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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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