Geysir Green Energy

Geysir Green Energy
Western GeoPower Corp.
TSX VENTURE : WGP

Western GeoPower Corp.

October 05, 2009 16:27 ET

Geysir Green Energy Divests Holding in WGP

REYKJAVIK, ICELAND--(Marketwire - Oct. 5, 2009) - Geysir Green Energy (Geysir), the Iceland-based geothermal company, today announced it has divested its holding in Western GeoPower Corp. ("WGP") (TSX VENTURE:WGP).

In the transaction, Geysir divested its entire holding, a total of 16.0 percent stake in Western GeoPower Corp of 47.333.334 shares at a price of CAD 18 cents per share for aggregate gross of CAD 8,520,000. The proceeds from the sale of the shares will be used to develop Geysir's projects in other markets and debt repayment of the Geysir organization. The sale of the share is a part of the company's objective to focus its efforts on increasing installed capacity in operating geothermal power and heating plants in Iceland and China.

About Geysir Green Energy

Geysir Green Energy (http://www.geysirgreenenergy.com), a leading geothermal energy company in the renewable industry, participates in exploration, development, construction and operation of geothermal resources worldwide. Building on its extensive experience from the Icelandic geothermal arena, Geysir is committed to the responsible harnessing of geothermal energy for power production and direct use applications.

Geysir's main assets are a majority share in HS Orka and full ownership of Iceland Drilling Ltd. Geysir has worked successfully at developing geothermal heating utility projects in China and is undertaking geothermal power projects in Germany and the Philippines. Geysir is a founding shareholder of Keilir, an educational institution at a university level that provides hands-on courses in geothermal science in Iceland.

A copy of the early warning filed under Canadian securities legislation in respect of the divestiture described in this press release will be available on sedar.com and may be obtained from the above noted persons.

Contact Information

  • Geysir Green Energy
    Asgeir Margeirsson
    CEO
    +354 412 2055 or Mobile: +354 665 2055
    or
    Geysir Green Energy
    Fridrik Omarsson
    Head of Marketing
    +354 412 2080 or Mobile: +354 665 2080