TSX - NRG
OTCQX - ANRGF
CALGARY, Oct. 22, 2012 /CNW/ - Alter NRG ("Alter NRG" or the "Company") has
retracted the exclusive territory license and joint development agreement
("the Agreement") with POSCO ICT that was previously disclosed on September 5,
2012. POSCO ICT failed to pay the $1 million initial payment and has been
delivered a breach of contract notice by the Company. POSCO ICT has a
waste-to-energy project which it is evaluating the Westinghouse Plasma
Technology owned by Alter NRG, however, at this time the exclusive license has
been rescinded and it is uncertain what future activities with POSCO ICT will
be agreed upon, if any.
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.
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", "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, this new release
contains forward looking statements pertaining to capital expenditures,
schedules and commencement of operations of existing projects and projects
under development; availability of project financing; timing of sales;
industry trends; factors influencing capital investments and development
activities; the Corporation's reputation and market position within the
industries in which it operates and the Corporation's strategy and competitive
advantages. 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 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 Corporation. Among the material factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are: that the information is of a preliminary nature and may be
subject to further adjustment; unforeseen environmental effects; failure of
the proposed project to proceed to completion, ability to market projects
effectively, arrangements with key suppliers; potential product liability and
other claims; risks associated with the proprietary technology; closing on
grants and incentives, the possible unavailability of financing at competitive
rates and the related effect on development activities; changes in government
regulation, including changes to environmental regulations; the effects of
competition; the dependence on senior management and key personnel, and
fluctuations in currency exchange rates and interest rates, as well as those
factors discussed in or referred to under the heading "Risk Factors" in the
Company's Annual Information Form dated March 29, 2010 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 Corporation 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 Corporation 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.
Walter Howard, Chief Executive Officer (403) 806-3877
Daniel Hay, Chief Financial Officer (403)
SOURCE: Alter NRG Corp.
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-0- Oct/22/2012 12:30 GMT
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