Business
Ram Power announces fourth quarter and 2009 year end results
Ram Power announces fourth quarter and 2009 year end results
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n\n\n\nRENO, NV, Mar. 31, 2010 (Canada NewsWire Group) -- /CNW/ -- Ram Power, Corp. (TSX: RPG) (\"Ram Power\" or the \"Company\"), today reported its financial and operating results for the fourth quarter and fiscal year ended December 31, 2009. This earnings release should be read in conjunction with Ram Power's MD&A and financial statements, which are available on the Company's website at www.ram-power.com and have been posted on SEDAR at www.sedar.com.Concurrent with today's release, Hezy Ram, CEO of Ram Power, commented, \"This has been an exciting start for Ram Power since its inception on October 20, 2009. The merger of the three predecessor companies, Polaris Geothermal Inc., Western Geothermal Corp. and Ram Power, Inc. along with an equity financing of CDN $179.4 million has provided our company with critical mass and a promising future. We have an established management team, an extensive inventory of geothermal properties and the balance sheet to develop them. We expect the first of our projects, the 36 MW San Jacinto Phase I expansion in Nicaragua to be on-stream in early 2011 and the second 36 MW Phase II expansion by year end 2011. In California, drilling of the 49.9 MW Orita project in the Imperial Valley started this month and successful drilling could allow construction to start in 2011. Other projects are under active investigation and we expect to be able to make further announcements during the year ahead.\"He continued, \"While the year end loss of $37 million is significant, it is largely due to the many pre-acquisition costs incurred by Polaris and Western before the merger, which are non-recurring. Losses of such magnitude are unlikely to be encountered going forward this year. We look forward to being able to report substantial progress in subsequent quarterly releases.\"OVERVIEWRam Power's results for the fourth quarter and for the twelve months ended December 31, 2009 were negatively impacted by one time charges originated from its subsidiary Polaris and from the business combination completed on October 20, 2009. The summarized financial results of Ram Power for the three and twelve months ended December 31, 2009 and 2008 are summarized below:For the For the For the For theThree Three Twelve TwelveMonths Ended Months Ended Months Ended Months EndedDecember 31, December 31, December 31, December 31,200...