Alter Nrg reports second quarter 2007 activities and financial results, announces appointment of the Chief Operating Officer and an appointment to the Board of Directors

    TSXV - NRG

    CALGARY, Aug. 27 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg")
is pleased to report on its corporate activities and financial results for the
three-month and six-month periods ended June 30, 2007, and to announce the
appointment of James Fitzowich to the position of Chief Operating Officer. In
addition, the Company is pleased to announce that Mark Montemurro, President
and CEO of Alter Nrg, was appointed to the Company's Board of Directors at the
August 20, 2007 Special General Meeting. The following are the highlights for
the second quarter of 2007 and the period up to August 23, 2007:

    Q2 HIGHLIGHTS (TO AUGUST 23, 2007)

    -   Completed an Initial Public Offering (IPO) - 17,888,889 common shares
        at $2.25/share for gross proceeds of $40.2 million (April 17, 2007)

    -   Closed the US$29 million acquisition of Westinghouse Plasma
        Corporation (WPC), a world-class plasma gasification technology
        company (April 17, 2007)

    -   Effected a re-organization of Alter Nrg from a Trust structure to a
        Corporate structure (April 17, 2007)

    -   Listed Alter Nrg's Common Shares on the TSX Venture Exchange under
        the symbol "NRG" (April 17, 2007)

    -   Announced a five-year technology license and partnership agreement
        with NRG Energy, Inc. and obtained the option to invest in all future
        NRG Energy developed retrofit projects; the first of which is in
        advanced stages of regulatory approval (April 26, 2007)

    -   Announced a strategic joint venture with Jacoby Energy Development
        Inc. and option to invest in world's largest plasma gasification
        project converting household waste to electricity in St. Lucie,
        Florida (August 2, 2007)

    -   Commissioned an independent evaluation of the Fox Creek and Hinton
        coal assets resulting in an estimate of 876 million tonnes of
        resource in place(1)

    -   Expanded the Alter Nrg team by six employees in the areas of
        engineering, accounting, administration, business development and
        investor relations and welcomed the seven technical staff from WPC

    (1) Fox Creek: 400 million tonnes measured plus 370 million tonnes
        indicated sub-bituminous C grade
        Hinton: 80 million tonnes measured plus 26 million tonnes indicated
        HV C bituminous grade

    For more information on the Company's activities please visit or to view Alter Nrg's 2007 Second Quarter

    RESULTS ($)
                     June 30, 2007                             Dec. 31, 2006

    Total Assets      $ 54,894,952                              $ 11,919,896
     Liabilities      $  1,809,923                              $    663,717
    Total Equity      $ 53,085,029                              $ 11,256,179

                                                                 Period from
                      Three months  Three months    Six months     Inception:
                             ended         ended         ended    March 9 to
                           June 30,      June 30,      June 30,      Dec. 31,
                              2007          2006          2007          2006

    Revenue           $    583,727  $          -  $    657,192  $          -
    Net Loss          $ (3,261,763) $   (384,038) $ (3,573,145) $ (1,657,891)
    Net Loss per unit
     - basic and
     diluted          $      (0.09) $      (0.04) $      (0.14) $      (0.16)

    For the complete financial statements please visit or to view Alter Nrg's 2007 Second Quarter Report.


    Alter Nrg is pleased to welcome James Fitzowich to the executive team in
the role of Chief Operating Officer. Mr. Fitzowich is an energy executive with
20 years of experience in the electric power industry in Canada and the US,
with EPCOR Utilities Inc, TransCanada Pipelines and TransAlta Utilities Corp.
He has a proven track record in developing energy projects and building
sizeable energy companies. At EPCOR and TransCanada, he was involved in the
building of their Independent Power businesses from early stages to the
creation of public companies with sizable market capitalizations. In total he
has been involved in the development, acquisition or sale of approximately
$3 billion in power/industrial projects over the past 12 years in both Canada
and the US. More recently, Mr. Fitzowich was with Optimus Energy Partners, an
investment banking firm focusing on alternative energy. Mr. Fitzowich is a
professional engineer with a BSc in Electrical Engineering from the University
of Alberta.


    Alter Nrg is a development-stage entity 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 become
a senior energy producer of hydrogen, syngas, and transportation fuels such as
biodegradable sulfur-free diesel, ethanol, 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.


    Certain statements in this disclosure may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Corporation, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this disclosure, such statements use
such words as "may", "would", "could", "will", "intend", "expect", "believe",
"plan", "anticipate", "estimate", and other similar terminology. These
statements reflect the Corporation's current expectations regarding future
events and operating performance and speak only as of the date of this
disclosure. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause actual results
to differ materially from the results discussed in the forward-looking
statements. Although the forward-looking statements contained in this
disclosure are based upon what Management believes are reasonable assumptions,
the Corporation cannot assure investors that actual results will be consistent
with these forward-looking statements. These forward-looking statements are
made as of the date of this disclosure, and, subject to applicable securities
laws, the Corporation assumes no obligation to update or revise them to
reflect new events or circumstances. This disclosure may contain
forward-looking statements pertaining to the following: capital expenditure
programs; supply and demand for the Corporation's services and industry
activity levels; commodity prices; income tax considerations; treatments under
governmental regulatory regimes.

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.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890