Western GeoPower Extends Repayment Date For Promissory Notes
VANCOUVER , Canada , January 30, 2009, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy company, today announced that Kenneth MacLeod, the President and Chief Executive Officer of the company, has agreed to extend the repayment date for $400,000 in promissory notes owed by the Company to Mr. MacLeod. The promissory notes will now be repayable in December of 2010 subject to early repayment in the event of a default. The promissory notes will now mature at the same date as the Company’s US$11 million Secured Loan Facility as announced November 10, 2008. In consideration for agreeing to extend the repayment date of the promissory notes, the company will, subject to the approval of the TSX Venture Exchange, issue to Mr. MacLeod, 592,593 common shares of the company. The common shares will be subject to a four month hold period from their date of issuance.
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 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
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above that reflect the Company’s expectations and projections about its future results. The Company has tried whenever possible to identify these forward-looking statements which include but are not limited to, words such as “anticipates,” believes,” “estimates,” “expects,” “plans,” “intends,” “potential,” and similar expressions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The Company disclaims any obligation or intention to update or to revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. This news release is not for dissemination in the United States of America or to United States of America news services.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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