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 for 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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