VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/03/10 -- Sierra Geothermal Power Corp. ("Sierra") and Ram Power, Corp. (TSX: RPG) ("Ram Power") are pleased to announce that they have completed the previously announced plan of arrangement between Sierra and Ram Power under the Business Corporations Act (British Columbia) (the "Arrangement").
As a result of the Arrangement, Ram Power has acquired all of the issued and outstanding shares of Sierra in exchange for shares of Ram Power and all current holders of Sierra options, warrants and unit warrants are now entitled to receive Ram Power securities upon the exercise of those Sierra options, warrants and unit warrants in accordance with their terms, all as is more particularly described in the arrangement agreement dated July 7, 2010, as amended. The Arrangement was approved at a special meeting of Sierra shareholders held on August 31, 2010 and received final approval of the Supreme Court of British Columbia on September 1, 2010. As a result of the Arrangement, Sierra is now a wholly owned subsidiary of Ram Power.
Sierra's common shares were delisted from the TSX Venture Exchange effective at the close of the market on September 1, 2010. The Ram Power shares received by the former shareholders of Sierra trade on the Toronto Stock Exchange under the symbol "RPG".
For further details regarding the Arrangement, please refer to the management information circular dated July 28, 2010, a copy of which is available under the corporate profile of Sierra on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
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.
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. While the forward-looking statements 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 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.
Contacts:
Ram Power, Corp.
Steven Scott
Director of Investor Relations
+775-398-3711
sscott@ram-power.com
www.ram-power.com
