U.S. Geothermal CEO Daniel Kunz to Retire; Dennis Gilles Named as Successor
BOISE, IDAHO -- (Marketwired) -- 04/22/13 -- U.S. Geothermal Inc.
(the "Company") (TSX:GTH)(NYSE MKT:HTM), a leading renewable energy
company focused on the development, production and sale of
electricity from geothermal energy, announced today that founder,
director and Chief Executive Officer Daniel Kunz will retire as chief
executive and a member of the board of directors. Dennis Gilles was
named by the board as his successor as Chief Executive Officer. Under
a succession plan, Mr. Kunz will serve as a consultant providing
Executive Advisory Services for one year to ensure a smooth
transition as Mr. Gilles assumes his new responsibilities.
Chairman of Board, John Walker said, "Ten years ago U.S. Geothermal
Inc. was little more than an idea. Today the company has three
operating power plants, a pipeline of quality development assets, a
very skilled management and operating team, positive cash flows, and
prospects for a bright future. On behalf of the Board of Directors
and all of the employees, I would like to extend our gratitude and
thanks to Dan for his outstanding contribution to the company in our
first decade. His exceptional contributions in financing, building,
and leading U.S. Geothermal over the last decade has created a
leading independent producer of clean geothermal power, and we wish
him all the best in his retirement and other pursuits. Dennis is a
seasoned executive with over 25 years of experience in geothermal,
has served as a senior officer of a leading geothermal power
producer, and is also well versed in the affairs of the Company
having served as a director since in 2011. I am confident that Dan
and Dennis will work very closely together over the next year
ensuring a smooth and effective transition."
Mr. Gilles was formerly Senior Vice President of Calpine Corporation,
and retired from Calpine in 2011 after 23 years of service. Mr.
Gilles was part of the expansion and growth of Calpine from its very
first megawatt to what is now the largest independent power producer
in the United States. During his time with Calpine, Mr. Gilles was
instrumental in overseeing the growth of Calpine's geothermal
business from 1 MW to over 750 MW's. He was also responsible
leading Calpine's Western Region Operations, with a generation
capacity of over 7000 MW's. Mr. Gilles holds a Masters of Business
Administration and a Bachelor of Science in Mechanical Engineering.
He will continue as a director of the Company, and will assume the
position of CEO effective immediately, responsible for continuing the
growth and success of U.S. Geothermal.
Please visit our Website at: http://www.usgeothermal.com
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy company focused on
the development, production and sale of electricity from geothermal
energy and is operating geothermal power projects at Raft River,
Idaho, San Emidio, Nevada and Neal Hot Springs, Oregon. The company
is developing El Ceibillo, an advanced stage, steam geothermal
prospect located within a 24,710 acre (100sq km) energy rights
concession area located 8.5 miles (14 km) from Guatemala City, the
largest city in Central America.
The information provided in this news release may contain
forward-looking statements within the definition of the Safe Harbor
provisions of the US Private Securities Litigation Reform Act of
1995. These statements are based on U.S. Geothermal Inc.'s current
expectations and beliefs and are subject to a number of risks and
uncertainties that can cause actual results to differ materially from
those described, including but not limited to, the results from the
start up activities and ongoing production potential of Neal Hot
Springs. Readers are cautioned to review the risk factors identified
by the company in its filings with Canadian and US securities
agencies. Forward-looking statements are based on management's
expectations, beliefs and opinions on the date the statements are
made. U.S. Geothermal Inc. assumes no obligation to update
forward-looking statements if management's expectations, beliefs, or
opinions, or other factors, should change.
The NYSE MKT and the TSX do not accept responsibility for the
adequacy of this release.
U.S. Geothermal Inc.
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