News
Jan 26, 2010Sierra Geothermal Proxy Vote Results in a Win-Win
Sierra Geothermal Power shareholders have shown their support for Sierra voting in favor for the current Board of Directors.
VANCOUVER, BRITISH COLUMBIA—(Marketwire - Jan. 26, 2010)
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: .(JavaScript must be enabled to view this email address) or Mr. Mike Drake, Ph: 416-866-8311, email: .(JavaScript must be enabled to view this email address).
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)
to view this article in its entirety click here
