CALGARY, ALBERTA--(Marketwire -07/03/12)- NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Alter NRG Corp. (NRG.TO) (ANRGF) ("Alter NRG" or the "Company") is pleased to announce that Bellair Ventures Inc. ("Bellair") has received conditional approval for the acquisition of CleanEnergy Developments Corp. ("CleanEnergy"), a wholly owned subsidiary of Alter NRG (the "Transaction"). As was press released on January 5, 2012, Alter NRG is selling CleanEnergy for $5 million to Bellair. Final approval of the Exchange is subject to Bellair fulfilling all of the requirements of the Exchange.
Walter Howard, CEO of Alter NRG states that, "we are now in the final stages of the sale of CleanEnergy which is an important milestone for Alter NRG as it reinforces the Company's singular focus on the Westinghouse Plasma Gasification technology. We expect the Transaction to close in mid-July which will provide Alter NRG an additional source of liquidity through the $5 million of shares of Bellair which will be publically traded."
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 provide a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, and syngas.
Advisory Respecting Forward-Looking Statements
This news release contains certain "forward-looking information and statements" within the meaning of applicable securities laws. This forward-looking information relates to future events or Alter NRG's future performance. In particular, this news release contains forward-looking statements and information pertaining to: the expected completion of the Transaction, Bellair's "qualifying transaction" and the TSX Venture Exchange's final approval of the same. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of: the completion of the proposed Transaction could differ materially from that expressed in or implied by such forward-looking information and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that Alter NRG will derive from them. Alter NRG's forward-looking information is expressly qualified in its entirety by this cautionary statement. 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.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.