VANCOUVER, BC--(Marketwire - September 1, 2010) - Sierra Geothermal Power Corp. (
Pursuant to the Arrangement, Ram Power will acquire all of the issued and outstanding shares of Sierra and current holders of Sierra options, warrants and unit warrants will be entitled to receive Ram Power shares upon the exercise of such securities in accordance with their terms and upon the terms of the arrangement agreement dated July 7, 2010, as amended by an amendment dated July 28, 2010. Upon completion of the Arrangement, Sierra will become a wholly owned subsidiary of Ram Power and Ram Power will continue to be engaged in the business of acquiring, exploring, developing and operating geothermal properties through its subsidiaries.
The Arrangement requires approval by the Supreme Court of British Columbia. The hearing in respect of the final order to approve the Arrangement (the "Final Order") is currently anticipated to take place on September 1, 2010 at 10:00 a.m. (Vancouver Time). No hearing is scheduled. If the Final Order is obtained on September 1, 2010, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed September 2, 2010.
For further details regarding the Arrangement, please refer to the management information circular dated July 28, 2010, a copy of which is available under the corporate profile of Sierra on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has interest in geothermal projects in the United States, Canada, and Latin America.
About Sierra Geothermal Power Corp.
Sierra is a Vancouver-based geothermal energy company focused on the exploration and development of clean, sustainable power in Western North America. Sierra has 100% control over its 120,000 acre portfolio of geothermal properties in Nevada, California and British Columbia. Sierra's projects have a combined total estimated capacity of almost 400MW.
On behalf of the Board of Directors
"Gary Thompson"
Gary Thompson
President, Chief Executive Officer & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about completion of the Arrangement and the future business of Ram Power and its subsidiaries. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect the current judgment of management at both Ram Power and Sierra, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other forward-looking information suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the companies cannot obtain the consents that may be required in order to consummate the transaction, the risk of adverse changes to either company or the industry in which they operate, as well as the general business risks described in the periodic disclosure documents filed by Ram Power and Sierra on SEDAR, copies of which are available at www.sedar.com. Any of these risks could cause actual results or achievements to be materially different from those that are expressed or implied by the forward-looking statements contained in this press release. Except as required by applicable law, neither of Ram Power or Sierra intends to update any of the forward-looking statements to conform these statements to actual results.
Contact Information:
FOR FURTHER INFORMATION PLEASE CONTACT:
Ram Power, Corp.
Steven Scott
Director of Investor Relations
Phone +775-398-3711
Email:
www.sierrageopower.com