CALGARY, Nov. 10, 2011 /CNW/ - (TSX - NRG; OTCQX - ANRGF) - Alter NRG Corp., ("Alter NRG" or the "Corporation") is pleased to report on its corporate activities and financial results for the three months and nine months ended September 30, 2011.

Q3 HIGHLIGHTS

Alter NRG provides clean and renewable energy solutions that are economically viable and environmentally sustainable.  The Corporation's core focus is the Westinghouse Plasma Corp. (Westinghouse Plasma) gasification technology which is the industry leading plasma gasification technology.   Westinghouse Plasma is a wholly owned subsidiary.  The Corporation also wholly owns CleanEnergy Developments (CleanEnergy) and is currently looking for additional investment partners for this subsidiary.

Westinghouse Plasma - The industry leading plasma gasification technology that provides clean and renewable energy solutions by converting all types of waste and biomass into high value energy - like electricity, ethanol or syngas for industrial use.  The Westinghouse Plasma gasification process is the next generation of energy from waste technology as it has higher energy efficiency and creates fewer emissions than its alternatives.  The Westinghouse Plasma gasification technology has the following key attributes:

• Commercially Proven - plasma systems have been in operation for 20 years and converting waste into energy since 2002.
  
  
• Industry leader - having the world's only large scale commercially operating facilities processing household waste, as well as the world's largest hazardous waste facility using plasma gasification.
  
  
• Westinghouse brand - this technology was developed by Westinghouse, a global leading brand, over a period of 20 years and with over one hundred million dollars of research and development.
  
  
• Fortune 500 customers - numerous Fortune 500 and equivalent size companies around the world that have licensed the technology and are developing projects.
  
  
• Large sales pipeline - projects under development around the world that continue to mature including 5 projects with regulatory approval.

Clean Energy - The Canadian industry leading geoexchange company that provides heating and cooling for homes and commercial buildings using energy from the earth.  This is a solution that is used extensively in Europe as it reduces the use of fossil fuels for heating and cooling by up to 80%.  In a highly fragmented Canadian market, CleanEnergy provides complete design and build solutions for commercial projects and also equipment sales through its dealer network across Canada.

The Corporation has chosen to focus primarily on the Westinghouse Plasma technology development and is currently reviewing options for the CleanEnergy business.

Overall Results

Alter NRG is pleased to be presenting highlights for its third quarter of 2011 as plasma gasification revenues have increased by 140% over the prior quarter, with consolidated operating income of $409,665.  This is reflective of a maturing business plan with significant long-term potential.

On March 28, Alter NRG announced that it entered into an agreement to explore strategic alternatives for the Corporation and to look for transactions that would add value to the shareholders. During the third quarter, the strategic process was discontinued as Alter NRG was able to recapitalize through the sale of non-core assets.  The Corporation exited the third quarter with $11 million in working capital which it believes is sufficient to execute its business plan.

Westinghouse Plasma

• Sales of $2.9 million which is an increase in sales of 140% over the second quarter of 2011.
  
  
• Continued to support developing projects located worldwide as well as advance licensing discussions with various large, credible companies. The Westinghouse Plasma technology has been selected in a total of over 60 proposed projects being advanced worldwide that are in active project development by numerous industry leading companies.
  
  
• Air Products, a US based Fortune 500 company, received the regulatory approval for their Tees Valley project in Northern England which intends to take 950 tonnes per day of processed household waste and convert it into 49 MW of electricity, enough to power over 50,000 homes. The project is expected to begin construction in late 2011 and represents approximately a US$22 million sale depending upon final scope (see pages 6 and 7 of the quarterly report).
  
  
• Continued to provide syngas to Coskata, Inc. (Coskata) at the Westinghouse Plasma Centre in Pennsylvania.  Coskata has a proprietary syngas to ethanol conversion technology that is using the Westinghouse Plasma technology to create syngas from biomass and waste.   The Coskata testing program ended in October and they are currently assessing future testing programs at this time.
  
  
• The Coskata technology has been chosen for a waste to ethanol project in Australia that is being advanced and is expected to be a $50 million technology sale upon successful development.  The consortium (called Flex Ethanol) performed a successful waste to ethanol test at the Westinghouse Plasma Centre which was a significant milestone for the project to advance (see pages 8 and 9 of the quarterly report).
  
  
• Executed upon a $1.9 million sale of plasma torches for use in an industrial application.  Manufacturing of the torches began and they are expected to be delivered in Q4 of 2011.  This is one of several potential plasma torch orders, which represents shorter sales cycles, the Corporation is actively pursuing.
  
  
• Finalized the detailed engineering for the construction of a demonstration facility by Wuhan Kaidi ("Kaidi") in the Wuhan province of China and constructed the plasma torches.   Upon successful demonstration, Kaidi has up to 150 biomass-to-energy projects which they expect to develop in the Central China market over the next 10 years using the Westinghouse Plasma technology.  The revenue to Westinghouse Plasma is expected to be US$3 to US$10 million per facility.
  
  
• Advanced the detailed engineering and construction of the plasma torches for a demonstration facility in Shanghai which will be integrated with an existing incinerator to take the incinerator ash as well as other difficult feedstocks.  Upon successful demonstration, the revenue to Westinghouse Plasma is expected to be US$5 to US$10 million per additional facility and they have targeted 13 current incinerators around Shanghai as targets.
  
  
• Advanced the second phase of engineering on a project in Minnesota being developed by the Koochiching Development Authority. The proposed project which is to be located in Koochiching County in Northern Minnesota is called the Renewable Energy Clean Air Project. This project could result in an approximate US$12 million dollar technology sale which is expected in late 2012 based on the developer's current plans.
  
  
• Received the first milestone payment on a license agreement in Australia and New Zealand with Phoenix Energy (formerly Moltoni Energy) for $5.75 million payable in increments over 5 years.  Phoenix Energy is a private development company with experience in both waste and large power facilities and they have a dozen planned energy from waste projects in the region.
  
  
• Continued the regulatory process and stakeholder relations efforts for the Dufferin County energy from waste project in Ontario, Canada, an approximate 6.5 MW facility.  This would be an approximate $12 million sale of Westinghouse Plasma equipment.

CleanEnergy

• As part of the strategic process it was determined to focus the business on plasma gasification and through the third quarter cuts were made to general and administrative expenditures and the concentration was on more immediate profitability.  The G&A expenditures have been cut by more than 50% since the beginning of the year which is expected to result in improved financial performance in Q4 and 2012.
  
  
• Sales of $0.8 million for the quarter, which is decrease over prior year due to the downsizing and also due to delays in the Calgary Airport contract.  CleanEnergy has executed on larger scale projects in the second and third quarter of 2011 and successfully positioned itself to be the industry leading commercial geoexchange company focused on larger jobs from $0.5 million to $4.5 million and growing.  Our strengthening reputation has expanded the backlog of sales to over $6.0 million with a strong pipeline of opportunities.
  
  
• Finalized CleanEnergy's largest contract to date and the project schedule for the Calgary Airport geoexchange installation contract for a total of $4.5 million in revenue which will begin in November of 2011.  The Calgary Airport Authority has begun a major development project at YYC, including building a new runway and doubling the size of the Air Terminal Building with the addition of a new concourse, which will be the new home for International and U.S. flights. YYC has chosen to incorporate geoexchange as part of its sustainable design principles that are expected to reduce the carbon footprint by 4,900 tonnes per year, which is equivalent to taking 1,200 cars off the road permanently.
  
  
• Continued construction on a geoexchange installation in Truro, Nova Scotia for $2.05 million to complete the Central Nova Scotia Civic Centre for all geoexchange aspects of the building including, making ice for the rink, heating the pool and heating and cooling the buildings. This facility will feature a NHL-sized ice surface with seating for 3,200 spectators. It will also be home to an indoor aquatic centre, an exercise track, a fitness centre and space for events like concerts, tradeshows and community gatherings.
  
  
• Completed geoexchange installation on a state of the art mental hospital in Ontario for $1.5 million.  Mental Health Centre Penetanguishene aims to achieve Leadership in Energy and Environmental Design (LEED®) Gold certification for the design and construction of the new facility. CleanEnergy's geoexchange system will help the Health Centre achieve the necessary points to reach a LEED® Gold certification.

Corporate

• Sold non-core coal asset for cash proceeds of US$5.0 million and executed an agreement for sale of a steam turbine for $1.75 million which improved the Corporation's working capital position approximately $11.0 million.
  
  
• Completed the necessary filings for a $20 million Committed Equity Facility provided by Haverstock Master Fund.  The 24-month agreement enables the Corporation to receive in aggregate $20 million through an initial $1,000,000 drawdown and up to $500,000 per drawdown subsequently. Timing of any drawdown is at Alter NRG's sole discretion and the Corporation is also able to set a minimum price for each drawdown.

CHAIRMAN'S MESSAGE

We have made changes, we have maintained focus and we have begun a new chapter.

We are the world leader in plasma gasification and we are focused on building our business around that truth. The previous leadership produced a platform by which to grow a great Corporation and our job now is to generate long-term value for our shareholders.  In order to do that we are using a fulsome understanding of what we have built to date in order to focus on value creation, execution, and continuing to grow the demand for our best in class technology.

If we review the tangibles that Alter NRG has built to date and that set us apart from our peers, the most obvious place to start is the reputation of the Westinghouse brand which gives us access to many different countries across the globe and in itself creates significant demand for our offerings. In addition to that, our renowned plasma gasification center in Madison, Pennsylvania attracts existing and potential customers from around the world and offers the opportunity to test feedstocks allowing a better understanding of our technology and of its benefits. This is a necessity when advancing an infrastructure technology. Next is our expanded product offering.  In the early stages what we offered was of limited scope with smaller revenues, but because of the conscientious work of our engineers we are now able to provide large gasification islands to our customers, expertise to convert syngas to transportation fuels, and assistance in developing projects - all leading to greater and more diversified revenues. Having our technology operating in commercial facilities across the globe provides us with reference plants crucial to future sales - not one of our peers can make this same claim. Our's is the core technology in the largest commercial development in this space, which is being advanced by a Fortune 500 Company. We have an impressive team who not only believe in the technology but also in the Corporation's mission and who are determined to create value. We have a strong focus as an organization and a good pipeline which we believe will bear fruit.

The knowledge that creating long-term value will translate to growth in our share price is the cornerstone of all our efforts. Focusing on business opportunities which generate short-term cash, recurring revenues, and technology enhancement abilities has become the primary criteria for the Corporation when evaluating opportunities. Our pipeline has been sewn with projects that can meet these criteria. We are watching our balance sheet to ensure that the efforts undertaken are those which can be supported by or that enhance our balance sheet. A prime example of this is the process of shedding non-core assets so that we can live and breathe plasma gasification as an organization while improving our financial position. As we continue to enhance our technologies and its multiple commercial applications with work at the Plasma Center and continue to work with our customers in bettering our technologies and addressing their needs, we are also examining the trends in our industry (transportation fuels, fly ash and the next generation of more efficient power configurations) to determine where and how we can apply our technologies.

With our existing platform and a focused organization, we are in execution mode. This means successful project delivery for Air Products; better monetizing the value of our technology by aggressively pursuing license deals internationally; furthering our fabrication and manufacturing relationships; maximizing the utilization of our plasma center and doing the work necessary to enhance our technologies and our customer offerings; aggressively working to enhance our IP portfolio on a global scale; becoming a more aggressive outbound sales organization; and working to grow a world class team including the search for a new CEO.

We are in the infrastructure business for new technology and although we all believe in the strong upside, it is a business that takes time and is difficult to measure quarter to quarter, because large projects are measured in terms of years.  This generates the need for us as an organization to continue communicating to our customers, shareholders, and employees about the state of the Corporation, and that is our aim. By building off of the strong platform already created, we begin this new chapter with maintained focus and proper execution to grow this corporation, creating long-tem value for our shareholders, customers, and employees.   We are best in class and we do not intend to give up that leadership position as the market and its vast upside develops further.

SELECT FINANCIAL RESULTS ($)

For more information on the Corporation's financial results please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2011 Third Quarter Report.

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

Advisory Respecting Forward-Looking Statements:

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: availability and cost of key materials and labour and availability of funds with respect to the amount of capital expenditures and scheduled commencement of operations; timing of regulatory approval including various permits from the applicable government authorities; the assessment of capital markets including the availability of debt and equity in current market conditions; commodity prices resources that impact the Corporation's operations directly and indirectly; extent of investment by government authorities in infrastructure projects; the financial and operational health of key partners in various projects; the continued development of the Corporation's technology and its use in various applications and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management's current beliefs and assumptions, based on information currently available to management. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Corporation. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: that the information is of a preliminary nature and may be subject to further adjustment; unforeseen environmental effects; the completion of strategic partner's projects; arrangements with key suppliers; potential product liability and other claims; other business risks outlined in this news release, including risks associated with the proprietary technology; the possible unavailability of financing at competitive rates and the related effect on development activities; the effect of energy price fluctuations; changes in government regulation, including changes to environmental regulations; the effects of competition; the dependence on senior management and key personnel, and fluctuations in currency exchange rates and interest rates, as well as those factors discussed in or referred to under the heading "Risk Factors" in the Corporation's Annual Information Form dated March 29, 2011 available at www.sedar.com.  Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The Corporation cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Corporation 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.