Canada:

Alternative Earth Resources Details Sell-Off to Ormat (News Release)

Alternative Earth Resources Inc. of Vancouver, B.C. Canada, today announced results for the year ended June 30, 2014.

On August 27, 2014, the company closed a Purchase and Sale Agreement with Ormat Nevada Inc., 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, AER’s project carrying costs are reduced to zero, while well abandonment liabilities were reduced by $0.2 million.

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