Alter NRG Corp. Announces Conditional Approval for the Sale of CleanEnergy Developments
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.
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