Results
Not bad results, this sector will be getting much more attention in the coming months/years. Good to get in early .
CALGARY - Clean energy provider Alter NRG Corp. (TSX: NRG) posted anincreased full-year loss of $22.3 million in 2010, saying it was unclearwhen the company might turn a profit and warning that financingobstacles were a "significant" concern for the company's long-termfuture.
The Calgary-based company's loss amounted to 36 cents a share,widening a year-ago loss of $19.9 million, or 34 cents per share.
On the plus side, Alter reported record revenues of $14 million, up from $3.7 million in the year-earlier period.
Its Westinghouse Plasma Corp. subsidiary, whose technology convertswaste and biomass into electricity or ethanol, reported revenues of $6.4million, up 230 per cent from last year.
Sales by its Clean Energy Developments company, which providesheating and cooling using in-ground solutions, were $6.9 million, up 46per cent from 2009.
The company says it wider loss was the result of development of newenergy solutions, a long-term process the takes years of capitalinvestment.
A month ago, Alter entered into a binding agreement to secure accessto funds on an as-needed basis for up to $20 million through a committedequity facility provided by Haverstock Master Fund. The ability toaccess the cash through the facility is subject to regulatory approvalwhich, as of March 11, 2011, has not been obtained, it said.
"Whether and when the corporation can achieve profitability andsecure additional financial resources through Haverstock or othersources is uncertain," it added in a release.
"These uncertainties may cast significant doubt about the corporation's ability to continue as a going concern."
Stock in Alter was up a penny at $1.34 Friday on the Toronto Stock Exchange.