TSX - NRG
OTCQX - ANRGF
CALGARY, June 26, 2014 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") announces that it has completed the consolidation of its common shares on a ratio of four (4) existing common shares for one (1) new common share (the "Share Consolidation"). The Share Consolidation had previously been approved by Alter NRG's shareholders at its annual and special general meeting held on June 13, 2014.
The Share Consolidation was announced on May 27, 2014 and in that press release Walter Howard, CEO of Alter NRG, stated that "Alter NRG has achieved significant milestones and continues to attract commercial attention and new customers worldwide. However, in the capital markets we are often overlooked and share price is a contributing factor as many investors cannot invest in stocks below a certain price. I believe that a reverse split will allow a greater number of investors to evaluate an open market investment in Alter NRG and it will also provide us the flexibility to list on an exchange in a larger capital market should we choose to do so."
The Company has received approval from the Toronto Stock Exchange ("TSX") to effect the consolidation and it is expected that the post-consolidation common shares will begin trading on the TSX at the opening of market on June 30, 2014, under the same stock symbol: NRG.
Letters of transmittal, describing the process by which shareholders may obtain new certificates representing their consolidated common shares, have been mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-consolidation common shares, along with a properly executed letter of transmittal, to the Company's transfer agent, Valiant Trust Company at either, 600 – 750 Cambie Street, Vancouver, BC V6B 0A2 or Suite 710, 130 King Street SW, Toronto, ON M5X 1A9. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal. No fractional shares will be issued under the share consolidation. If as a result of the Share Consolidation a holder would otherwise be entitled to a fraction of a common share, the number of shares post-consolidation shares the holder will receive will be rounded up if the fractional share is equal to or greater than 0.5 and rounded down if the fraction is less than 0.5 Each registered holder will have his holdings aggregated and will be entitled to receive only one whole common share for any fractional interest resulting from the consolidation of his holdings, as determined on an aggregated basis. All outstanding options, restricted share units and performance share units will be adjusted accordingly.
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 feedstocks, and to 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", "objective", "may", "will", "project", "should", "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 Alter NRG's future business strategy, listing the Company's common shares on another exchange, the trading date of the post-consolidation common shares and the process for shareholders obtaining new share certificates. Various assumptions were used in 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: the projects do not get required approvals, that projects do not get financing, that there may be competition in those markets, 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, 2014 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.