VANCOUVER, July 30, 2012 /CNW/ - Nevada Geothermal Power Inc. ("NGP" or the "Company") (TSX-V: NGP) is pleased to announce results from its Annual and Special Meeting of shareholders held on Tuesday July 24, 2012.
Business items outlined in the notice to shareholders dated June 22, 2012 were all approved namely:
- Brian D. Fairbank, James E. Yates, Domenic J. Falcone, Markus K. Christen, R. Gordon Bloomquist, and Gavin Cooper were re-elected as directors of the Company for the ensuing year.
- Deloitte & Touché have been re-appointed as Auditors of the Company.
- The Company's Share Option Plan was approved.
- The Shareholder Rights Plan as set forth in an Agreement dated December 4, 2008, between the Company and Computershare Investor Services Inc., was further ratified and extended to 2015.
- The proposal to consolidate the issued and outstanding common shares of the Company on a basis of one (1) new common share for up to five (5) old common shares, at the discretion of the board, was approved along with a change of name of the Company.
In other matters, the Company reports that wholly-owned subsidiary, NGP Blue Mountain 1 LLC, continues to make its full quarterly payments under its John Hancock senior loan facility out of cash flow from its Faulkner 1 geothermal power plant. NGP Blue Mountain Holdco LLC (Holdco) is unable to make full payments on its subordinated mezzanine debt at current production levels and is the late stages of a process to restructure the debt or otherwise resolve the debt with EIG Global Energy Partners.
NGP has significant development and operating experience and project assets in the western US. The Company's near term plans are to resolve HoldCo debt, to proceed with the consolidation of the company shares (and renaming the Company), and to advance a development plan for a demonstration geothermal power plant at its New Truckhaven site in southern California. We will also seek opportunities in alternative clean energy in active international markets.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal plant in Nevada. It is a renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns leasehold interests in five properties: Blue Mountain, Pumpernickel Valley, and North Valley in Nevada, New Truckhaven in California, and a 50% interest in Crump Geyser, in Oregon. These properties are at different levels of exploration and development.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Nevada Geothermal Power Inc.
For further information:
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
Nevada Geothermal Power Inc.
Toll Free: 866-688-0808