WESTERN GEOPOWER PRESIDENT & CEO MACLEOD RE...
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NEWS RELEASE
DATE: September 1,
2009 FOR IMMEDIATE
RELEASE
TRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT:
WE6.F
WESTERN GEOPOWER PRESIDENT & CEO MACLEOD RESIGNS
VANCOUVER, Canada, September 1, 2009, TSX Venture Exchange Trading
Symbol: WGP - Western GeoPower Corp., 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"
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For more information or to be put on our email list, please contact
Nicole Robson - Marketing and Media: Office (604) 662-3338 or
US/Canada Toll Free: 1-866-662-3322, email: info@geopower.ca Investor
Relations: ir@geopower.ca
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Western GeoPower Corp.
837 West Hastings Street Suite 411 Vancouver,
BC<br>V6C 3N6 Canada
WKN: 254049; ISIN: CA95827Q1037;
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