VANCOUVER, Nov. 30, 2015 /CNW/ - Alternative Earth
Resources Inc. ("Alternative Earth" or "the Company") (TSX.V:
AER) today announced results for the three ended September 30, 2015. The Condensed
Consolidated Interim Financial Statements and Management's
Discussion and Analysis (MD&A) are available at www.sedar.com
and on the Company's website at
http://www.alternative-earth.com.
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For the three
months ended
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|
|
|
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(millions of US $
unless stated otherwise)
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September
30,
2015
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September
30,
2014
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Variance
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%
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|
|
|
|
|
|
|
|
Net loss from
continuing operations
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$
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(0.0)
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$
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(0.1)
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$
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0.1
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100%
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|
Total profit (loss)
from discontinued operations
|
|
(0.0)
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|
1.1
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(1.1)
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(100%)
|
|
Total net profit
(loss)
|
|
(0.0)
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|
1.0
|
|
(1.0)
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(100%)
|
|
Net profit (loss) per
share (basic and diluted) ($)
|
|
(0.00)
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|
0.04
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|
(0.04)
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(100%)
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|
|
|
|
|
|
|
|
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As
at
September
30,
2015
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As
at
June
30,
2015
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Variance
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%
|
|
|
|
|
|
|
|
|
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Cash & cash
equivalents
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$
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1.8
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$
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1.9
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$
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(0.1)
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(5%)
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Total
assets
|
|
1.9
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|
2.1
|
|
(0.2)
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(10%)
|
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Total
liabilities
|
|
0.2
|
|
0.2
|
|
(0.0)
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-%
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|
|
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AER has greatly reduced its overhead, project carrying costs and
long term liabilities while increasing its cash position through
the sale of project assets. As at September
30, 2015, the Company's assets consist primarily of cash and
cash equivalents of US$1.8 million.
Total assets are US$1.9 million and
total liabilities, consisting primarily of a well retirement
obligation, is approximately US$190,000, accounts payable and accrued
liabilities are US$36,000. Operating
losses (overhead costs) were reduced from US$140,466 for the quarter ended September 30, 2014 to US$70,555 for the quarter ended September 30, 2015.
On October 20, 2015, the Company
signed a non-binding letter of intent with Black Sea Copper &
Gold ("BSCG") outlining the terms a transaction whereby the
Alternative Earth will acquire 100% of the outstanding securities
of BSCG. It is intended the letter of intent will be replaced
by a definitive and binding security exchange agreement and the
transaction is expected to close in December
2015.
About Alternative Earth Resources
Inc.: Alternative Earth Resources Inc. is a resource
developer. The Company is implementing a change of its business
focus from renewable energy to mineral resource development which
has been approved by the shareholders. With its strong cash
position and greatly reduced overhead, the Company plans to pursue
mineral exploration project acquisitions and/or merger
opportunities.
This Press Release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We have tried, whenever possible, to
identify these forward-looking statements using words such as
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential" and similar expressions. These
statements reflect our current belief and are based upon currently
available information. Accordingly, such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which could cause the Company's actual results, performance
or achievements to differ materially from those expressed in or
implied by such statements. We undertake no obligation to
update or advise in the event of any change, addition, or
alteration to the information catered in this Press Release
including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Alternative Earth Resources Inc.