VANCOUVER, June 11, 2014 /PRNewswire/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that
it has signed a non-binding Letter of Intent (LOI) with Ormat
Nevada Inc. ("Ormat"), whereby Ormat has the right, following a due
diligence review, to purchase all of AER's Crump Geyser (50%
interest), North Valley and New Truckhaven geothermal project
assets for a cash payment of US$1,500,000. AER has received a $50,000 deposit in respect of this LOI.
A definitive Asset Sale Agreement ("ASA"), to
replace the LOI by June 30, 2014, is
subject to the approval of the Board of Directors of AER and Ormat,
the approval of the shareholders of AER at a Special Meeting to be
in late July, 2014, and the acceptance of the TSX Venture Exchange.
The ASA, if approved, is expected to close on or about July 31, 2014.
In addition to project assets covered under the
ASA, AER had cash and cash equivalent assets of US$1.2 million as of March
31, 2014. The asset sale transaction will free up additional
cash of US$175,000 currently pledged
for project drilling bonds and will remove a liability for project
well abandonment costs of approximately US$450,000.
The Company intends to pursue other
opportunities in the mineral resource development sector.
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 North
Valley property 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.