SOURCE: Polaris Infrastructure Inc.

June 25, 2015 12:07 ET

Polaris Infrastructure Announces Results of Annual Meeting

TORONTO, ON--(Marketwired - June 25, 2015) - Polaris Infrastructure Inc. (TSX: PIF) ("Polaris" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that all resolutions were passed at the Company's annual meeting (the "Meeting") held on June 23, 2015.

In addition to the election of each of the nominee directors discussed in detail below, at the Amended and Restated Omnibus Long Term Incentive Plan was approved and Deloitte LLP were re-appointed as auditors of the Company. Final voting results on all matters voted on at the Meeting will be filed on SEDAR at www.sedar.com.

Election of Directors
According to proxies received and a vote at the Meeting by a show of hands, the five nominees set forth in the management information circular of the Company dated May 26, 2015 were elected as directors of the Company to hold office until the close of the next annual meeting of the Company's shareholders.

The following are the voting results on this matter:

Director Number of Votes Percentage of Votes Cast (rounded)
  Votes
For:
Votes Withheld: Votes
For:
Votes
Withheld:
Antony   Mitchell 6,967,918 8,009 99.89% 0.11%
Marc   Murnaghan 6,968,090 7,837 99.89% 0.11%
James   V. Lawless 6,967,975 7,952 99.89% 0.11%
Jaime   Guillen 6,968,027 7,900 99.89% 0.11%
Jorge   Bernhard 6,968,098 7,829 99.89% 0.11%

Appointment of Shane Downey, CPA, CA, as Chief Financial Officer

The Company is also pleased to announce that Shane Downey has joined the Company as Chief Financial Officer. Mr. Downey complements Polaris' existing management team with broad expertise in corporate finance, mergers and acquisitions and accounting, and will provide strategic input as the Company embarks on its growth strategy, including a new drilling program aimed at increasing production at San Jacinto.

In his new role, Mr. Downey will be taking over for Ashlee Carter, who has transitioned to a consultancy role for the Company. Mr. Downey was most recently Managing Director with Bank of Montreal, Corporate Finance, where he provided strategic guidance and a full range of debt product solutions to corporate and private equity clients. A Chartered Professional Accountant (CPA) / Chartered Accountant (CA), Mr. Downey has worked in both Toronto and London, United Kingdom with KPMG, as well as with PricewaterhouseCoopers in Toronto, providing financial and accounting diligence services in the context of proposed mergers and acquisition activity. Mr. Downey is a graduate from Cornell University, Dyson School of Applied Economics and Management, in Ithaca, New York.

About Polaris Infrastructure Inc.

Polaris is a renewable energy company engaged in the business of acquiring, exploring, developing and operating geothermal properties, and has interests in geothermal projects in the United States, Canada, and Latin America.

Cautionary Statements

This press release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

A number of known and unknown risks, uncertainties and other factors may cause Polaris' actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, but are not limited to the possibility that the benefits of the Company's recapitalization transaction will not be realized by the Company in the manner anticipated, and the possibility that we have to allocate proceeds to other uses or reallocate proceeds differently among the anticipated uses due to changes in project parameters or other unforeseen circumstances associated generally with the unpredictability of operations in the geothermal industry. These factors should be considered carefully and prospective investors should not place undue reliance on forward-looking information. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and the factors listed above are not intended to represent a complete list of the risk factors that could affect Polaris. For additional information with respect to risks, uncertainties and assumptions, please also refer to the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com, as well as our annual MD&A.

Although Polaris has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The statements in this press release are made as of the date of this release and there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Polaris undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Polaris, or its financial or operating results or its securities.

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