ATLANTA, Sept. 12, 2006 (PRIMEZONE) -- OTC Stock Review announces that it has initiated coverage of U.S. Geothermal, Inc. (OTCBB:UGTH) (TSX-V:GTH). U.S. Geothermal is a renewable energy development company that is developing a geothermal power project at Raft River, Idaho that will contribute to the power needs of the Pacific Northwest. U.S. Geothermal owns and leases geothermal rights of private lands that comprise the Raft River project in Southeastern Idaho. According to a report prepared by the company's independent consultant, GeothermEx Inc., of Richmond, California, the Raft River site has a 50% probability of a power production capacity of 15.6 MW per square mile which could translate to 100 MW or more. Currently, U.S. Geothermal has signed power sales contract for one 10 MW power plant with the Idaho Power Company, is in negotiations for an additional 26 MW with new customers, and has secured transmission for up to 36 MW with the Bonneville Power Administration.
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According to the company's fiscal year 2006 10-K annual report and proxy filings with the Securities and Exchange Commission, five institutional investors that include some of the leading investment firms in the country have each acquired a significant stake in U.S. Geothermal, Inc. SPCP Group LLC has acquired 15.99%. Goldman Sachs & Co. has acquired 8.09%, Winslow Green Growth Funds has acquired 5.20%, S.A.C. Capital has acquired 5.78%, and Wexford Capital has acquired 5.78%. These investors purchased their shares for CN$1.00 per share from the Company in a private placement announced April 4, 2006.
Geothermal power suitable for development as a source of electricity exists on every continent except Antarctica. More than 24 countries generate electricity with geothermal resources. U.S. Geothermal's binary geothermal power plant will be constructed on the same site where one of the world's first demonstration scale binary geothermal power plants was constructed and operated by the U.S. Department of Energy during the early 1980s.
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