U.S. Geothermal Inc.

U.S. Geothermal Inc.

October 06, 2016 09:00 ET

Two New Independent Members Elected to U.S. Geothermal Board of Directors

BOISE, IDAHO--(Marketwired - Oct. 6, 2016) - U.S. Geothermal Inc. (the "Company") (NYSE MKT:HTM), a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, today announced the election of Randolph J. Hill, Corporate Attorney with Stoel Rives LLP and James C. Pappas, Founder and Managing Member of JCP Investment Management to its Board of Directors.

Randy Hill has 35 years of diverse experience as a CEO, corporate counsel and Wall Street attorney. He is currently a corporate attorney at Stoel Rives LLP. Mr. Hill has significant experience in corporate governance, mergers and acquisitions, energy and infrastructure development, project financing, EPC contracts, and management and operations contracting. He also serves as Chair of the Idaho Energy Resources Authority and is a member of the Board of Governors of the Andrus Center for Public Policy at Boise State University. Mr. Hill holds a law degree from Georgetown University Law Center and a bachelor's degree from George Washington University.

Mr. Hill was previously Chief Executive Officer of Ida-West Energy Company, a subsidiary of IDACORP, Inc. and an affiliate of Idaho Power Company. Ida-West was an independent power producer engaged in power plant development, financing, acquisition and operations during his tenure. He has also previously served as a director for the Boise Metro Chamber of Commerce (one year as Chair), the Idaho Association of Commerce and Industry, and the Women's and Children's Alliance (four years as President).

James Pappas founded JCP Investment Management in Houston in June 2009 and is the Managing Member and owner of the Firm. JCP Investment Management is a significant stockholder of U.S. Geothermal. Mr. Pappas received a BBA in Information Technology, and a Masters in Finance from Texas A&M University.

Since January 2015, Mr. Pappas has served as a director of Jamba, Inc., a leading health and wellness brand and the leading retailer of freshly squeezed juice, where he is also a member of each of the Nominating and Corporate Governance Committee and the Audit Committee.

He also currently serves as a director of Tandy Leather Factory, Inc., a specialty retailer and wholesale distributor of leather and leather related products. Previously, Mr. Pappas served on the Board of Directors of The Pantry, Inc., as Chairman of the Board of Directors of Morgan's Foods, and as a director of Samex Mining Corp.

With these additions, U.S. Geothermal's Board of Directors will consist of seven members, five of which are independent directors.

"We are delighted that Randy and James have joined the U.S. Geothermal Board of Directors," said Dennis Gilles, CEO of U.S. Geothermal. "Both are highly accomplished industry leaders with deep corporate governance experience. Their expertise and insights will be extremely beneficial to U.S. Geothermal and our stockholders as we prepare for our next phase of growth."

About U.S. Geothermal Inc.:

U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The Company is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The Company is also developing an additional estimated 90 MWs of projects at: the Geysers, California; a second phase project at San Emidio, Nevada; at Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala. US Geothermal's growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.

For more information, please visit our website at: http://www.usgeothermal.com

The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Readers are cautioned to review the risk factors identified by the company in its filings with US and Canadian securities agencies. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance, development schedules or estimated resources of U.S. Geothermal, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; interpretation of the results of well tests; project development; resource megawatt capacity; capital expenditures; timelines; strategic plans; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from U.S. Geothermal's expectations include the uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the interpretation of results of well tests; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction; unexpected cost increases, which could include significant increases in estimated capital and operating costs; and other risks and uncertainties disclosed in U.S. Geothermal's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities and in other U.S. Geothermal reports and documents filed with applicable securities regulatory authorities from time to time. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.

The NYSE MKT does not accept responsibility for the adequacy of this release.

Contact Information

  • U.S. Geothermal Inc.
    Scott Anderson
    Director of Investor Relations and Corporate Communications
    208-424-1030 (FAX)