Alter NRG Corp. Closes Acquisition of Geoexchange Company

October 5, 2009

Calgary, Alberta – October 5, 2009 – Alter NRG Corp. (TSX: NRG; OTCQX: ANRGF) (“Alter NRG” or the “Company”) is pleased to announce the closing of the acquisition of 100% of the shares of CleanEnergy Developments Corp. (“CleanEnergy”), a leading private company providing geoexchange services in the Canadian commercial, industrial and residential markets. The acquisition price of $18.4 million has been satisfied with $7.81 million cash and 5.3 million common shares of Alter NRG at a deemed price of $2.00 per share.

For further details of this acquisition, please refer to our press release issued on September 30, 2009 by visiting our website at


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 commercialize growth technologies through developing environmentally sustainable and economically viable alternative energy projects. The Company’s objectives are twofold; first, 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 liquid fuels like diesel, and ethanol, power, and syngas and, second, to capitalize on the rapidly growing geoexchange residential and commercial heating and cooling market through a wholly owned subsidiary, CleanEnergy, that enables consumers to reduce their carbon footprint and reduce the cost and volatility of energy bills using the energy from the earth.

For additional information please contact:

Mark Montemurro, President and Chief Executive Officer
(403) 806-3877

Daniel Hay, Chief Financial Officer
(403) 806-3881

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Advisory Respecting Forward-Looking Statements:

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; ability to finance; risk of obtaining regulatory approvals; ability to find joint venture partners; engineering and design risk; fluctuation in commodity prices and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties including but not limited to: failure to recognize the intended benefits of the acquisition of CleanEnergy; inability to penetrate the geoexchange market with a complete offering as expected, or at reduced margins; unexpected events during construction, and start-up; variations in feedstock grade; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of commodities; failure of plant, equipment or processes to operate as anticipated; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading “Risk Factors” in the Company’s Annual Information Form dated March 31, 2009 available at which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward- looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.