The Concerned Shareholder of Sierra Geothermal Power Corp.

January 19, 2010 08:00 ET

Sierra Geothermal Power Concerned Shareholder Notes Momentum Continues to Grow In Support of Proxy Campaign

Concerned Shareholder Encouraged By Strong Shareholder and Investment Community Backing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) - Sierra Geothermal Power Corp. ("Sierra" or the "Company") Concerned Shareholder is pleased to announce its proxy campaign continues to receive tremendous support from Sierra's shareholders, investment advisors, and institutional investment firms who have committed to voting the YELLOW proxy. 

Additionally, noted newsletter writers from leading and independent geothermal industry publications issued reports that support the Concerned Shareholder's proxy campaign. The Concerned Shareholder is soliciting proxies for use at the Special Meeting, in support of resolutions to increase the number of Directors from 6 to 13 and to elect the Concerned Shareholder Nominees.

"Since initiating our campaign to hold Sierra's current Board and management team accountable for their mismanagement of our company, we have received strong support from Sierra's shareholders who share in our view that change is needed at the board level to move the Company forward," said Concerned Shareholder Rick Rule. "While we are encouraged by the proxies voted to date, shareholders are urged to vote today before Thursday's deadline to have their voices heard, as every vote makes a difference."

Sierra's shareholders are urged to vote their YELLOW Proxy today, to ensure they are received in advance of the 5:00 p.m. (Vancouver Time), Thursday, January 21, 2010 deadline. Further information about voting the YELLOW proxy is available from Kingsdale Shareholder Services Inc. at 1-800-775-4067 or by visiting www.YourSierra.com.

Support from Noted Geothermal Industry Newsletters

Two leading and independent geothermal industry newsletters considered both management's and the Concerned Shareholder's positions, and concluded that shareholders would be better served by voting the YELLOW proxy. 

Byron W. King from Energy & Scarcity Investor notes: "My view is to support the alternative directors... If you go with the Gary Thompson slate, you'll be getting a continuation of what we've seen. If you go with the Rick Rule slate, you'll get that Ram-level of management and growth-oriented view of the future." (Byron W. King, Energy & Scarcity Investor, "Geothermal Update – Sierra Proxy Fight", January 8, 2010.)

Casey's Energy Confidential concluded: "Based on our knowledge of the situation and of the players, we favor siding with the yellow dissident proxy and with Rick Rule… bringing a project from a license to a producing geothermal power plant takes tens of millions of dollars, something that Sierra cannot do on its own without a lot of dilution..." (Casey's Energy Confidential, CEC Vol 6 Issue 2 – "Sierra Geothermal – The Gloves Are Off!" January 8, 2010)

*Permission to quote from Energy & Scarcity Investor and Casey's Energy Confidential was neither sought nor obtained.

Proxy Voting Deadline

Shareholders are reminded to vote the YELLOW proxy form as soon as possible so that it can be received by no later than 5:00 p.m. (Vancouver Time) on Thursday, January 21, 2010. Detailed voting instructions are included in the Concerned Shareholder Proxy Circular that is being distributed to Sierra's shareholders.

Further information about voting the YELLOW proxy is available from Kingsdale Shareholder Services at  1-800-775-4067 or by visiting www.YourSierra.com.

About the Concerned Shareholder

The Concerned Shareholder is Exploration Capital Partners 2005 Limited Partnership ("Exploration"). Exploration and Rick Rule, President of Resource Capital Investments Corp., General Partner to Exploration, are among the largest and most experienced investors in the small to mid-cap geothermal space. The Concerned Shareholder holds 6,927,019 shares or approximately 5.40% of Sierra's issued and outstanding shares as of the Record Date.

Contact Information

  • Investors
    Kingsdale Shareholder Services Inc.
    1-800-775-4067
    www.YourSierra.com
    or
    Media
    Kingsdale Communications Inc.
    Joel Shaffer
    416-867-2327