Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company") is pleased to announce its operating results for the year ended December 31, 2014. This earnings release should be read in conjunction with Ram Power's financial statements, and management's discussion and analysis ("MD&A"), which are available on the Company's website at www.ram-power.com and have been posted on SEDAR at www.sedar.com.

HIGHLIGHTS

San Jacinto-Tizate Project Overview

• The San Jacinto-Tizate Power Plant generated 429,740 (net) MWh resulting in revenue of $48.1 million for the year ended December 31, 2014 (an increase of 4% over the same period in 2013) compared to revenue of $46.2 million for the year ended December 31, 2013. The revenue increase was caused by the 3% annual tariff increase coupled with a slight increase in production as a result of wells being offline for the San Jacinto drilling remediation program in 2013.
• The plant generated operating income in 2014 of $7.4 million, a 23% increase ($1.4 million) from $6 million generated in 2013, and cash flows from operations of $13.2 million increased 56% ($4.7 million) from $8.4 million in 2013.

Ram Power Corporate Update

• As previously disclosed, Ram Power formed a Mergers and Acquisitions Committee to explore and evaluate a broad range of strategic alternatives for the Company to enhance shareholder value. The Mergers and Acquisitions Committee is tasked with exploring opportunities to increase operational efficiencies, strategic partnerships, asset sales or purchases, joint ventures, the sale of the Company, alternative operating models, or continuing with the current business plan, among other potential alternatives. The Company has received a number of proposals from interested third parties and continues to work with its stakeholders and potential investors to bring a transaction to conclusion.

Phase I and II Subordinated Debt Facilities

• The Company has not made the aggregate US$3,833,323principal and interest payments required to be made on September 15, December 15, 2014 and March 15, 2015 in respect of its Phase I and Phase II subordinated debt facilities. As the Company has previously disclosed, we continue to work alongside our Phase I and Phase II Senior and Subordinated Lenders, and both parties are interested in bringing to close a transaction in early 2015. As a result of the fact that the subordinated debt payments were not made, the amounts outstanding under these agreements have been classified by the Company as short-term liabilities.

FINANCIAL RESULTS

For the year ended December 31, 2014, the Company reported revenue of $48.1 million and a total loss and comprehensive loss of $23.9 million, or $(0.06) per share, compared to revenue of $46.2 million and a total loss and comprehensive loss of $50.9 million, or $(0.17) per share, for 2013. The 4% increase in revenue resulted from the 3% annual tariff increase coupled with a slight increase in production as a result of wells being offline for the San Jacinto drilling remediation program in 2013. Total loss and comprehensive loss for year ended December 31, 2014 was the result of non-cash depreciation and amortization expense of $26.1 million and deferred tax expense of $11.9 million, offset by unrealized foreign exchange gains on translation of the Company's debentures of $3.6 million and a gain on the sale of the Geysers project of $2.4 million.

For the year ended December 31, 2014, the Company had net operating cash inflows of $13.2 million, net investing cash outflows of $2.7 million and net financing cash outflows of $17.7 million, which combined for a net decrease in cash of $7.2 million. The Company expended $9.9 million for additions to geothermal properties, principally related to San Jacinto drilling and turbine overhaul costs. At December 31, 2014, the Company had cash of $15.3 million, of which $14.1 million was held for current use in the San Jacinto project.

The Company will need to raise additional capital through the strategic process in order to continue funding operating and exploration and development expenditures. However, it is not possible to predict whether financing efforts will be successful on terms acceptable to the Company (or at all) or if the Company will attain profitable levels of operations. The audited annual consolidated financial statements being released today do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern.

The Company believes sales of assets, capital raises and future activities of the Company will be sufficient to allow the Company to fulfill its current obligations and continue to operate for the foreseeable future. Should additional capital requirements or the replacement of debt be necessary, the Company expects it could satisfy these requirements through debt restructurings, capital raises or asset sales. However, the outcome of these matters cannot be predicted with certainty at this time.

As a result of the continuing strategic process of the Company, there will not be an annual earnings call with management for the year-end results. The Company will provide an update with respect to the strategic process at such time as developments require disclosure in accordance with applicable securities laws.

[A full text of the release can be found as attached]