Sierra Geothermal Proxy Vote Results in a Win-Win
January 26 2010 - 8:19PM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) is pleased to
announce that, during a shareholder meeting held earlier today,
Exploration Capital Partners 2005 Limited Partnership withdrew its
proposal that Sierra increase the size of its Board of Directors
from six to thirteen. As a result, Mr. Alfred Sorensen, the
Chairman of the shareholder meeting, terminated the meeting.
Sierra is also pleased to announce that its Board of Directors,
at a meeting held immediately following the termination of the
shareholder meeting, has decided to increase the number of its
directors from six to eight. The Board has agreed to fill these
newly created vacancies by appointing one nominee from each of
Exploration Capital and Skyberry Holdings.
Gary Thompson, SGP's President and Chief Executive Officer, said
"The results of today's vote are a win-win for Sierra Geothermal
shareholders and an endorsement of the current management team and
Board. The expanded Board intends to accelerate the pursuit of
strategic alternatives with the objective of maximizing value for
all shareholders." He added, "I want to personally thank
shareholders for voting. There was an outstanding turnout with more
than 86% of our shares voted."
The Chair of the Special Committee of Sierra's Board of
Directors, Rita Theil, said "We see this as a very positive step in
our effort to maximize value for all of our shareholders and we are
excited at the possibility that we can work together with
Exploration Capital and Skyberry Holdings towards that common goal.
We continue to be open to all strategic options, including project
level partnerships, a merger involving Sierra and others or an
outright sale of the Company."
In this regard, the Special Committee has instructed its
financial advisor Jacob Securities Inc., to initiate and manage a
formal process. The details regarding the formal process will be
made available in due course. For interested parties and inquiries
please contact Mr. Dan Phaure, Ph: 416-866-8325, email:
dphaure@jacobsecurities.com or Mr. Mike Drake, Ph: 416-866-8311,
email: mdrake@jacobsecurities.com.
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp. is a renewable energy company
focused on the exploration and development of clean, sustainable
geothermal power. It is based in Vancouver, British Columbia and
listed on the TSX Venture Exchange under the symbol SRA. Its
portfolio of geothermal projects located in Nevada and California
exceeds 365 square kilometres (90,000 acres) and has a combined
total estimated capacity of greater than 500 MW. Sierra intends to
finance development by utilizing a combination of corporate equity,
joint venture partnerships and project debt, with the support of US
government grants and loan guarantees. To find out more about
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) visit our website
at www.sierrageopower.com.
On behalf of the Board of Directors
Gary Thompson, Chief Executive Officer, President and
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. All
statements, other than statements of historical fact, included or
incorporated by reference in this news release are forward-looking
statements, including, without limitation, statements regarding
activities, events or developments that Sierra expects or
anticipates may occur in the future. Forward-looking statements can
be identified by the use of forward-looking words such as "may",
"would", "could", "expect", "intend", "plan", "estimate",
"anticipate", "believe" or "continue" or similar words or the
negative thereof. Forward-looking statements in this news release
include statements about Sierra's intent to maximize shareholder
value, its intent to work together with Exploration Capital and
Skyberry Holdings towards a common goal and accelerate the pursuit
of strategic alternatives, as well as its intent to finance
development by utilizing a combination of corporate equity, joint
venture partnerships and project debt with the support of US
government grants and loan guarantees.
There can be no assurance that the plans, intentions or
expectations upon which these forward-looking statements are based
will occur. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
These factors include general economic and market conditions,
changes in the law, actions of competitors, drill results and other
changes in circumstance, and Sierra's ability to implement business
strategies and pursue its business plan. In addition, all
forward-looking statements involve risks and uncertainties,
including the risks and uncertainties detailed in Sierra's filings
with the applicable Canadian securities commissions, copies of
which are available at www.sedar.com. We urge you to carefully
consider these factors.
All of the forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in
this news release are made as of the date of this news release and
Sierra undertakes no obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Sierra Geothermal Power Corp. Gary Thompson President
& CEO (604) 683-0332 / 1-800-563-5631 info@sierrageopower.com
Sierra Geothermal Power Corp. Anthony Srdanovic Investor Relations
(604) 642-6179 asrdanovic@sierrageopower.com
www.sierrageopower.com
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