity to acquire these assets from ERCO
Worldwide. We are looking forward to the positive economic impact we can have
in the local community and are pleased to apply our environmentally friendly
technology in our home market," says Mark Montemurro, President and Chief
Executive Officer of 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 become a North American leader in the development of innovative
gasification projects for the commercial production of energy. The Company's
objective for the next decade is to utilize our commercially proven plasma
gasification technology to become a senior energy producer of hydrogen,
syngas, and transportation fuels (diesel, naphtha, ethanol, etc.), steam and
electricity, all of which are fundamental products for the world's growing
energy needs.

    The TSX Venture 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, but without limiting
the foregoing, this news release contains forward-looking information and
statements pertaining to the following: currency exchange rate fluctuations;
environmental risks; unanticipated reclamation expenses; ability to finance;
risk of obtaining regulatory approvals; ability to find joint venture
partners; engineering and design risk; fluctuation in commodity prices and
other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions, results
of operations or performance. 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 are based on current expectations,
estimates and projections that involve a number of risks and uncertainties
including but not limited to: unexpected events during construction, and
start-up; variations in feedstock grade; delay or failure to receive board or
government approvals; timing and availability of external financing on
acceptable terms; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of commodities;
failure of plant, equipment or processes to operate as anticipated; risk of
unforeseen environmental liabilities for which the Corporation is not
indemnified; delays in the completion of development or construction
activities, as well as those factors discussed in or referred to under the
heading "Risk Factors" in the Company's Prospectus dated April 10, 2007
available at which could cause actual results to differ
materially from those anticipated and described in the forward-looking
statements. 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.

For further information:

For further information: Mark Montemurro, President and Chief Executive
Officer, (403) 806-3877,; Daniel Hay, Chief Financial
Officer, (403) 806-3881,; Investor Relations, (403) 806-3875,

Organization Profile

Alter NRG Corp.

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