RENO, NV--(Marketwired - Apr 22, 2014) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that it has successfully completed the previously announced transaction with U.S. Geothermal Inc. for the sale of the Company's Geysers project for a total of $6.4 million in cash. The Company's subsidiaries included in the acquisition are Western Geopower, Inc., Skyline Geothermal Holdings, Inc., and Etoile Holdings, Inc., which in turn includes all membership interests in Mayacamas Energy LLC and Skyline Geothermal LLC.
"The closing of the transaction with U.S. Geothermal for the sale of our Geysers project shores up the capital requirements for the Company in 2014 as we continue to work with our investment banker on the strategic process for the Company," said Antony Mitchell, Executive Chairman for Ram Power.
About Ram Power, Corp.
Ram Power is a renewable energy company engaged in the business of operating and developing geothermal properties and has interests in geothermal projects in Nicaragua and the United States. Divestiture
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power 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 Ram Power, or its financial or operating results or its securities.