NEWS RELEASE
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DATE: June 25, 2009
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FOR IMMEDIATE
RELEASE
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TRADING SYMBOLS:
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TSX-V (CANADA): WGP.V
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FRANKFURT: WE6.F
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WESTERN GEOPOWER
WELCOMES NEW DIRECTORS DARYL S. CLARK AND HARRY KNUTSON
VANCOUVER, Canada,
June 25, 2009, TSX Venture Exchange Trading Symbol: WGP Western
GeoPower Corp., a renewable energy
company, is pleased to announce the election of Daryl
S. Clark of Plantation, Florida,
and Mr. Harry Knutson of Vancouver,
BC at the company’s Annual
General and Special Meeting held June 24, 2009. Kenneth
MacLeod, Gudmundur
Sigurjonsson and Domenic Falcone
were re-elected to the Board. Mr. Clark has also been appointed Chairman of
the Board.
Mr. Knutson is Chairman, Chief Executive
Officer and the founder of Nova Bancorp Group and has been responsible for
the growth and performance of the diversified wealth management firm since
its inception in 1982. He was Chairman of Montreal-based StrategicNova
Inc. from 1998 to 2002 and, prior to establishing Nova Bancorp Group, he was
President of a mid-sized trust company. Mr. Knutson also served as
President, Chief Executive Officer and Director of a real estate investment
trust and President of a conglomerate active in the food, sports and real
estate industries. Mr. Knutson was instrumental in the reorganization of Bonavista Petroleum Ltd. in 1997, and continues as an
active director on the board of Bonavista Energy
Trust. He is also a board member of a number of junior oil and gas and
related industry companies, and has received the Canadian Chartered Director
designation from The Directors College of McMaster University.
Mr. Clark is
currently the Vice President and Chief Financial Officer and member of the
board of South Asia Energy Management Systems (South Asia), a California
corporation. South Asia undertakes the
development, construction, acquisition, ownership and long term operation of
hydro-electric and other renewable energy projects in various international
markets. Prior to joining South Asia, from
2002 to 2007 Mr. Clark was Vice President and Chief Financial Officer for
Peachtree Settlement Funding, a specialty factoring firm. Mr. Clark was
instrumental in leading Peachtree during a period of time in which its
revenues grew from $20 million to $180 million annually. In addition,
Mr. Clark currently serves on the Board of Directors of Canadian Phoenix
Resources Corporation which is a publicly-traded junior oil and gas
exploration, development and production company with operations in Western
Canada. Mr. Clark has a master’s degree in business
administration from the University of
Miami and a bachelor?s degree in chemical engineering from the University
of Florida.
The new directors
bring significant project finance experience to the Board of Western
GeoPower, said Kenneth
MacLeod, President & CEO of Western
GeoPower Corp. This will be of
considerable value as the company enters the project financing phase for our
Geysers project in California.
John Copeland and
Thomas Drolet did not stand for reelection
to the Board of Directors at the Annual General and Special Meeting. The
Board appreciates the contributions made by both Mr. Copeland and Mr. Drolet in advancing the interests of the company over
recent years, said Kenneth MacLeod.
We look forward to working with Mr. Drolet in his
ongoing role as CEO of our California
subsidiary, Western GeoPower,
Inc.
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
?Kenneth
MacLeod?
Kenneth MacLeod, President
& CEO
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
project finance experience of the new board members will be of considerable
value as the company enters the project financing phase for our Geysers
project in California.
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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