Harvest International New Energy and Alter NRG announce conclusion of CFIUS investigation

CALGARY, July 20, 2015 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") (TSX:NRG) and Harvest International New Energy, Co., Ltd. ("Harvest") are pleased to announce that they have received written confirmation from the Committee on Foreign Investment in the United States ("CFIUS") that it has completed its investigation in respect of the notice submitted by Alter NRG and 1030629 B.C. Ltd. (the "Offeror"), a wholly-owned subsidiary of Harvest, in respect of the offer by the Offeror to acquire (the "Offer") all of the issued and outstanding common shares of Alter NRG ("Common Shares") for C$5.00 in cash per share. CFIUS has determined that there are no unresolved national security concerns with respect to the Offer and has concluded its action under Section 721 of the Defense Production Act of 1950, as amended.

The Offer is open for acceptance until 5:00 p.m. (Calgary time) on July 24, 2015, unless further extended or withdrawn in accordance with the support agreement entered into in connection with the Offer (the "Support Agreement"). As approximately 75% of the issued and outstanding Common Shares have been deposited under the Offer, all conditions to the Offer have been satisfied as at the date of this news release. The Offeror intends to take up and pay for all Common Shares validly deposited to the Offer and not properly withdrawn from the Offer not later than three business days following the expiry of the Offer on July 24, 2015, provided all conditions of the Offer remain satisfied.  Alter NRG shareholders are urged to tender their Common Shares, to the extent they have not already done so, prior to the expiry of the Offer at 5:00 p.m. (Calgary Time) on July 24, 2015 in order to receive payment for their shares sooner rather than later.

ABOUT ALTER NRG

Alter NRG provides alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. Alter NRG's primary objective is to further commercialize the Westinghouse Plasma Gasification Technology, through its wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and provide a wide variety of energy outputs – including liquid fuels like ethanol and diesel, electrical power, and syngas.

Cautionary Statement

No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

Advisory Respecting Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by those laws, including statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential", or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed transaction, the take up of and payment for shares and other statements that are not historical facts. While such forward-looking statements are expressed by Alter NRG, the Offeror and Harvest in good faith and believed by Alter NRG, the Offeror and Harvest to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, the satisfaction or waiver of certain conditions contemplated by the Support Agreement and the Offer, the interests of Alter NRG shareholders, Alter NRG's technology, the likelihood of completion of the Offer and changes in applicable laws or regulations.

Forward-looking statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. As a result, readers are advised that actual results may differ from expected results. The timing and completion of the proposed acquisition of Alter NRG is subject to certain conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed acquisition of Alter NRG will occur, or that it will occur on the timetable or on the terms and conditions contemplated. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Reliance on forward-looking statements is at an investors' own risk.

SOURCE Alter NRG Corp.

Alter NRG: Walter Howard, Chief Executive Officer, [phone], [email protected]; Daniel Hay, Chief Financial Officer, [phone], [email protected]