CALGARY, January 29, 2013 /PR Newswire/ --
TSX - NRG
OTCQX - ANRGF
(TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ('Alter NRG' or the 'Company') is pleased to announce that Wuhan Kaidi ('Kaidi'), which purchased a Westinghouse Plasma gasifier design, and plasma torch systems, from Alter NRG in 2010, has successfully completed the commissioning of the unit at its demonstration facility in Wuhan, China. Westinghouse Plasma is a wholly-owned subsidiary of Alter NRG that licenses and sells the Westinghouse Plasma technology solutions worldwide.
The Westinghouse plasma gasification unit is designed to take approximately 100 tons per day of biomass waste and convert it into clean syngas. The clean syngas is then to be converted into diesel fuel and other transportation fuels at the Kaidi facility. The demonstration facility is the first instance of a broader business plan being implemented by Kaidi to convert waste biomass in central China into clean, renewable energy utilizing the Westinghouse Plasma technology. Under the contract, Alter NRG has access to operational data from the Kaidi facility.
Walter Howard, CEO of Alter NRG, added that 'This is a significant reference plant that shows how our Westinghouse Plasma conversion technology has the ability to take a societal problem of waste products and convert it into useful renewable energy. China is a large market with aggressive mandates for renewable energy and we are excited by the interest in the region for waste-to-energy technology and the foothold we now have in the China market with Kaidi.'
Kaidi has a stated mandate to be 'Devoted to environmental protection for the benefit of humanity' and with over 1 billion USD of annual sales they are a leading green energy company in China. Kaidi is a publicly traded company in China with a long history of successfully working with Western Companies.
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.
Forward-looking statements require management to make estimates and assumptions with respect to the outcome of future events. These estimates and assumptions could, in the future, turn out to be inaccurate and materially affect the final outcome. The significant estimates and assumptions within the Corporation's forward looking statements include: availability and cost of key materials and labor and availability of funds with respect to the amount of capital expenditures and scheduled commencement of operations; timing of regulatory approval including various permits from federal, provincial, and local authorities; the assessment of capital markets including the availability of debt and equity in current market conditions; commodity prices for electricity, natural gas, coal and other resources that impact the Corporation's operations directly and indirectly; extent of investment by government authorities in infrastructure projects; the financial and operational health of key partners in various projects; the continued development of the Corporation's technology and its use in various applications, as well as those factors discussed in or referred to under the heading 'Risk Factors' in the Company's Annual Information Form dated March, 2012 available at http://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.
For further information:
Walter Howard, Chief Executive Officer
Daniel Hay, Chief Financial Officer