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.