| About Us | Corporate Strategy | Plasma Technology | Plasma Market Solutions | Geoexchange Solutions | Investor Relations |
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$29 million acquisition of Westinghouse Plasma
Corporation (WPC), a world-class plasma gasification technology
company (April 17, 2007)
- Effected a re-organization of Alter Nrg from a Trust structure to a
Corporate structure (April 17, 2007)
- Listed Alter Nrg's Common Shares on the TSX Venture Exchange under
the symbol "NRG" (April 17, 2007)
- Announced a five-year technology license and partnership agreement
with NRG Energy, Inc. and obtained the option to invest in all future
NRG Energy developed retrofit projects; the first of which is in
advanced stages of regulatory approval (April 26, 2007)
- Announced a strategic joint venture with Jacoby Energy Development
Inc. and option to invest in world's largest plasma gasification
project converting household waste to electricity in St. Lucie,
Florida (August 2, 2007)
- Commissioned an independent evaluation of the Fox Creek and Hinton
coal assets resulting in an estimate of 876 million tonnes of
resource in place(1)
- Expanded the Alter Nrg team by six employees in the areas of
engineering, accounting, administration, business development and
investor relations and welcomed the seven technical staff from WPC
(1) Fox Creek: 400 million tonnes measured plus 370 million tonnes
indicated sub-bituminous C grade
Hinton: 80 million tonnes measured plus 26 million tonnes indicated
HV C bituminous grade
For more information on the Company's activities please visit
www.alternrg.ca or www.sedar.com to view Alter Nrg's 2007 Second Quarter
Report.
FINANCIAL
RESULTS ($)
June 30, 2007 Dec. 31, 2006
-------------------------------------------------------------------------
Total Assets $ 54,894,952 $ 11,919,896
Total
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 www.alternrg.ca or
www.sedar.com 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.