VANCOUVER, Aug. 27, 2014 /PRNewswire/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that it has completed the sale of certain
geothermal projects to Ormat Nevada Inc. ("Ormat") pursuant to a
Purchase and Sale Agreement dated August 5, 2014 (the "Transaction").
Under the Transaction, Ormat also has the option, exercisable for 4
years, to acquire an additional geothermal lease. Shareholder approval
for the Transaction was obtained at the annual and special meeting of
shareholders held on August 22, 2014 (the "Meeting"). Details of the
Transaction were previously disclosed in news releases dated June 11,
2014, and August 5, 2014.
The benefits to AER resulting from the Transaction include: receipt
today of US$1,490,000 to the treasury; freeing up US$175,000 of cash
that is currently pledged for geothermal well bonds; removal of
liability for geothermal well abandonment costs of approximately
US$450,000; and elimination on-going geothermal lease payment
obligations.
About Alternative Earth Resources Inc.: AER is contemplating a change of its business focus from renewable
energy to mineral resource development, a change which was also
approved by shareholders at the Meeting. With its strong cash position
and greatly reduced overhead, AER plans to pursue mining project
acquisitions and/or merger opportunities.
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.
Alternative Earth Resources Inc.
Brian D. Fairbank, P. Eng. President & CEO
http://www.alternative-earth.com
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email:bfairbank@alternative-earth.com
Investor Inquiries:
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email: info@alternative-earth.com
SOURCE Alternative Earth Resources Inc.