Polaris Geothermal Inc.

Polaris Geothermal Inc.

March 31, 2009 19:11 ET

Polaris Announces Redemption of Class B Non-Voting Common Shares

TORONTO, ONTARIO--(Marketwire - March 31, 2009) - Polaris Geothermal Inc. (TSX:GEO) ("Polaris") announced today that its board of directors has set March 31, 2009 as the redemption date for all of its outstanding Class B non-voting common shares (the "Class B shares"). As at March 31, 2009, there are 185,753 Class B shares issued and outstanding.

The Class B shares were issued in conjunction with the amalgamation of Polaris and Iriana Resources Corporation on July 21, 2004, on terms which permit their redemption on a date, no earlier than January 31, 2005, at a redemption price of $1.00 per Class B share plus any declared and unpaid dividend. Holders of Class B shares on March 30, 2009 will be entitled to receive $1.00 for each Class B share held (less any applicable withholding taxes). On and after March 31, 2009, holders of Class B shares will no longer have any rights as shareholders of Polaris other than the entitlement to the redemption price, unless Polaris has failed to pay the redemption price to the holder after the holder has presented the share certificates for the Class B shares and other required documentation, in which case the rights of the holders of the Class B shares as shareholders of Polaris will be revived.

A Notice of Redemption from Polaris describing the redemption of the Class B shares by Polaris, and a Letter of Transmittal will be mailed as soon as practicable to registered holders of Class B shares and will provide further information. Equity Transfer & Trust Company will act as the redemption agent in connection with the redemption.

About Polaris Geothermal Inc.

Polaris is a Canadian company, focused on the generation of renewable energy projects in Latin America and other parts of the world. For more information about Polaris visit www.polarisgeothermal.com.

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