Sierra Geothermal Power Corp.

Sierra Geothermal Power Corp.

January 26, 2010 20:19 ET

Sierra Geothermal Proxy Vote Results in a Win-Win

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2010) - Sierra Geothermal Power Corp. (TSX VENTURE:SRA) is pleased to announce that, during a shareholder meeting held earlier today, Exploration Capital Partners 2005 Limited Partnership withdrew its proposal that Sierra increase the size of its Board of Directors from six to thirteen. As a result, Mr. Alfred Sorensen, the Chairman of the shareholder meeting, terminated the meeting.

Sierra is also pleased to announce that its Board of Directors, at a meeting held immediately following the termination of the shareholder meeting, has decided to increase the number of its directors from six to eight. The Board has agreed to fill these newly created vacancies by appointing one nominee from each of Exploration Capital and Skyberry Holdings.

Gary Thompson, SGP's President and Chief Executive Officer, said "The results of today's vote are a win-win for Sierra Geothermal shareholders and an endorsement of the current management team and Board. The expanded Board intends to accelerate the pursuit of strategic alternatives with the objective of maximizing value for all shareholders." He added, "I want to personally thank shareholders for voting. There was an outstanding turnout with more than 86% of our shares voted."

The Chair of the Special Committee of Sierra's Board of Directors, Rita Theil, said "We see this as a very positive step in our effort to maximize value for all of our shareholders and we are excited at the possibility that we can work together with Exploration Capital and Skyberry Holdings towards that common goal. We continue to be open to all strategic options, including project level partnerships, a merger involving Sierra and others or an outright sale of the Company."

In this regard, the Special Committee has instructed its financial advisor Jacob Securities Inc., to initiate and manage a formal process. The details regarding the formal process will be made available in due course. For interested parties and inquiries please contact Mr. Dan Phaure, Ph: 416-866-8325, email: or Mr. Mike Drake, Ph: 416-866-8311, email:

About Sierra Geothermal Power Corp.

Sierra Geothermal Power Corp. is a renewable energy company focused on the exploration and development of clean, sustainable geothermal power. It is based in Vancouver, British Columbia and listed on the TSX Venture Exchange under the symbol SRA. Its portfolio of geothermal projects located in Nevada and California exceeds 365 square kilometres (90,000 acres) and has a combined total estimated capacity of greater than 500 MW. Sierra intends to finance development by utilizing a combination of corporate equity, joint venture partnerships and project debt, with the support of US government grants and loan guarantees. To find out more about Sierra Geothermal Power Corp. (TSX VENTURE:SRA) visit our website at

On behalf of the Board of Directors

Gary Thompson, Chief Executive Officer, President and Director


This news release may contain forward-looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this news release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that Sierra expects or anticipates may occur in the future. Forward-looking statements can be identified by the use of forward-looking words such as "may", "would", "could", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. Forward-looking statements in this news release include statements about Sierra's intent to maximize shareholder value, its intent to work together with Exploration Capital and Skyberry Holdings towards a common goal and accelerate the pursuit of strategic alternatives, as well as its intent to finance development by utilizing a combination of corporate equity, joint venture partnerships and project debt with the support of US government grants and loan guarantees.

There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in the law, actions of competitors, drill results and other changes in circumstance, and Sierra's ability to implement business strategies and pursue its business plan. In addition, all forward-looking statements involve risks and uncertainties, including the risks and uncertainties detailed in Sierra's filings with the applicable Canadian securities commissions, copies of which are available at We urge you to carefully consider these factors.

All of the forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Sierra undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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