Alter Energy Group AG
Alter Energy Group signs Letter of Intent with Greenworx Holdings N.V.
Alter Energy Group AG / Key word(s): Letter of Intent ‘Alter Energy Group signs Letter of Intent with Greenworx Holdings N.V.’ Zurich Switzerland – May 11, 2011 Under terms of the Letter of Intent (LOI) Greenworx Holding LLC (GWXH) and AEG will jointly develop, own and operate an integrated biomass power plant project in Zhitomir region Northern Ukraine. GWXH will provide a minimum investment of EUR 1,000,000 with an option an additional EUR 500,000 – 1,000,000 if required for project completion. AEG will match the Greenworx investment with an additional two percent (2%) capital contribution for fifty-one percent (51%) initial majority ownership of the project. Upon successful online operations AEG will receive an additional 4% for project development. The final proposed SPV ownership structure is AEG 55% and GWXH 45%. Edward J. Klaeger IV, CEO of AEG stated, ‘We are glad to be developing our integrated biomass power plant with Greenworx. We have a very good working relationship and they are a strong strategic partner that is already providing guidance in project development and finance. We look forward to the successful implementation of the project and our relationship with Greenworx.’ GWXH management confirms they look forward to a solid partnership with AEG. Joining forces with its experienced and highly specialized team members will allow GWXH a faster and stronger entry into the Ukrainian biomass market. About AEG: AEG is a Zurich-based publicly traded Swiss company with emerging market operations in Ukraine. AEG develops, acquires, and invests in alternative and renewable energy projects and companies. The current target market is Ukraine with possible expansion into other regional emerging markets under consideration. About Greenworx Holding: Greenworx Holding N.V. is a Belgium based holding company specializing in renewable energy (biomass, geothermal, waste and wind) development and investment with focus on Eastern and South Eastern Europe. Contact Forward-Looking Statements Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the Company’s current and future capital needs, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release. End of Corporate News 11.05.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
124048 11.05.2011 |