New York, NY – August 14, 2019 – Globe Newswire — Alternus Energy Inc. (OTC: ALTN) (the “Company” or “Alternus Energy”), a global renewable energy company, today announced that it has filed a registration statement on SEC Form 10 with the U.S. Securities and Exchange Commission (SEC) to register its common stock under the Securities Exchange Act of 1934. The filing includes audited financial statements for the years ended December 31, 2018 and 2017 and unaudited financial statements for the three months ended March 31, 2019 and 2018.
Vincent Browne, Alternus Energy’s Chief Executive Officer, President and Chairman, commented, “By filing this registration statement with the Securities and Exchange Commision, we have followed through on a key 2019 goal as set out in our shareholder update on May 30th. This filing is a significant milestone for the Company and moves us one step closer to our intention of further elevating the Company’s capital markets position by up-listing to a U.S. National Exchange. I believe this filing also sends a signal to investors of our continued focus to become more transparent in operations and reporting, which improves confidence and allows for a better understanding of our business model and market positioning. It is also evidence of the Company’s execution against its stated targets and goals. We continue to build a robust pipeline of interesting solar projects across Europe and other geographies, and remain confident of exiting 2019 with over 100MWs of owned solar projects, as previously stated, which will be a 5 times expansion in owned projects from 2018. These projects will be both operational and construction-in-process at year end, but collectively will represent over $15 million in annualized contracted revenues to ALTN. We continue to manage the business to maximize return for our shareholders by acquiring positive cash flow assets with long term income streams at the lowest possible risk to increase the Company’s value over time.”
The Company’s voluntary filing of the Form 10 with the SEC will make it subject to the periodic reporting requirements of the Securities Exchange Act of 1934 sixty days from the date of filing, which thereafter requires the filing of annual, quarterly and current report filings with the SEC.
This announcement follows the Company’s comprehensive Shareholder Update and Outlook for 2019 issued on May 30th, and forms an integral part of its ongoing effort to improve investor transparency and communication. Alternus Energy will also be releasing a quarterly update summing up the its operational progress and achievements by the end of August.
About Alternus Energy Inc.
Alternus Energy Inc. is a global renewable energy company that owns and operates Utility Scale Solar parks internationally. Each solar park generates clean energy every day that is sold to national power grids under long term, government counterparty, fixed price contracts. The Company currently has operational solar parks in Germany, Italy and Romania with contracts in place to add additional solar parks in the Netherlands. For further information please go to: www.AlternusEnergy.com
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the OTC and the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.