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•Continued fabrication and execution on a
•Supported the commissioning of a hazardous waste destruction facility in
•Announced the Marc 4.5 Westinghouse Plasma torch which provides up to 40% greater overall torch efficiency when utilized in the large scale 1,000 tonnes per day Westinghouse G65 Plasma Gasifier. In addition to supporting Westinghouse Plasma waste-to-energy facilities, the newly designed torch satisfies a market demand for an efficient and clean heat source for metallurgical recycling, blast- furnaces, foundry cupolas, iron making and other industries using coal, coke, or higher cost fuels.
•Signed an agreement in 2013 to provide
•Advanced business development efforts with SMS Infrastructure ("SMS") on several projects and worked with them to expand marketing efforts. Previously, SMS constructed two hazardous waste facilities utilizing the Westinghouse Plasma Solution. SMS is developing and marketing in
•Advanced business development efforts with Waste2Tricity supporting a 100,000 tonnes per annum project in
•Wuhan Kaidi ("Kaidi") completed construction of its demonstration facility in
•Supported business development efforts for a project in
•Continued due diligence and financing efforts related to the Company's investment options in current projects as well as supporting developers in the late stages of development. These relationships allow for participation in the annuity cashflow of projects through a partnership structure. These relationships are favorable for the Company as it does not have to deploy the risky development capital but can participate in the project level annuity cashflow after the project has been de-risked.
In addition to the highlights above, customers around the globe continue to advance their business development efforts using the Westinghouse Plasma Solution. This includes exclusive license agreements for territories that are in advanced negotiations as well as projects which are undertaking engineering and are in regulatory approval processes.
•In February of 2014, the Company closed a financing of common shares for
•Announced the implementation of a
In our last annual report, I talked about our commercial momentum and its acceleration. I am pleased to say this trend in continuing with new projects, new relationships and with external awards. Recently I have been in
As I travel with our team, it becomes readily apparent just how many problems our technology can solve, and how prevalent these problems are. As I toured the recently commissioned facility in
At the same time, I was able to meet with other companies that are focused on turning waste into clean forms of energy. This included Kaidi who has built a demonstration which takes waste biomass and turns it into diesel fuel. With their recent acquisition of the Rentech technology, an industry leading diesel conversion technology, they are positioned to move forward aggressively to build larger waste-to-liquid facilities. I was also able to visit with
Of course, the 950 tonne per day facility that is currently being commissioned in Tees Valley England is still a flagship facility that the world is watching. With higher efficiency and best-in-class environmental performance it is truly an industry changing event. The commissioning of a large-scale energy facility is a major process and when the facility is operational near the end of 2014, it will further accelerate the commercial momentum. The fact Air Products ordered a second gasifier from us and is advancing a second replica project on the adjacent site speaks volumes to their confidence in our technology. This has been recognized by other industry leading companies and our pipeline continues to grow.
Commercial momentum is also evidenced in other ways. The IAIR awards are one of the industry's most prestigious award and we were honored to receive this award for the best clean-tech company for
We appreciate the support from our investors as we continue our journey past the tipping point, and continue to develop commercial momentum through increased market penetration. I believe 2014 will be an exciting year as our momentum continues to increase and our growth is supported by a strong management and technical team and a recently strengthened balance sheet. The best is yet to come.
SELECT FINANCIAL RESULTS ($)
Three months ended
Loss from operations
Basic and diluted loss per share, operations
Total comprehensive loss
Basic and diluted loss per share, comprehensive loss
For more information on the Company's financial results please visit www.alternrg.com or www.sedar.com to view
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", "objective", "may", "will", "believe", "intends", "hope", 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 for electricity, natural gas, coal and other resources that impact the Company'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 Company'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 Company. 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 Company's Annual Information Form dated
The Company 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 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.