BOISE, IDAHO--(Marketwired - Oct. 4, 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 that all proposal items on the agenda at the 2016 annual general meeting of shareholders were approved by the shareholders.
The proposals approved by U.S. Geothermal shareholders are:
Proposal 1: The election of 7 directors named in the proxy statement including two new independent directors, each to serve a one-year term.
Proposal 2: The ratification of the selection of Moss Adams LLP as The Company's independent auditor for the fiscal year ending December 31, 2016.
Proposal 3: The approval of the 2009 Stock Incentive Plan.
Proposal 4: The approval of a share consolidation of the Company's common stock, and the authorization of the Board, in its sole discretion, to effect a share consolidation of the common stock at an exchange ratio of not less than 1-for-2 and not greater than 1-for-6 by filing an amendment to the Certificate of Incorporation, and to implement said consolidation at any time within one year from the date of the annual meeting.
Over 74% of the Company's issued and outstanding shares voted on Proposal 4. Of those voting shares, 82% voted in favor of the share consolidation proposal.
"We express our sincere gratitude to our shareholders for their continued support and confidence in our strategy," said Dennis Gilles, CEO of U.S. Geothermal. "The Company is committed to maximizing shareholder value by optimizing existing operations and through long-term growth. The proposals approved today will help the Company achieve both."
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 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.