Ram Power in final stages of strategic revamp and closing Reno office
Ram Power Corp. is in final stages of its strategic re-alignment together with Dundee Securities. It is also in final negotiations on a sale of its Geyser project and announces closure of Reno, Nevada office by May 31, 2014.
Ram Power continues its work on a strategic reevaluation of its activities with Dundee Securities. As part of the work the company is expecting letters of intent from interested parties by mid-April 2014, so the corporate update as part of its report on the financial results for 2013.
Ram Power also announces that it has “entered into a letter of intent on January 14, 2014 with an interested party for the purchase and sale of the Geysers Project. The Company is in the final stages of negotiating a purchase and sale agreement, and intends to execute an agreement in the immediate future.
The Company anticipates an expected close and funding of the sale by April 30, 2014.
The Company continues the process of selling and / or disposing of all non-core assets to focus its efforts on maximizing the cash flow and profitability of the Company’s producing assets in Nicaragua. Accordingly, the Company has made the strategic decision to close the Reno, Nevada office effective May 31, 2014.”
Source: Company release via Wall Street Journal