TSX : AXY
VANCOUVER, Dec. 19, 2011 /CNW/ - HS Orka hf ("HS Orka"), a 75%-owned
subsidiary of Alterra Power Corp. (TSX: AXY) has received results from
an arbitration proceeding concerning the validity of a power purchase
agreement between HS Orka and Norðurál Helguvík ehf, under which HS
Orka would supply power to a new aluminum smelter that Norðurál is
constructing in Helguvík, Iceland.
The results of the arbitration were mixed, with each party succeeding on
certain aspects of their claims. While the award confirmed a contingent
obligation for HS Orka to deliver a portion of the power for the new
smelter, this requirement remains subject to the satisfaction of a
number of conditions that the tribunal ruled have not yet been
fulfilled. The tribunal dismissed Norðurál's claim for damages.
HS Orka will work with Norðurál to seek a satisfactory resolution to all
issues arising out of the award.
Cautionary Note regarding Forward-Looking Statements and Information
This news release contains certain "forward-looking information" within
the meaning of Canadian securities laws, which may include, but is not
limited to, statements with respect to future events or future
performance, the fulfillment of all conditions precedent to the
obligation of the parties under the agreements, required consents and
third party approvals. This news release also contains statements with
respect to our plans to expand our operations, management's
expectations regarding our growth, business prospects and opportunities
and energy generation capacities. Such forward-looking information
reflects management's current beliefs and is based on information
currently available to management.