News
Jul 21, 2010Sierra Geothermal Power Obtains Interim Order for Plan of Arrangement
Vancouver, British Columbia- Sierra Geothermal Power Corp. [TSX-V: SRA] (“Sierra”) and Ram Power, Corp. [TSX: RPG] ("Ram Power") are pleased to announce that the Supreme Court of British Columbia has issued an interim order authorizing Sierra to, among other things, call a special meeting of its shareholders to consider and, if deemed advisable, pass a special resolution approving the proposed plan of arrangement previously announced by press release on July 8, 2010. The proposed plan of arrangement, set out as an exhibit to the Arrangement Agreement dated July 7, 2010 between Sierra and Ram Power, contemplates that Ram Power will acquire all of Sierra’s outstanding shares in exchange for common shares of Ram Power effective upon closing of the arrangement, which will be scheduled to occur after shareholder approval is received. The terms of the proposed transaction have been previously announced in a press release dated July 8, 2010.
Sierra proposes to hold the special meeting of shareholders at 10:00 a.m. (Vancouver time) on August 31, 2010, at the offices of its counsel, Clark Wilson LLP, at 800-885 West Georgia Street, Vancouver, B.C. The record date for determining the holders of common shares of Sierra that will be entitled to receive notice of and to vote at the special meeting is July 27, 2010. The special resolution approving the proposed plan of arrangement must be approved by at least 66 2/3% of the votes cast by shareholders represented in person or by proxy at the special meeting.
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, P.Geo
President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Ram Power, Corp.
Steven Scott
Director of Investor Relations
Phone +775-398-3711
Email: .(JavaScript must be enabled to view this email address)
www.ram-power.com
Sierra Geothermal Power, Corp.
Anthony Srdanovic
Investor Relations
(604) 683-0332 x 115
.(JavaScript must be enabled to view this email address)
http://www.sierrageopower.com
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 the statement about Sierra holding a special meeting of its shareholders at 10:00 a.m. (Vancouver time) on August 31, 2010. While this forward-looking statement 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.
