U.S. Geothermal Inc.

U.S. Geothermal Inc.

April 06, 2015 08:00 ET

U.S. Geothermal Inc. Appoints New Audit Firm

BOISE, IDAHO--(Marketwired - April 6, 2015) - U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) (the "Company") announces that effective March 31, 2015 the Company has engaged Moss Adams LLP as the independent, registered, public accounting firm that will audit the Company's financial statements. Moss Adams is among the 15 largest CPA firms in the United States, works with over 300 SEC registrants, and serves as the auditor of record for over 80 of those registrants. Moss Adams also has experience serving multi-national companies and is part of an international affiliation that provides a global reach, including Central America.

The Company's management, Audit Committee and Board of Directors determined that it was in the Company's best interest to engage a more nationally recognized firm, both in size and breadth of experience with SEC reporting issuers.

MartinelliMick PLLC, the former auditor, resigned at the request of the Company effective March 31, 2015. There were no adverse opinions or disclaimers in MartinelliMick's reports during the two fiscal years ended December 31, 2014 and 2013 and through March 31, 2015. Further, there are no "reportable events" as defined in the U.S. securities rules.

"We have enjoyed a great working relationship with MartinelliMick, and wish them the best. MartinelliMick and their auditors have been exceptional in quality and timeliness as we have worked on accounting and disclosure issues together through the years. As US Geothermal continues to grow, we felt it was time to make the change to a larger, nationally recognized firm. We look forward to working with Moss Adams," said Kerry Hawkley, Chief Financial Officer.

Please visit our Website at: http://www.usgeothermal.com

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 capacity of approximately 45 megawatts. The Company has advanced stage development projects at the Geysers, in California, and a second phase project at San Emidio, Nevada and El Ceibillo, located near Guatemala City, Guatemala. Exploration projects include Crescent Valley, Nevada, and Vale, Oregon. U.S. Geothermal's growth strategy is to reach 200MW's of production by 2020, through a combination of internal development and strategic acquisitions.

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 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, 2014 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 and the TSX do not accept responsibility for the adequacy of this release.

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