Western GeoPower Corp.

Western GeoPower Corp.

June 25, 2009 15:53 ET

Western GeoPower Welcomes New Directors Daryl S. Clark and Harry Knutson

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2009) - Western GeoPower Corp. (TSX VENTURE:WGP) (FRANKFURT:WE6), a renewable energy company, is pleased to announce the election of Daryl S. Clark of Plantation, Florida, and Mr. Harry Knutson of Vancouver, BC at the company's Annual General and Special Meeting held June 24, 2009. Kenneth MacLeod, Gudmundur Sigurjonsson and Domenic Falcone were re-elected to the Board. Mr. Clark has also been appointed Chairman of the Board.

Mr. Knutson is Chairman, Chief Executive Officer and the founder of Nova Bancorp Group and has been responsible for the growth and performance of the diversified wealth management firm since its inception in 1982. He was Chairman of Montreal-based StrategicNova Inc. from 1998 to 2002 and, prior to establishing Nova Bancorp Group, he was President of a mid-sized trust company. Mr. Knutson also served as President, Chief Executive Officer and Director of a real estate investment trust and President of a conglomerate active in the food, sports and real estate industries. Mr. Knutson was instrumental in the reorganization of Bonavista Petroleum Ltd. in 1997, and continues as an active director on the board of Bonavista Energy Trust. He is also a board member of a number of junior oil and gas and related industry companies, and has received the Canadian Chartered Director designation from The Directors College of McMaster University.

Mr. Clark is currently the Vice President and Chief Financial Officer and member of the board of South Asia Energy Management Systems ("South Asia"), a California corporation. South Asia undertakes the development, construction, acquisition, ownership and long term operation of hydro-electric and other renewable energy projects in various international markets. Prior to joining South Asia, from 2002 to 2007 Mr. Clark was Vice President and Chief Financial Officer for Peachtree Settlement Funding, a specialty factoring firm. Mr. Clark was instrumental in leading Peachtree during a period of time in which its revenues grew from $20 million to $180 million annually. In addition, Mr. Clark currently serves on the Board of Directors of Canadian Phoenix Resources Corporation which is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Mr. Clark has a master's degree in business administration from the University of Miami and a bachelor's degree in chemical engineering from the University of Florida.

"The new directors bring significant project finance experience to the Board of Western GeoPower," said Kenneth MacLeod, President & CEO of Western GeoPower Corp. "This will be of considerable value as the company enters the project financing phase for our Geysers project in California."

John Copeland and Thomas Drolet did not stand for reelection to the Board of Directors at the Annual General and Special Meeting. "The Board appreciates the contributions made by both Mr. Copeland and Mr. Drolet in advancing the interests of the company over recent years," said Kenneth MacLeod. "We look forward to working with Mr. Drolet in his ongoing role as CEO of our California subsidiary, Western GeoPower, Inc."

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

Kenneth MacLeod, 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: The project finance experience of the new board members will be of considerable value as the company enters the project financing phase for our Geysers project in California.

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.

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