CORRECTION: Alter NRG Corp. Announces Completion Of The Condition Precedent For The Sale Of Clean Energy Developments

TSX - NRG

OTCQX - ANRGF

Alter nrg corp. announces completion of the condition precedent for THE sale of CLEANENERGY DEVELOPMENTS

Calgary, Alberta – June 6, 2012 - Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that the condition precedent for the closing of the sale of CleanEnergy Developments Corp. ("CleanEnergy") to Bellair Ventures Inc. ("Bellair") (the "Transaction") has been met. Today CleanEnergy, through Bellair Ventures Inc., issued XX subscription receipts for gross proceeds of $XX. Immediately prior to the closing of the Transaction, each subscription receipt will be exercisable by the holder, without payment of additional consideration, into one unit of the CleanEnergy, each unit consists of one common share of CleanEnergy, which will be exchanged for common shares of Bellair on a one-for-one basis and one common share purchase warrant. Each purchase warrant will entitle the holder to purchase one common share of Bellair at a price of $0.75 for a period of 24 months following the closing date.

Under the terms of the offer and sale agreement (the "Agreement"), a condition of closing of the sale of CleanEnergy was that CleanEnergy complete a private placement for a minimum of $1 million and up to $2 million in subscription receipts of CleanEnergy at an issue price of $0.50 per subscription receipt to provide Bellair with working capital.

As the condition precedent has now been met, the transaction is expected to be completed before June 30, 2012.

Walter Howard, CEO of Alter NRG " xxxx."

ABOUT ALTER NRG

Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. Alter NRG's primary objective is to further commercialize the Westinghouse Plasma Gasification Technology as a platform for renewable and clean energy solutions that convert a wide variety of feedstocks into a diverse and flexible range of energy outputs, including liquid fuels like ethanol and diesel, electrical power, and syngas.

For additional information please contact:

Walter Howard, Chief Executive Officer

(403) 806-3877 whoward@alternrg.ca

Daniel Hay, Chief Financial Officer

(403) 214-4235 dhay@alternrg.ca

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain “forward-looking information and statements” within the meaning of applicable securities laws. This forward-looking information relates to future events or Alter NRG's future performance. In particular, this news release contains forward-looking statements and information pertaining to: the expected completion of the Transaction, Bellair's "qualifying transaction" and the TSXV's approval of the same. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of the proposed Transaction and financing could differ materially from those expressed in or implied by such forward-looking information and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that Alter NRG will derive from them. Alter NRG's forward-looking information is expressly qualified in its entirety by this cautionary statement. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.