ORLANDO, Fla., May 27, 2009 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has initiated coverage on Alter NRG Corporation (TSX:NRG) (Other OTC:ANRGF), a company providing technology and services to facilitate gasification of coal, household and industrial waste, and biomass to produce ethanol and power.
Clay Mahaffey, CFA, RedChip Research Analyst, reported:
"Alter NRG has adopted a practical strategy of working through key engineering and construction firms to initiate and develop gasification projects around the world. This 'rifle shot' approach of using larger, more capable operators as opposed to smaller entrepreneurs is expected to focus resources and lead to ongoing projects.
"Cellulosic ethanol (biomass gasification) is assumed to represent the largest market opportunity for the Company due to the importance of the syngas to the downstream application (fermentation to ethanol) and the strength of the relationship to date with their partner Coskata. Alter NRG's vision is to convert biomass and waste across the United States into biorefineries producing cellulosic ethanol."
Mahaffey continued: "It is truly remarkable that the investing public has an opportunity to participate in Alter NRG's opportunities which otherwise would be restricted to private equity and venture capitalists. Frankly, the stock has been incredibly oversold and is now trading about equal to the cash value per share or a liquidation value which we believe is completely inappropriate. The technical fees from a single plant, whether ethanol or WTE or coal retrofit, are about equal to the Company's current market capitalization representing a severe imbalance in the stock's current price. We are initiating coverage of Alter NRG with a 'Buy' rating and 12-month target price of $4.00 per share."
To receive a complimentary copy of the RedChip Visibility Initial Research Report for Alter NRG Corporation, please visit: http://www.redchip.com/about/aboutmain.asp?page=vreport&reportid=175&from=pr5272009
To learn more about Alter NRG, visit http://www.redchip.com/visibility/investor.asp?symbol=ANRGF.
About Alter NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to be a senior energy producer by becoming the world's leading supplier of plasma gasification technology and developing environmentally sustainable and economically viable gasification projects. The Company's objective is to further commercialize the Westinghouse Plasma technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and providing a wide variety of energy outputs - including hydrogen, liquid fuels like diesel, and ethanol, power, and syngas. For more information, visit www.alternrg.com.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm headquartered in Orlando, Florida; with affiliate offices in Qingdao, China; Paris, London, Atlanta, Los Angeles and San Diego. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Small-Cap TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
The analysts contributing to this report do not hold any shares of Alter NRG Corporation. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. Alter NRG Corporation paid RedChip Visibility a fee of thirty-six thousand dollars for the RedChip Visibility Research Program, which includes the preparation and distribution of this report. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.