Western GeoPower President & CEO MacLeod Resigns
September 01 2009 - 7:48PM
Marketwired Canada
Western GeoPower Corp. (TSX VENTURE:WGP) (FRANKFURT:WE6), a renewable energy
company, today announced the resignation of Kenneth MacLeod as President, CEO
and a Director of the company effective immediately. Daryl Clark has been named
President & CEO on an interim basis, also effective immediately.
The changeover reflects the expected completion of the previously disclosed
business combination between Western GeoPower and two other geothermal
companies, resulting in a more broadly diversified entity under the leadership
of Hezy Ram and the Ram Power management team.
"Ken's leadership of Western GeoPower since its launch in 2001 has been a
significant contributor to the company's ongoing success. He was instrumental in
creating a strategic vision and implementing a plan to make Western GeoPower an
important geothermal developer in North America," said Daryl Clark, Chairman of
Western GeoPower. "On behalf of the Board of Directors, we wish him the very
best in his future endeavors."
"I have enjoyed the opportunity to lead Western GeoPower for over seven years",
said Mr. Macleod. "We have assembled a strong technical team and are well
positioned to transition from a stand alone development stage company to become
part of a larger, well capitalized company through the proposed business
combination. The new company will have a broad and diversified pipeline of
projects ranging from operating to near term operating and early stage
development. I am confident that the Board will realize the full potential of
the merged company."
About Western GeoPower Corp.
Western GeoPower Corp. is a renewable energy company dedicated to the
development of geothermal energy projects for the delivery of clean,
sustainable, baseload electricity generation. The Company is developing The
Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field
in Sonoma County, California, United States; the South Brawley geothermal
project in Imperial County, California, United States; and the South Meager
geothermal project in British Columbia, Canada.
On behalf of the Board of Western GeoPower Corp
Daryl S. Clark, Chairman
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release contain forward-looking information
within the meaning of applicable securities laws in Canada ("forward-looking
information"). The words "anticipates", "believes", "budgets", "could",
"estimates", "expects", "forecasts", "intends", "may", "might", "plans",
"projects", "schedule", "should", "will", "would" and similar expressions are
often intended to identify forward-looking information, although not all
forward-looking information contains these identifying words.
The forward-looking information in this press release includes, but is not
limited to: the Company is well positioned to transition from a stand alone
development stage company to become part of a larger, well capitalized company
through the proposed business combination; and the new company will have a broad
and diversified pipeline of projects ranging from operating to near term
operating and early stage development.
The forecasts and projections that make up the forward-looking information are
based on assumptions which include, but are not limited to: the Company is not
subjected to any material adverse events normally associated with exploration,
development and production of natural resources; the Company is not subjected to
additional governmental regulation and that political attitudes towards
geothermal production does not change; the Company is able to remain in
compliance with its debt obligations; the Company's resource estimates are
accurate; the Company's insurance is adequate and that it does not incur any
material uninsured liability; the Company is able to comply with environmental
regulations; the Company has access to suitable infrastructure; no title defects
affect the Company's properties; the Company receives necessary permits on
acceptable terms; no material new competition; no significant fluctuation in
currency exchange rates and interest rates; the Company is able to access
additional capital; no material fluctuations in energy prices; continued access
to the Company's key personnel; and, no conflicts of interest arise.
The forward-looking information is subject to risks, uncertainties and other
factors that could cause actual results to differ materially from historical
results or results anticipated by the forward-looking information. The factors
which could cause results to differ from current expectations include, but are
not limited to: risks normally associated with exploration, development and
production of natural resources; risks relating to government regulation; risks
relating to indebtedness; risks relating to the reliability of resource
estimates; no history of geothermal production; insurance and uninsured risks;
environmental risks and hazards; lack of access to required infrastructure; land
title defects; risks relating to obtaining permits on acceptable terms;
competition; fluctuations in currency exchange rates and interest rates; risks
relating to raising additional capital; fluctuations in energy prices; reliance
on key personnel; conflicts of interest; and, other risks described in the
Company's Management Discussion & Analysis and other continuous disclosure
documents.
All forward-looking information in this press release is qualified in its
entirety by this cautionary statement and, except as may be required by law, the
Company undertakes no obligation to revise or update any forward-looking
information as a result of new information, future events or otherwise after the
date hereof.
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