---------------- ----------------
For the Three For the Three
Months Ended Months Ended
(All figures in U.S. dollars) March 31, 2010 March 31, 2009
---------------- ----------------
Total Revenue $ 974,425 $ 1,365,544
Direct Cost of Energy Production (500,633) (594,664)
Expenses (4,612,550) (1,088,689)
Other Income (Loss) 94,754 (1,042,558)
Net Loss (4,038,323) (1,352,526)
Loss per share (0.03) (0.02)
---------------- ----------------
For the Three For the Twelve
Months Ended Months Ended
March 31, 2010 December 31, 2009
---------------- ----------------
Total assets 373,170,441 357,784,707
Total liabilities 32,969,112 16,001,693
Cash and Cash Equivalents 119,090,656 123,341,372
Working Capital 112,701,300 115,150,121
For the purpose of this summary, the results of Polaris for the three
months ended March 31, 2009 are used as comparatives because, for
accounting purposes, the financial statements of the Company are deemed to
be a continuation of the financial statements of Polaris.
The Company's $4,038,323 loss is the result of a decrease in revenue of
$391,119 and an increase in expenses of $3,523,861. The decrease in the
Company´s revenues is the result of the existing 10MW project in Nicaragua
being taken off-line for approximately two weeks due to the continuing
construction of the San Jacinto Phase I and II expansions and a 2009
recovery of revenues earned in 2005. The $3,523,861 increase in expenses is
primarily the result of $2,201,138 of compensation expenses related to the
Company's stock option grant to its directors and officers in October 2009.
The balance is attributed to additional general and administrative expenses
related to the larger corporate infrastructure subsequent to the business
combination in October 2009. The increase in expenses was partially offset
by a decrease in direct costs of $94,031 due to reduced energy production.
OUTLOOK
Ram Power is currently in negotiations with several lenders to provide a
project debt facility for the Phase II San Jacinto-Tizate expansion stage
to 72 MW which is expected to close in third quarter 2010. Construction of
Phase II is being conducted in parallel to Phase I. In addition, Ram Power
will be actively developing its nearby Casita project for which the Company
has entered into a letter of intent with the local utility to sell up to
157 MW of power. The Company's power purchase agreement with Southern
California Edison for the Orita project was recently approved by the
California Public Utilities Commission. The Company's New River project
and other potential projects in the Imperial Valley, California are
currently under various stages of development. Work continues with the
Imperial Irrigation District to advance a 50 MW geothermal project pursuant
to a recently executed letter of intent and permitting has commenced for
the Clayton Valley project.
With respect to the Geysers property, the Company expects to make an
announcement shortly about its plans to develop this project. Other
geothermal properties will continue to be evaluated in the United States,
Canada and Chile during 2010.
Hezy Ram, CEO of Ram Power, concluded, "We are continuing on our course to
bring our projects closer to their commercial operation and to bring clean,
renewable energy to the people of North and Latin America."
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in
the business of acquiring, exploring, developing, and operating geothermal
properties and has interests in geothermal projects in the United States,
Canada, and Latin America.
Ram Power, Corp. will hold its inaugural earnings call to discuss the 2009
Year End and First Quarter financial and operating results on Friday, May
14, 2010 at 10:00am EDT (7:00 am PDT).
Cautionary Statements
This news release contains certain "forward-looking information" which may
include, but is not limited to, statements with respect to future events or
future performance, management's expectations regarding the Company's
growth, results of operations, estimated future revenues, requirements for
additional capital, production costs and revenue, future demand for and
prices of electricity, business prospects and opportunities. In addition,
statements relating to estimates of recoverable geothermal energy
"reserves" or "resources" or energy generation are forward-looking
information, as they involve implied assessment, based on certain estimates
and assumptions, that the geothermal resources and reserves described can
be profitably produced in the future. Such forward-looking information
reflects management's current beliefs and is based on information currently
available to management. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts", "predicts",
"intends", "targets", "aims", "anticipates" or "believes" or variations
(including negative variations) of such words and phrases or may be
identified by statements to the effect that certain actions "may", "could",
"should", "would", "might" or "will" be taken, occur or be achieved. A
number of known and unknown risks, uncertainties and other factors may
cause the actual results or performance to materially differ from any
future results or performance expressed or implied by the forward-looking
information. Such factors include, among others, general business,
economic, competitive, political and social uncertainties; the actual
results of current geothermal energy production, development and/or
exploration activities and the accuracy of probability simulations prepared
to predict prospective geothermal resources; changes in project parameters
as plans continue to be refined; possible variations of production rates;
failure of plant, equipment or processes to operate as anticipated;
accidents, labor disputes and other risks of the geothermal industry;
political instability or insurrection or war; labor force availability and
turnover; delays in obtaining governmental approvals or in the completion
of development or construction activities or in the commencement of
operations; as well as those factors discussed in the section entitled
"Risk Factors" in this news release. These factors should be considered
carefully and readers of this news release should not place undue reliance
on forward-looking information.
Although the forward-looking information contained in this news release is
based upon what management believes to be reasonable assumptions, there can
be no assurance that such forward-looking information will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. Such forward-looking
information is made as of the date of this news release and, other than as
required by applicable securities laws, Ram Power, Corp. assumes no
obligation to update or revise such forward-looking information to reflect
new events or circumstances.
Contact Information: Steven Scott Director of Investor Relations Ram Power, Corp. Phone: 775-398-3711 Email: www.ram-power.com