VANCOUVER, May 28, 2013 /PRNewswire/ - Alternative Earth
Resources Inc. (formerly Nevada Geothermal Power Inc.)
("Alternative Earth" or "the Company") (TSX.V: AER) today
announced results for the three months and nine months ended
March 31, 2013. The Condensed
Consolidated Interim 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.
| |
For the three
months ended |
|
|
|
| (millions of US $ unless stated otherwise) |
March 31,
2013 |
March 31,
2012 |
Variance |
% |
| |
|
|
|
|
|
|
|
| Net loss from continuing operations |
$ |
(0.5) |
$ |
(2.2) |
$ |
1.7 |
77% |
| Results of discontinued operations: |
|
|
|
|
|
|
|
| Net profit (loss): discontinued
operations |
|
- |
|
(1.6) |
|
1.6 |
100% |
| Gain on disposal |
|
80.9 |
|
- |
|
80.9 |
|
| Total profit (loss) from discontinued
operations |
|
80.9 |
|
(1.6) |
|
82.5 |
5,156% |
| Total net profit (loss) |
|
80.3 |
|
(3.8) |
|
84.1 |
2,213% |
| Net profit (loss) per share (basic
and diluted) ($) |
|
0.66 |
|
(0.03) |
|
0.69 |
2,300% |
| |
|
|
|
|
|
|
|
| |
As at March
31, 2013 |
As at June
30,
2012 |
Variance |
% |
| |
|
|
|
|
|
|
|
| Cash & cash equivalents |
$ |
2.3 |
$ |
2.1 |
$ |
0.2 |
10% |
| Total assets |
|
4.7 |
|
84.8 |
|
(80.1) |
(94%) |
| Total liabilities |
|
0.8 |
|
159.7 |
|
(158.9) |
99% |
Alternative Earth was responsible for the
development of the Blue Mountain
geothermal resource from exploration through construction of the
nameplate 49.5 MW (gross), 38.8 MW (net) Faulkner I power plant,
and continues to hold interests in four other geothermal
properties. The results of the Blue
Mountain power plant are included in Alternative Earth's
results up to March 28, 2013, on
which date the Company transferred its interest in the project to
Blue Mountain Power, LLC, a subsidiary of EIG Global Energy
Partners ("EIG"), which had been the mezzanine lender on the
project. Alternative Earth continues to operate the power plant
through its subsidiary, Nevada Geothermal Operating Company
("Opco"), and is providing some management and administrative
services during a cooperative transition period. The transfer of
the Company's investment in the Blue
Mountain project to EIG resulted in the recognition of a
gain of $80.9 million in the quarter
ended March 31, 2013.
The Company will be compensated for services
provided to the Blue Mountain
project during the abovementioned transition period, but management
does not expect to be involved with the project for an extended
period. The agreement between the Company and EIG provides
for Opco's involvement in the project for a maximum period of 12
months, and a minimum of three months from March 28, 2013.
The loss from continuing operations for the
quarter ended March 31, 2013 amounted
to $0.5 million, down from
$2.2 million in the three months
ended March 31, 2012. The
Company has cut costs and staff numbers dramatically over the last
year, and also benefitted from the recovery of previously expensed
resource property costs of $119,542
during the quarter.
As at March 31,
2013, the Company's assets (consisting primarily of cash and
cash equivalents of $2.3 million and
resource property interests carried at $1.5
million) exceeded its liabilities (consisting primarily of
asset retirement obligations) by approximately 3.9 million.
On April 2, 2013,
the Company changed its name from Nevada Geothermal Power Inc. to
Alternative Earth, and completed a five for one share
consolidation, which leaves the Company in a position to maintain
its property portfolio or pursue other opportunities.
About Alternative Earth Resources Inc.: Alternative Earth
Resources Inc. is an experienced renewable energy developer
focusing on the development of CLEAN electrical power from high
temperature geothermal resources in the
United States. The Company owns geothermal leaseholds
comprising the New Truckhaven property in Imperial Valley,
California; the Pumpernickel and
North Valley properties in northern Nevada; and a 50% interest in the Crump Geyser
property which it owns with Ormat Nevada Inc. in Lake County, Oregon. These properties, at
different stages of exploration and development, cover aggregate
inferred resources totaling approximately 200 MW.
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 X110
Toll Free: 866-688-0808 X118
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.