Western GeoPower Corp.
TSX VENTURE : WGP
FRANKFURT : WE6

Western GeoPower Corp.

September 01, 2009 19:48 ET

Western GeoPower President & CEO MacLeod Resigns

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2009) - Western GeoPower Corp. (TSX VENTURE:WGP) (FRANKFURT:WE6), a renewable energy company, today announced the resignation of Kenneth MacLeod as President, CEO and a Director of the company effective immediately. Daryl Clark has been named President & CEO on an interim basis, also effective immediately.

The changeover reflects the expected completion of the previously disclosed business combination between Western GeoPower and two other geothermal companies, resulting in a more broadly diversified entity under the leadership of Hezy Ram and the Ram Power management team.

"Ken's leadership of Western GeoPower since its launch in 2001 has been a significant contributor to the company's ongoing success. He was instrumental in creating a strategic vision and implementing a plan to make Western GeoPower an important geothermal developer in North America," said Daryl Clark, Chairman of Western GeoPower. "On behalf of the Board of Directors, we wish him the very best in his future endeavors."

"I have enjoyed the opportunity to lead Western GeoPower for over seven years", said Mr. Macleod. "We have assembled a strong technical team and are well positioned to transition from a stand alone development stage company to become part of a larger, well capitalized company through the proposed business combination. The new company will have a broad and diversified pipeline of projects ranging from operating to near term operating and early stage development. I am confident that the Board will realize the full potential of the merged company."

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, Chairman

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: the Company is well positioned to transition from a stand alone development stage company to become part of a larger, well capitalized company through the proposed business combination; and the new company will have a broad and diversified pipeline of projects ranging from operating to near term operating and early stage development.

The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: the Company is not subjected to any material adverse events normally associated with exploration, development and production of natural resources; the Company is not subjected to additional governmental regulation and that political attitudes towards geothermal production does not change; the Company is able to remain in compliance with its debt obligations; the Company's resource estimates are accurate; the Company's insurance is adequate and that it does not incur any material uninsured liability; the Company is able to comply with environmental regulations; the Company has access to suitable infrastructure; no title defects affect the Company's properties; the Company receives necessary permits on acceptable terms; no material new competition; no significant fluctuation in currency exchange rates and interest rates; the Company is able to access additional capital; no material fluctuations in energy prices; continued access to the Company's key personnel; and, no conflicts of interest arise.

The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: risks normally associated with exploration, development and production of natural resources; risks relating to government regulation; risks relating to indebtedness; risks relating to the reliability of resource estimates; no history of geothermal production; insurance and uninsured risks; environmental risks and hazards; lack of access to required infrastructure; land title defects; risks relating to obtaining permits on acceptable terms; competition; fluctuations in currency exchange rates and interest rates; risks relating to raising additional capital; fluctuations in energy prices; reliance on key personnel; conflicts of interest; and, other risks described in the Company's Management Discussion & Analysis and other continuous disclosure documents.

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
    Email: info@geopower.ca
    Investor Relations: ir@geopower.ca