Date: November 26, 2007
Source: Alter Nrg Corp.
Alter Nrg Corp. is pleased to report on its corporate activities and financial results for the three-month and nine-month periods ended September 30, 2007. The following are the highlights for the third quarter of 2007 and the period up to November 23, 2007:
Q3 HIGHLIGHTS (TO NOVEMBER 23, 2007)
- Announced a strategic joint venture with Jacoby Energy Development Inc. ("Jacoby") whereby they become the exclusive marketer of the Westinghouse Plasma Corporation ("WPC") plasma gasification technology for use in waste-to-energy applications, in Canada and the United States (WPC is a wholly-owned subsidiary of Alter Nrg Corp). Alter Nrg contributes the technology to the joint venture, and Jacoby contributes US$15 million over three to five years (August 2, 2007).
- Negotiated an option to invest up to 25% in the world's largest plasma gasification project that will convert household waste into electricity in St. Lucie, Florida (August 2, 2007). This also represents approximately US$50 million in technology and equipment sale revenues for Alter Nrg upon successful project development.
- Received preliminary State approval for the world's first coal power plant plasma gasification retrofit project in Somerset Massachusetts. Alter Nrg has an option (at its sole discretion) to invest from 10 to 25% in this project. This also represents approximately US$30 million in technology and equipment sale revenues upon successful project development.
- SMS Infrastructures Limited has commenced construction of two 68 tonne-per-day hazardous waste-to-energy plants in Pune and Nagpur, India that are installing the WPC plasma gasification technology.
- Four new projects in Kentucky, Louisiana, Minnesota and Florida using WPC plasma technology in the waste-to-energy and coal-to-liquids markets in the preliminary development stage were reported in the media.
- Closed a private placement with Coghill Capital Management for $10 million at a price of $2.27 per common share (November 16, 2007). The new shareholder has the option to invest an additional $5 million at $2.27 per share until December 3, 2007.
- Plasma system sales and services totaled $945,727 for the quarter, an increase of 110% over the prior quarter. Further sales, marketing and business development efforts are generating significant new project development and sales leads.
- Expanded the Alter Nrg executive team with the addition of Jim Fitzowich in the role of Chief Operating Officer, adding 20 years of senior power industry experience, and enhanced marketing and sales expertise at Westinghouse Plasma Corporation with the addition of a Director of Marketing, Thomas Gdaniec.
- Expanded the Company's Board of Directors with the addition of Mark Montemurro, President and CEO of Alter Nrg (August 20, 2007).
For more information on the Company's activities please visit www.alternrg.ca or www.sedar.com to view Alter Nrg's 2007 Third Quarter Report.
PRESIDENT'S MESSAGE
Alter Nrg has continued to build on the accomplishments of the first half of 2007, advancing projects in the waste-to-energy, power retrofit and coal-to-liquids markets while ramping up our business development activities and the technical work required to expand the Alter Nrg/WPC service offering.
On August 2, Alter Nrg announced a joint venture with Jacoby Energy Development Inc. that includes an option to invest, at Alter Nrg's sole discretion, in the world's largest plasma gasification project to convert household waste to electricity in St. Lucie County, Florida. This facility, which will initially process 1,000 tons per day of garbage expanding to 3,000 tons per day and is expected to commence construction in late 2008, will generate US$40 to US$50 million in technology sales revenues to Alter Nrg. Should Alter Nrg opt to make an equity investment in St. Lucie, additional annual revenues of $8 - $12 million are expected for phase 1, and $15 - $20 million in phase 2.
The Somerset Coal Retrofit project in Massachusetts continues to move forward with our partners at NRG Energy (the largest independent power producer in the US). The project received its preliminary state regulatory approval in September, and had its public hearing in October. We will continue to work with NRG Energy as their core technology supplier and, between now and the first quarter of 2008, we will be evaluating whether to make an equity investment of up to 25% in the project.
While we remain committed to the use of strategic partnerships to accelerate our growth and to mitigate certain project risks, we recognize that it is prudent to continue pursuing our own separate opportunities in parallel. With this in mind, we have been actively developing projects that are outside our joint ventures and recently have been targeting those that are geographically closer to home. This includes our large Fox Creek coal resource which we are actively moving forward and for which we anticipate releasing a public disclosure document in mid-2008.
We continue to be pleased with the market demand for our commercially proven plasma gasification technology. Alter Nrg has more than thirty technology sale opportunities in more than a dozen countries, up from about ten opportunities when Alter Nrg purchased WPC. The project developers of these opportunities, which are mostly in the early stage of development, are actively permitting and siting their projects and negotiating long-term feedstock and product agreements. These projects, predominantly in the waste-to energy sector, have an average intake capacity of 750 to 1,000 tons per day and generate between 30 MW and 40 MW of power. With an average capital cost in the order of $250 million (and technology sale revenue to Alter Nrg of approximately $50 million per project) these facilities would take approximately two years to complete, after receipt of regulatory approvals. Following the repositioning and expansion of our gasification technology product offering in the marketplace Alter Nrg has experienced a growing volume of sales and business development inquiries, particularly in the waste-to-energy market.
As we look to further enhance our business development and marketing activities, we have created an aggressive marketing and sales strategy which will see us speaking at several industry conferences next year and exhibiting at five or more industry trade shows. The first such opportunity is the upcoming Power-Gen International Conference in New Orleans, where Alter Nrg will participate through an exhibitor booth. This conference is the world's largest power generation event, drawing more than 17,000 industry professionals from 76 countries and 1,100 exhibiting companies. This venue will provide us with the opportunity to promote the Alter Nrg/WPC relationship, showcase what Alter Nrg is capable of doing with the WPC technology, generate customer leads, contact potential project partners and create valuable media relations opportunities.
I am pleased to welcome James Fitzowich, our new Chief Operating Officer, to the Alter Nrg Executive team. Jim brings a wealth of experience through his 20 years in the power industry in both Canada and the United States 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. 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.
In closing, I am pleased with the opportunity-rich environment and the numerous opportunities in both gasification project development and gasification technology sales. Going forward, we remain execution focused and are looking to have a steady stream of project announcements over the coming year.
WHAT WE DO AND HOW WE DO IT
Alter Nrg solves two major challenges in the world today: responsibly disposing of waste materials and providing clean sources of energy. Our vision is to become a senior energy producer and a North American leader in the development of innovative gasification projects.
We own 100% of WPC, the company that developed and holds the patents for the WPC plasma gasification technology. Plasma gasification takes waste or raw fuel - bitumen, petroleum coke, coal or garbage - and, through the application of intense heat, vaporizes these feed stocks into a synthetic gas (syngas) that has many direct applications such as producing steam and power. We can also apply existing available technology to convert this product into other forms of energy - hydrogen, diesel, ethanol or methane. WPC licenses and sells plasma gasification technology and products worldwide.
Gasification creates value by taking low cost feed stocks that are abundant and converting them into high value energy that the world requires. The nature of the gasification process allows for the removal of harmful contaminants which makes this an environmentally responsible process producing cleaner energy. The recent change in the commodity price environment combined with increasing environmental awareness within the general public has lead to a rapid growth industry. The 2007 World Gasification Database shows that existing world gasification capacity has grown 25% since its last report in 2004 and anticipates a further increase of over 30% by 2010. Alter Nrg is well positioned to capitalize on this market with a commercially proven technology that can be utilized in numerous market segments within this growing industry.
Our business plan continues to evolve and grow as our technology gains traction in the marketplace. We are continually being sought out by industry leaders to partner and share our project management expertise in the application of our unique technology in their businesses. This has led to value creation opportunities through plasma gasification sales as well as project participation in the clean energy projects. Beyond the sale of gasification units, Alter Nrg intends to create incremental shareholder value by aligning with strategic partners and taking an equity position in the most accretive projects which provide long-life cash flows from energy sales.
We have begun to apply our expertise to projects in four distinct markets:
1. Waste-to-Energy (WTE) - This commercially proven application has been operating successfully since 2002. Built on over 40 years of research and development by WPC and its predecessor, Westinghouse Electric Corporation, WPC's technology is a recognized industry leader throughout the world for plasma gasification in the WTE sector. The WPC Plasma Gasification Reactor virtually eliminates the need for feed preparation, a process step that accounts for a significant portion of the capital and operating cost of other commercial gasification technologies. Plus, our technology has the ability to handle a wide range of feedstocks.
Effective disposal of waste is a global problem and Alter Nrg has a proven plasma gasification solution. Even a small share of this enormous market represents multi-billion dollars of cash flow. Near-term projects could be operational and producing a steady revenue stream as early as 2010. A smaller scale project technology sale would provide $2.5 million in technology revenues, while a standard full gasifier product sale would generate $30 million and a large project would generate in the order of $75 million in revenues. All projects are forecast to have attractive rates of return.
2. Power Plant Retrofits - Through a strategic partnership with NRG Energy, America's largest independent power producer, WPC technology will be used to retrofit older power generation facilities. The first project of this alliance, in Somerset, Massachusetts, is in the advanced stages of regulatory approval. Each project is expected to be worth over US$30 million in technology sales to Alter Nrg and would have an attractive rate of return.
3. Petroleum Coke (PetCoke) - We have been approached by several potential partners to apply our unique technology to convert this waste by-product into usable clean energy. Alberta Energy Research Institute predicts that "Alberta is destined to have the world's largest gasification capacity" due to the unique confluence of feedstock and infrastructure. On October 5th, Alberta Environment issued an Approvals Program Policy regarding the burning of bitumen, petroleum coke or asphaltenes requiring project applicants to use gasification technology, and to make the projects carbon capture and storage ready. Alter Nrg is positioning to capture a portion of this large market and expects to announce a project in the next 12 to 18 months.
4. Coal-to-Liquids (CTL) - Alter Nrg owns 876 million tonnes of coal-in-place in Alberta, 770 million of which is in Fox Creek. This coal asset was specifically chosen as feedstock for our CTL project due to its proximity to infrastructure and to mature oil fields that would benefit from enhanced oil recovery, providing a market and safe disposal of CO2 production. A 10,000 bbl/d facility is projected to be operational between 2013 and 2015. Alter Nrg's resource base at Fox Creek has enough coal to produce over 50,000 bbls/d of liquid fuel such as diesel for over 40 years.
The Calgary-based Alter Nrg team has a track record of implementing cost-effective, modular, scaleable, staged facilities with short construction times. Several of our executives and directors have taken companies from start-up to multi-billion dollar market caps in their business careers and a number of our technical team members have direct senior gasification experience with multi-national companies.
FINANCIAL RESULTS ($)
September 30, December 31,
2007 2006
-------------------------------------------------------------------------
Total Assets $ 51,965,592 $ 11,919,896
Total
Liabilities 2,174,537 663,717
Total Equity $ 49,791,055 $ 11,256,179
-------------------------------------------------------------------------
Period from
Three months Three months Nine months Inception on
ended ended ended March 9 to
September 30, September 30, September 30, December 31,
2007 2006 2007 2006
-------------------------------------------------------------------------
Revenue $ 1,156,115 $ 32,724 $ 1,813,307 $ 32,724
Loss (3,536,554) (428,985) (7,109,699) (813,023)
Loss per
unit/share
- basic and
diluted $ (0.09) $ (0.03) $ (0.23) $ (0.10)
-------------------------------------------------------------------------
For the complete financial statements please visit www.alternrg.ca or www.sedar.com to view Alter Nrg's 2007 Third Quarter Report.
MANAGEMENT'S DISCUSSION AND ANALYSIS EXCERPTS
Corporate overview
Alter Nrg is in the business of pursuing alternative gasification energy solutions to meet the growing demand for energy in world markets. The Company's vision is to become a leader in the development of innovative gasification projects for the commercial production of energy. Alter Nrg's success will be measured through energy production - barrels of sulfur-free diesel, steam, power, or synthetic natural gas, all of which are fundamental products for the world's growing energy needs.
Alter Nrg's mission is to participate in financially accretive projects in the emerging alternative energy market to maximize returns for investors. Alter Nrg endeavors to be a leader in innovative gasification related technologies applied to produce profitable and clean alternative energy solutions. The Company invests in the skills of its people who will provide the creativity, determination and passion to generate growth in stakeholder value. The Company will be transparent and fair in its activities and work together to form positive relationships in the communities in which it operates and with all of its stakeholders.
On April 17, 2007 Alter Nrg had significant changes to its business including:
- Acquiring WPC, a private U.S. plasma gasification company
- Becoming publicly listed on the TSX Venture exchange
- Raising additional capital to fund business development efforts
The acquisition of WPC provides Alter Nrg with a leading plasma gasification technology. Alter Nrg is still focused on project development; however, the control of a leading edge technology provides significant benefits including:
- Early cash flows from technology sales
- Operational control of the technology for Alter Nrg projects
- Developing relationships with WPC customers which provides opportunities to invest (as a project partner) in projects which are using the WPC plasma gasification technology
- Ability to license and create joint ventures worldwide with companies that provide financial strength, existing market knowledge, and project development expertise.
Strategic joint ventures
The Company has entered into several strategic joint ventures since its IPO on April 17, 2007 which include:
NRG Energy Inc. ("NRG") - One of the leading electricity generators in the U.S. Northeast and with a market capitalization over $8 billion, NRG owns and operates over 24,000 MW of power generation assets, most of which are located in the United States. NRG is a Fortune 500 company and is publicly traded on the New York Stock Exchange. NRG has an exclusive license to use the WPC technology in coal power plant retrofits where they take conventional coal plants (with high emissions profiles) and convert the front end coal burning to coal gasification which reduces the harmful environmental emissions. Alter Nrg has the option to take up to a 25% equity participation in any project that NRG advances. Alter Nrg is a core technology supplier to the coal power retrofit projects with each project representing a $30 million or greater sale of technology.
Jacoby Energy Development Inc. - Jacoby is an alternative and renewable energy company focused of providing environmentally sustainable and economically viable alternative energy solutions. Jacoby has developed multi-billion dollar projects and has received numerous awards including the 2006 Distinguished Conservationist award, 2006 ACEC award for excellence in engineering design, 2004 Phoenix Award for Excellence in Brownfield Development, and the 2004 Argon Award for Environmental Vision. Jacoby has become the exclusive marketing arm of the WPC technology in the waste-to-energy market as they have existing projects and potential projects to develop. Jacoby and Alter Nrg have formed a 51%/49% joint venture whereby Alter Nrg contributed an exclusive license in the waste-to-energy market segment and Jacoby will contribute up to US$15 million dollars to fund G&A expenditures. Alter Nrg retains the product and sales revenues directly and has the option to participate as a 49% partner in all future projects.
Going forward, Alter Nrg will continue to partner with companies that provide financial strength, industry knowledge, technical strength and existing project development that can accelerate corporate growth and mitigate risk in our project development plans. The Company is also pursuing several site acquisition opportunities for Alter Nrg operated projects in Canada in the waste-to-energy and petroleum coke markets.
Results from plasma system sales and services
-------------------------------------------------------------------------
Three month period ended Period from WPC acquisition on
September 30, 2007 April 17 to September 30, 2007
-------------------------------------------------------------------------
Sales revenue $ 945,727 $ 1,394,547
-------------------------------------------------------------------------
Selling costs (380,638) (532,873)
-------------------------------------------------------------------------
Gross margin $ 565,089 $ 861,674
-------------------------------------------------------------------------
Plasma system sales and services are from WPC, (acquired April 17, 2007), Alter Nrg's joint venture with Jacoby (from inception on August 2, 2007) and engineering services provided by Alter Nrg for reactor design and process engineering. In the prior quarter, plasma system sales and services consisted solely of U.S. results from the WPC acquisition.
WPC continuing operations include engineering, design, and equipment sales of plasma arc gasification systems. Sales revenue is related to an equipment sale in India, engineering service revenues, equipment parts sales and revenue from licensing the WPC technology to the joint venture. For the three month period ending September 30, 2007 sales revenues were $496,907 higher than the period from WPC acquisition on April 17 to June 30, 2007 as the India equipment sale was near completion, parts sales increased and new revenues for the quarter of $165,000 from Alter Nrg engineering services and $137,920 from the joint venture. Going forward, management expects revenues to increase as increased sales, marketing and business development processes are implemented and as the plasma gasification market grows.
The selling costs relate to direct materials and expenditures for products and services, excluding labour, and reflect standard rates. Selling costs are $228,403 higher for the three month period ended September 30, 2007 versus the period from WPC acquisition on April 17 to June 30, 2007 as progress on the India equipment sale was near completion, parts sales were higher in the quarter and due to subcontracting costs related to engineering services provided by Alter Nrg.
General and administrative expenses
-------------------------------------------------------------------------
Three month period Nine month period
ended September 30, 2007 ended September 30, 2007
-------------------------------------------------------------------------
General &
administrative
expenses ("G&A") $ 1,884,265 $ 3,604,965
-------------------------------------------------------------------------
G&A was $1,884,265 for the three month period ended September 30, 2007 versus $1,388,060 for the three month period ended June 30, 2007. The increase in G&A of $496,205 for the three month period ended September 30, 2007 versus the three month period ended June 30, 2007 relates primarily to an increase in office costs as Alter Nrg moved in August 2007 to larger space to accommodate its growth, salaries and wages from increased staffing as part of Alter Nrg's corporate growth strategy, management investment in WPC business operations and consulting fees related to recruitment and business development activities.
The largest G&A expenses in the nine month period relate to salaries of $1,531,956, accrued bonuses of $548,540, general consulting costs of $373,795 and professional fees of $261,227. The remaining G&A is for office rent, Alter Nrg's office move, employee benefits, business travel, information technology costs and the general costs of setting up and maintaining an office.
Interest income
-------------------------------------------------------------------------
Three month period Nine month period
ended September 30, 2007 ended September 30, 2007
-------------------------------------------------------------------------
Interest income $ 210,388 $ 418,760
-------------------------------------------------------------------------
Interest income of $210,388 and $418,760 for the three and nine month periods ended September 30, 2007, respectively, relates primarily to term deposits which are invested in short-term, interest-bearing investments with a major Canadian chartered bank. The investments were made with net proceeds received from the equity issuances in 2006 and January 2007; the Company's IPO on April 17, 2007; and the IPO over-allotment on May 16, 2007.
Income taxes
The income tax recovery of $66,120 and $137,853 for the three and nine month period ended September 30, 2007 relates to non-capital losses incurred by WPC in the U.S. at a tax rate of 44%. It is estimated that WPC will use these losses within the year as it has commercial operations and is projected to have taxable income within the next fiscal year.
The Company had a loss from operations in Canada for the three and nine month periods ended September 30, 2007, which resulted in a corresponding future income tax recovery. The Company took a full valuation allowance on the future income tax asset and tax recovery, as without commercial operations it cannot be considered more likely than not that the future income tax benefits could be realized.
Loss and cashflow used in operations
-------------------------------------------------------------------------
Three month period Nine month period
ended September 30, 2007 ended September 30, 2007
-------------------------------------------------------------------------
Loss $ (3,536,554) $ (7,109,699)
-------------------------------------------------------------------------
Cash flow used in
operations $ (372,115) $ (2,185,403)
-------------------------------------------------------------------------
The consolidated loss for the three month period ended September 30, 2007 was $3,536,554 and for the nine month period ended September 30, 2007 was $7,109,699. During the three month period ended September 30, 2007, $380,638 related to selling costs and $1,884,265 in G&A costs. The remaining amount related to non-cash charges for depreciation and amortization of $2,179,647, of which $2,163,993 related to amortization of deferred compensation expense related to the acquisition, and stock-based compensation of $263,226. The loss was offset by sales of $945,727 and interest income of $210,388. Looking forward, management is improving the sales, marketing and business development processes to increase sales for 2008.
Consolidated cash flow used in operations was $372,115 for the three month period ended September 30, 2007 and $2,185,403 for the nine month period ended September 30, 2007, which represents the current cash expenditures for direct costs of good sold and G&A costs offset by sales revenue and interest income.
Capital expenditures
-------------------------------------------------------------------------
Three month period Nine month period
ended September 30, 2007 ended September 30, 2007
-------------------------------------------------------------------------
Deferred costs $ 215,708 $ 801,395
-------------------------------------------------------------------------
Resource property
assessment 133,586 337,527
-------------------------------------------------------------------------
Capital assets 288,459 414,057
-------------------------------------------------------------------------
Total capital
expenditures incurred
in the period $ 637,753 $ 1,552,979
-------------------------------------------------------------------------
Capital expenditures related to deferred costs consist of engineering evaluations and development work on plasma gasification systems and costs related to setting up the joint venture with Jacoby. These deferred costs will be amortized at the point in time a commercial project is substantially completed. For the joint venture, costs will be amortized after the initial six month termination period has lapsed.
The resource property assessment costs relate to geological studies and consultants to advance the coal resource owned by the Company.
Capital assets consist of plant and facility costs to upgrade the WPC facility and corporate asset costs including leasehold improvements and office and computer equipment. Plant and facility costs of $120,470 were incurred in the three month period ended September 30, 2007. Corporate asset spending of $167,989 for the three month period ended September 30, 2007 (three months ended June 30, 2007 - $112,390) related primarily to leasehold improvements of $101,273 incurred for the WPC office and new Calgary head office space. Remaining corporate asset spending has increased consistent with the increase in personnel at WPC and the head office in Calgary.
Quarterly information
-------------------------------------------------------------------------
2006
Q2(*) Q3 Q4
-------------------------------------------------------------------------
Capital expenditures $ 514,822 $ 1,484,248 $ 804,267
-------------------------------------------------------------------------
Interest income - 32,724 50,642
-------------------------------------------------------------------------
Net loss (384,038) (428,985) (844,868)
-------------------------------------------------------------------------
Net loss per Unit $ (0.04) $ (0.03) $ (0.06)
-------------------------------------------------------------------------
(*) Period from inception (March 9, 2006) to June 30, 2006. The Fund had
no significant activity in Q1 2006 from inception on March 9 to
March 31, 2006.
-------------------------------------------------------------------------
2007
Q1 Q2 Q3
-------------------------------------------------------------------------
Capital expenditures $ 321,141 $ 594,085 $ 637,753
-------------------------------------------------------------------------
Interest income 73,465 134,907 210,388
-------------------------------------------------------------------------
Loss (311,382) (3,261,763) (3,536,554)
-------------------------------------------------------------------------
Loss per Unit/Share $ (0.02) $ (0.09) $ (0.09)
-------------------------------------------------------------------------
The loss in the third quarter of 2007 relates primarily to depreciation on intangible assets acquired through the acquisition of WPC. Looking forward, management is implementing sales, marketing and business development processes to increase technology revenues from WPC in the short-term. Over the long-term management plans to create income from gasification projects, of which, two option agreements have been entered into through strategic joint venture relationships.
Liquidity and capital resources
At September 30, 2007, the Company had $17,707,557 in cash and cash equivalents resulting in a decrease in cash of $1,028,987 as compared to June 30, 2007. The decrease is attributed to the cash spending on G&A and capital net of revenues received. The net working capital surplus of $16,556,089 is primarily attributable to the cash and cash equivalents balances. The working capital balance provides the Company with the capital to continue to invest in its resource base, provide for general and administrative support for the team and fund engineering studies to provide a strong technical foundation to evaluate investment opportunities and allows for potential strategic acquisition opportunities. Subsequent to quarter end the Company closed an additional $10 million financing which includes warrants for an additional $5 million exercisable by December 3, 2007.
Equity
As at September 30, 2007 the Company had 38,992,744 shares outstanding and as at November 23, 2007 the Company had 43,398,030 shares outstanding.
On April 17, 2007, the Fund reorganized into a Company and 17,555,272 Units were exchanged by the Fund's Unit holder's on a one-for-one basis for Common Shares of the Company. The Company closed its IPO for 15,555,556 Common Shares at $2.25 per Common Share and total gross proceeds of $35 million on April 17, 2007. The shares of Alter Nrg Corp. immediately began trading on the Toronto Venture Stock Exchange ("TSX-V") under the symbol NRG on that date. In conjunction with the IPO the Company acquired WPC for consideration of $22 million USD cash and $7 million USD in the Company's Common Shares at the $2.25 IPO price.
The Company granted the agents of the IPO an over-allotment option which was closed on May 16, 2007 for 2,333,333 additional Common Shares at $2.25 per Common Share and gross proceeds of $5.25 million.
At September 30, 2007, the Company had 3,064,100 stock options outstanding, of which 210,000 were issued in the three month period ended September 30, 2007, at a weighted average exercise price of $2.49 per share. The authorized share capital of the Company consists of an unlimited number of Common Shares.
For the complete management's discussion and analysis please visit www.alternrg.ca or www.sedar.com to view Alter Nrg's 2007 Third Quarter Report.
The Company intends to grant 728,500 stock options to officers, directors, employees and consultants on November 29, 2007. The pricing will be based upon the lower of the five day weighted average trading price after grant or $2.30. A total of 508,000 options will be granted to officers and directors.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
ADVISORIES
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 factorscould 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:
Mark Montemurro
President and Chief Executive Officer
(403) 806-3877
Mmontemurro@alternrg.ca
Daniel Hay
Chief Financial Officer
(403) 806-3881
Dhay@alternrg.ca
Investor Relations
(403) 806-3875
info@alternrg.ca
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