Vancouver, B.C. (October 23, 2014), Alternative Earth Resources Inc. (“Alternative Earth” or “the Company”) (TSX.V: AER)
today announced results for the year ended June 30, 2014. The Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) are available at www.sedar.com
and on the Company’s website at http://www.alternative-earth.com
As at June 30, 2014, the Company’s assets (consisting primarily of cash and cash equivalents of $1.3 million) exceeded its liabilities (consisting primarily of asset retirement obligations) by approximately $1.6 million.
Subsequently, on August 27, 2014, the Company closed a Purchase and Sale Agreement with Ormat Nevada Inc. (“Ormat”), whereby Ormat purchased the Company’s Crump Geyser (50% interest) and North Valley geothermal projects. The agreement also gives Ormat an option, exercisable over a four year period, to purchase certain Company leases from the New Truckhaven geothermal project. The agreement will see the Company receiving up to $1.5 million in cash payments. The sum of $1.49 million was paid upon closing of the transaction, and a further $10,000 is payable if and when Ormat exercises the lease purchase option. As a result of this sale, AER’s project carrying costs are reduced to zero, while well abandonment liabilities were reduced by $0.2 million.
About Alternative Earth Resources Inc.:
Alternative Earth Resources Inc. is an experienced renewable energy developer. The Company is contemplating a change of its business focus from renewable energy to mineral resource development. This change has been approved by the shareholders. With its strong cash position and greatly reduced overhead, the Company plans to pursue late-stage mining project acquisitions and/or merger opportunities.
Alternative Earth Resources Inc.
Brian D. Fairbank, P. Eng. President & CEO
Toll Free: 866-688-0808
Toll Free: 866-688-0808
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," “estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.