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SOURCE Alternative Earth Resources Inc.
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.
|For the three months ended|
|(millions of US $ unless stated otherwise)||
|Net loss from continuing operations||$||(0.4)||$||(0.7)||$||0.3||42%|
|Total profit (loss) from discontinued operations||0.1||0.1||-||-|
|Total net profit (loss)||(0.3)||(0.7)||0.4||57%|
|Net profit (loss) per share (basic and diluted) ($)||(0.01)||(0.03)||(0.02)||60%|
|Cash & cash equivalents||$||1.5||$||2.0||$||(0.5)||(25%)|
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.
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