VANCOUVER, Feb. 26, 2014 /PRNewswire/ - Alternative Earth
Resources Inc. (formerly Nevada Geothermal Power Inc.)
("Alternative Earth" or "the Company") (TSX.V: AER) today
announced results for the three and six months ended December 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.
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For the three months
ended |
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| (millions of US $ unless stated otherwise) |
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December
31,
2013 |
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December
31,
2012 |
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Variance |
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% |
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| Net loss from continuing operations |
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$ |
(0.4) |
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$ |
(0.7) |
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$ |
0.3 |
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42% |
| Total profit (loss) from discontinued
operations |
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0.1 |
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0.1 |
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- |
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- |
| Total net profit (loss) |
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(0.3) |
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(0.7) |
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0.4 |
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57% |
| Net profit (loss) per share (basic and diluted)
($) |
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(0.01) |
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(0.03) |
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(0.02) |
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60% |
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As at
December 31,
2013 |
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As at
June 30,
2013 |
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Variance |
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% |
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| Cash & cash equivalents |
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$ |
1.5 |
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$ |
2.0 |
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$ |
(0.5) |
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(25%) |
| Total assets |
|
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3.7 |
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|
4.2 |
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(0.5) |
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(12%) |
| Total liabilities |
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0.6 |
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0.6 |
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- |
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- |
As at December 31,
2013, the Company's assets (consisting primarily of cash and
cash equivalents of $1.5 million and
resource property interests carried at $1.5
million) exceeded its liabilities (consisting primarily of
asset retirement obligations) by approximately $3.1 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
and develop its current geothermal project portfolio (consisting of
the Crump, North Valley, Pumpernickel, and New Truckhaven projects)
and 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
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.