Capricorn Business Acquisitions Inc.

March 09, 2011 18:12 ET

Capricorn Announces Caldera Geothermal Inc.'s Appointment of Zohrab Mawani as Chief Executive Officer

TORONTO, ONTARIO--(Marketwire - March 9, 2011) - Capricorn Business Acquisitions Inc. (TSX VENTURE:CAK.P)("Capricorn") is pleased to announce that Mr. Zohrab Mawani has been appointed as the Chief Executive Officer of Caldera Geothermal Inc. ("Caldera"), effective February 14, 2011. Mr. Mawani has been a director of Caldera since December 2010. Capricorn has signed a binding letter of intent to complete a Qualifying Transaction (the "Qualifying Transaction") with Caldera as most recently disclosed in Capricorn's press release dated December 9, 2010. It is proposed that, on completion of the Qualifying Transaction, Mr. Mawani will assume the position of Chief Executive Officer of Capricorn (subject to the approval of TSX Venture Exchange).

Since 2002, Mr. Mawani has been active in development and M&A for wind, solar, geothermal, biomass and hydro. From November 2009 to January 2011, he led Canadian business development activities in renewable energy for Samsung C&T where his focus was the implementation of the 2,500 MW Green Energy Investment Agreement between the Government of Ontario, Samsung C&T and Korea Electric Power Corporation. Mr. Mawani's role included strategy, acquisitions, Greenfield development, equipment supply and power purchase agreement negotiations, as well as government relations.

Previously, Mr. Mawani held a management position with GDF SUEZ North America from 2004 to 2009. Mr. Mawani played a key role in the development of several utility scale wind farms in Canada. Three of these are now in operation and the West Cape Wind Farm (99 MW), in early 2007, became the first Canadian wind energy facility to export power to the United States. Mr. Mawani was instrumental in the growth of Ventus Energy, a Canadian junior wind development company, and the subsequent sale of the company in 2007 to GDF SUEZ for approximately $140 Million. Mr. Mawani is a professional geoscientist registered with the Association of Professional Geoscientists of Ontario. Mr. Mawani completed an honors bachelor of science degree at Queen's University in 1994 and studied Geographic Information Systems at the British Columbia Institute of Technology in 1995.

"I am very excited to join Caldera at this stage of the company's growth," said Mr. Mawani. "Caldera's technical expertise and expanding project opportunities, in particular McGee Mountain, will contribute to this growth and I look forward to leading the company in its objective of advancing its pipeline of geothermal projects to operation."

Lewis Reford, Chairman of Caldera, commented: "We are delighted that Mr. Mawani is joining the company, especially as Caldera is at an inflection point in terms of its project development and its capital markets profile. Mr. Mawani brings exceptional experience and expertise in taking early stage renewable energy projects through to the production stage in addition to navigating the complexities of corporate business development, joint ventures and the like. The geothermal industry has entered a phase where joint venturing and asset monetization is becoming more mainstream, and the Board is confident that Mr. Mawani's skillset is ideally suited to position Caldera in the middle of this considerable activity."

Michael Newman will be retiring as Caldera's CEO, and will remain as a director of Caldera. Lewis Reford stated: "We wish to thank Michael for his invaluable leadership over the past year. He was instrumental in the company's growth and I know he will continue to play an important and active part in the company through his role on the board."

About Caldera Geothermal Inc.

Caldera is a geothermal exploration and development company focused on the Great Basin region of the western United States. The Great Basin is attractive for geothermal development because it possesses proven geothermal resources, it is close to large markets for renewable power, and it benefits from a favourable regulatory environment. Caldera uses an innovative exploration approach to discover new geothermal systems while mitigating technical and financial risk in the early and middle phases of resource identification. Caldera currently controls approximately 20,000 acres of geothermal leases in Nevada including its McGee Mountain project in northwestern Nevada, for which Caldera was awarded a $1.6 million Department of Energy grant to further develop the property, and its Teels Marsh property.

About Capricorn Business Acquisitions Inc.

Capricorn is a TSX Venture Exchange listed company and classified as a Capital Pool Corporation as defined in the TSX Venture Exchange Policy 2.4. Capricorn's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.

The information disclosed in this press release regarding Caldera was provided by Caldera without review or investigation by Capricorn, and as such, Capricorn does not accept any responsibility for the accuracy of such disclosure.

In accordance with TSX Venture Exchange policies, Capricorn's common shares are currently halted from trading, and it is intended that they will remain halted until completion of the Qualifying Transaction.

Completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed, or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

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