VANCOUVER, Nov. 25, 2014 /CNW/ - Alternative Earth
Resources Inc. ("Alternative Earth" or "the Company") (TSX.V:
AER) today announced results for the three months ended
September 30, 2014. 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.
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For the three
months ended
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(millions of US $
unless stated otherwise)
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September 30,
2014
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September 30,
2013
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Variance
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%
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Net loss from
continuing operations
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$
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(0.2)
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$
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(0.4)
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$
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0.2
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50%
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Results of
discontinued operations:
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Net profit:
discontinued operations
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-
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0.1
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(0.1)
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(100%)
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Gain on
disposal
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1.2
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-
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1.2
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Total profit from
discontinued operations
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1.2
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0.1
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1.1
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1100%
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Total net profit
(loss)
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1.0
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(0.3)
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1.3
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433%
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Net profit (loss) per
share (basic and diluted) ($)
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0.04
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(0.01)
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0.05
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500%
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As at
September 30,
2014
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As
at
June
30,
2014
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Variance
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%
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Cash & cash
equivalents
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$
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2.4
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$
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1.3
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$
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1.1
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85%
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Total
assets
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2.8
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2.2
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0.6
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27%
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Total
liabilities
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0.3
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0.6
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(0.3)
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50%
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As at September 30, 2014, the
Company's assets (consisting primarily of cash and cash equivalents
of $2.4 million) exceeded its
liabilities (consisting primarily of asset retirement obligations)
by approximately $2.1 million.
On August 27, 2014, the Company
closed a Purchase and Sale Agreement with Ormat Nevada Inc.
("Ormat"), whereby Ormat purchased the Company's Crump Geyser (50%
interest) and North Valley geothermal projects. The agreement also
gives Ormat an option, exercisable over a four year period, to
purchase certain Company leases from the New Truckhaven geothermal
project. The agreement will see the Company receiving up to
$1.5 million in cash payments. The
sum of $1.49 million was paid upon
closing of the transaction, and a further $10,000 is payable if and when Ormat exercises
the lease purchase option. As a result of this sale, the Company's
project carrying costs are reduced to zero, while well abandonment
liabilities were reduced by $0.2
million.
About Alternative Earth Resources
Inc.: Alternative Earth Resources Inc. is an experienced
renewable energy developer. The Company is contemplating a change
of its business focus from renewable energy to mineral resource
development. This change has been approved by the shareholders.
With its strong cash position and greatly reduced overhead, the
Company plans to pursue late-stage 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.
SOURCE Alternative Earth Resources Inc.