BOISE, IDAHO--(Marketwired - Mar 30, 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 it has formally concluded the previously announced evaluation of strategic alternatives.
With the assistance of its financial advisor, Marathon Capital, a Special Committee of independent directors conducted a review of strategic alternatives to increase stockholder value. Upon the recommendation of the Special Committee, the Board of Directors has determined that continuing to execute the Company's strategic growth plan is the best path to maximizing long term stockholder value.
John Walker, Chairman of the Special Committee of the Board of Directors stated "Together with Marathon Capital, we did a detailed and thorough examination of the strategic alternatives. After careful consideration of a number of alternatives, we determined that our best course of action is to focus on the Company's plans to expand its existing operating projects, advance its development projects, and pursue certain acquisition opportunities. As a result, we have concluded that it is in the best long-term interests of the company's stockholders to end the review process now."
Plans are moving forward to expand production from the Raft River resource by drilling additional production capacity that may increase generation by up to 3 MWs, and to increase the output of the Neal Hot Springs Project by 3 MW's with the addition of a hybrid wet/dry cooling system. The Company also has four advanced development projects totaling 90 MW's of planned generation. This includes; the WGP Geysers in northern California, San Emidio II near Reno, NV, El Ceibillo in Guatemala, and Crescent Valley, NV. Additionally the Company also owns a portfolio of early stage development projects, and is currently evaluating a number of strategic acquisitions. In recent months, the company acquired 3 new, uninstalled binary power plants, increased its ownership position in the Raft River project to 95%, and received approval for the transmission-interconnection agreement from the California Independent System Operator for its WGP Geysers power project.
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 Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. Power plant upgrade projects may add 6 MWs to these operating projects. The company is also developing an additional 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.
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the U.S. 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 the ability to execute on the strategic growth 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.