SOURCE: Ram Power, Corp.

Ram Power, Corp.

April 09, 2010 16:43 ET

Ram Power Announces Refiling of Financial Statements to Correct Certain Clerical Errors

RENO, NV--(Marketwire - April 9, 2010) -  Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), today announced that it has revised and re-filed its audited financial statements for the fiscal year ended December 31, 2009 to correct two errors in the consolidated statement of cash flows. These errors affected accretion of debt for the twelve months ended December 31, 2008 and net loss for the twelve months ended December 31, 2009.

Restatements

Accretion of debt in the consolidated statement of cash flows for 2008 was restated as $3,684,928, an increase of $2,880,265. In addition, non-controlling interest in comprehensive income (loss) of subsidiary for 2009 in the amount of $26,954 was presented separately and netted out from the 2009 net loss.

Neither restatements affected the cash flow calculations nor did either restatement have any effect on the consolidated balance sheets, consolidated statements of operations and comprehensive loss, or consolidated statements of shareholders' equity, all of which were accounted for properly.

Ram Power's Audit Committee of its Board of Directors, on the recommendation of management, has concluded that it is necessary to restate the Company's audited consolidated financial statements for the fiscal year ended December 31, 2009. Accordingly, Ram Power's financial statements as previously published and filed in respect of such period should no longer be relied upon. 

Management's Comment

Paul Zavesov, CFO of Ram Power, stated, "Although these restatements are the result of clerical errors, we regret that we had to re-file our financial statements. We take seriously our obligation to provide accurate financial information and our management team, having recognized the materiality of the errors, acted diligently to quantify the differences and disclose these findings."

The amended financial statements are available at www.sedar.com.

About Ram Power, Corp.

Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has interest in geothermal projects in the United States, Canada, and Latin America. 

Cautionary Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram, undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Ram, or its financial or operating results or its securities.

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