Western GeoPower Corp.
TSX VENTURE : WGP
FRANKFURT : WE6

Western GeoPower Corp.

October 05, 2009 16:08 ET

Western GeoPower Announces Geysir Green Energy Divests Its Holdings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2009) - Western GeoPower Corp. ("WGP") (TSX VENTURE:WGP) (FRANKFURT:WE6), a renewable energy company, today announced that it has been advised by Geysir Green Energy ("Geysir") that it has sold 47,333,334 common shares in WGP, representing all of the common shares it held in WGP, at a price of CAD$0.18 per share, for aggregate gross proceeds of CAD$8,520,000. Geysir stated that it sold the common shares as part of its objective to focus on its efforts on increasing installed capacity in operating geothermal power and heating plants in Iceland and China.

About Western GeoPower Corp.

Western GeoPower Corp. is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, sustainable, baseload electricity generation. The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in Sonoma County, California, United States; the South Brawley geothermal project in Imperial County, California, United States; and the South Meager geothermal project in British Columbia, Canada.

On behalf of the Board of Western GeoPower Corp

Daryl S. Clark, President & CEO

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this press release includes, but is not limited to, Geysir's objective to focus on its efforts on increasing installed capacity in operating geothermal power and heating plants in Iceland and China.

All forward-looking information in this press release is qualified in its entirety by this cautionary statement and, except as may be required by law, the Company undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.

For more information or to be put on our email list, please contact Nicole Robson.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Western GeoPower Corp.
    Nicole Robson
    Marketing and Media
    (604) 662-3338 or US/Canada Toll Free: 1-866-662-3322
    info@geopower.ca
    Investor Relations: ir@geopower.ca