U.S. Geothermal Inc. Shareholders Approve All Proposals During Special Meeting
04/23/2018 | 04:37pm EDT
BOISE, Idaho, April 23, 2018 (GLOBE NEWSWIRE) -- U.S. Geothermal Inc. (the "Company") (NYSE American:HTM), a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced today that all proposals at the U.S. Geothermal special meeting (the “Special Meeting”) of shareholders, held on April 19, 2018, were approved by the shareholders.
The Agreement and Plan of Merger (Proposal 1) entered into on January 24, 2018, among U.S. Geothermal Inc., Ormat Nevada Inc. and OGP Holding Corp., and the transaction contemplated by the merger agreement, pursuant to which U.S. Geothermal would become a wholly owned subsidiary of Ormat was adopted and approved. As of the March 1, 2018 record date, there were 19,494,566 shares of U.S. Geothermal’s common stock outstanding. The total number of shares voted at the meeting was 13,952,359 or 71.6% of the common stock outstanding. The total number of shares that were voted in favor of Proposal 1 was 13,236,961 which is 94.9% of the shares voted or 67.9% of the total issued and outstanding shares. In order to approve the merger, more than 50% of the issued and outstanding shares had to vote “For” the proposal. The merger contemplated by the Agreement is anticipated to close on April 24, 2018, subject to customary closing conditions. The Company currently anticipates that its common stock will cease to be traded prior to the opening of the market on April 24, 2018 and the Company will proceed to deregister its common stock shortly thereafter.
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 at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 39 MWs. The Company is also developing an additional estimated 115 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.
FOR ADDITIONAL INFORMATION PLEASE CONTACT: Scott Anderson - Director of IR and Corporate Communications U.S. Geothermal Inc. Tel: 208-424-1027 Fax: 208-424-1030 email@example.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 United States Securities and Exchange Commission. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the completion of the merger and suspension of trading of our common stock, 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, 2017 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 American does not accept responsibility for the adequacy of this release.