Geysir Green Energy divests its holding in Ram Power Corp.

Alexander Richter 2 Mar 2010

Icelandic “Geysir Green Energy (Geysir), just announced it has divested its holding in Ram Power Corp. (TSX: RPG), a renewable energy company based in Reno, Nevada, engaged geothermal power projects.

In the transaction, Geysir divested its entire holding in Ram Power Corp. (TSX: RPG) for a total of approximately CAD$11 million. The sale of the share is in accordance with Geysir’s decision from December of 2009 to lower the company’s debts by selling some of its assets over the next few quarters. Ram Power Corp. is a renewable energy company focused in the business of acquiring, exploring, developing and operating geothermal power projects in North and South America. Geysir became a key shareholder of Ram Power Inc. in November 2008 shortly after its establishment. Ram Power Inc. merged with three other Canadian geothermal companies in October 2009 and is now traded on the Toronto Stock Exchange.”

Source: Company announcement by Geysir Green Energy