VANCOUVER, Oct. 21, 2013 /PRNewswire/ - Alternative Earth
Resources Inc. (formerly Nevada Geothermal Power Inc.)
("Alternative Earth" or "the Company") (TSX.V: AER) today
announced results for the year ended June
30, 2013. 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.
| |
For the year ended |
|
|
|
| (millions of US $ unless stated
otherwise) |
June 30, 2013 |
June 30, 2012 |
Variance |
% |
| |
|
|
|
|
|
|
| Net loss from continuing
operations |
$ |
(1.5) |
$ |
(6.7) |
$ |
5.2 |
78% |
| Results of discontinued
operations: |
|
|
|
|
|
|
|
| |
Net profit (loss): discontinued operations |
|
(0.7) |
|
(52.3) |
|
51.6 |
99% |
| |
Gain on disposal |
|
80.9 |
|
- |
|
80.9 |
|
| Total profit (loss) from discontinued
operations |
|
80.2 |
|
(52.3) |
|
132.5 |
253% |
| Total net profit (loss) |
|
78.7 |
|
(59.0) |
|
137.7 |
233% |
| Net profit (loss) per
share (basic and diluted) ($) |
|
3.21 |
|
(2.41) |
|
5.62 |
233% |
| |
|
|
|
|
|
|
|
| |
As at June 30,
2013 |
As at June
30,
2012 |
Variance |
% |
| |
|
|
|
|
|
|
|
| Cash & cash equivalents |
$ |
2.0 |
$ |
2.1 |
$ |
(0.01) |
(5%) |
| Total assets |
|
4.2 |
|
84.8 |
|
(80.6) |
(95%) |
| Total liabilities |
|
0.6 |
|
159.7 |
|
(159.1) |
100% |
Alternative Earth was responsible for the
development of the Blue Mountain
geothermal resource from exploration through commissioning 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 removal of debt obligations and the recognition of
a gain of $80.9 million in the
quarter ended March 31, 2013. The
gain is offset by previous year losses such that no tax is
payable.
The Company is compensated for services provided
to the Blue Mountain project
during the above mentioned 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 Faulkner I plant operations
handover date is expected to be on or before December 31, 2013.
The loss from continuing operations for the year ended
June 30, 2013 amounted to
$1.5 million, down from $6.7 million in the year ended June 30, 2012. The Company has cut costs
and staff numbers dramatically over the last year. The Company
plans to improve its cash position by continuing to cut costs and
by selling or joint venturing some or all of its geothermal
resource properties.
As at June 30,
2013, the Company's assets (consisting primarily of cash and
cash equivalents of $2.0 million and
resource property interests carried at $1.5
million) exceeded its liabilities (consisting primarily of
asset retirement obligations) by approximately $3.6 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.