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Press Release | Energy

Press Release: Centram Geothermal Signs Service Agreement with ADAGE Ventures

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Energy

ADAGE Ventures is earning an interest in Centram Geothermal by helping develop its projects.

WireService.ca Press Release - TORONTO, ONTARIO - 07/29/2013 - Centram Geothermal Inc. ("Centram" or the "Company"), a private geothermal exploration and development company, announced today that it has entered into an agreement with ADAGE Ventures Inc. ("ADAGE") regarding the exploration, development, and financing of the Company's projects.

ADAGE is a private Canadian company specializing in sourcing, designing, structuring, financing and developing geothermal energy solutions. The ADAGE team has broad and deep expertise in geology, renewable energy development in emerging economies, strategy consulting, finance and law. Under the agreement, ADAGE can earn an interest in Centram by achieving certain milestones in the progression of Centram's projects.

ADAGE's Vice-President, Geology, Ryan Libbey has extensive experience working on geothermal projects ranging from the small-scale, early-stage operations to operational utility-scale geothermal fields. He has conducted extensive research and exploration on geothermal systems in Africa, Canada, Iceland, New Zealand and the United States. Ryan is the founder of the Canadian Geothermal Research Council, regularly presents papers at industry conferences and is the recipient of a number of prestigious geological awards. He studied geothermal geology at the University of Western Ontario (BSc) and McGill University (PhD). "We are very pleased to have the ADAGE team on-board to help develop our projects," said John Paterson, Centram's President and CEO. "Their expertise and efforts are expected to add significant value as we move forward." he added.

Centram has geothermal energy projects underway in Guatemala and Panama and is committed to exploring and developing economic geothermal resources throughout Central America. Centram's objective is to generate low-cost, sustainable, baseload electricity using the natural heat below the earth's crust to help meet the Central American region's increasing energy demand and reduce dependence on hydrocarbon-based generation technology.

For further information, please contact Centram Geothermal Inc. at jpaterson@centramgeothermal.com or ADAGE at info@adageventures.com.

Forward Looking Statements:

This news release contains forward-looking statements that reflect management's current views, including the company's objectives, projections, outlook, estimates, expectations or predictions, and forward-looking information with respect to future events. Certain forward-looking statements can generally be identified by words such as "may", "will", "intend", "anticipate", "plan", "believe", "expect", "project" or other similar terminology. Centram Geothermal Inc. cautions that forward-looking information involves risk and uncertainty and that actual results could differ materially. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections which are subject to change. Centram Geothermal Inc. has a limited obligation to update or revise forward-looking statements.

 


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