ORA Ormat Technologies Inc

SPARKS, Nevada, March 16 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that it expects to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2005 ("Form 10-K") no later than March 31, 2006. The delay comes as a result of the need to file separate financial statements of Ormat Leyte Co. Ltd. ("OLCL"), a subsidiary that is not consolidated, and the time it will take to complete the separate financial statements of the subsidiary. Due to the reasons stated below, the Company did not anticipate the need to prepare such OLCL financial statements, which are required to be audited. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) In the prior fiscal year, separate financial statements of OLCL were not required to be filed with the Company's Form 10-K. Because of an increase in OLCL's income from continuing operations before income taxes due to the one- time receipt of insurance proceeds in 2005, and an increase in the Company's expenses in 2005 due to a one-time debt refinancing charge at OrCal Geothermal Inc., a wholly owned and consolidated subsidiary of the Company, the Company's equity income from continuing operations before income taxes of OLCL exceeds 20% of the Company's income from continuing operations before income taxes as a whole. Accordingly, pursuant to financial disclosure rules, the Company is required to file separate financial statements for OLCL in its Form 10-K. The Company's 2005 fourth quarter and year-end results, as previously reported in its March 7, 2006 press release, are not expected to change as a result of the above. The Company will file with the Securities and Exchange Commission a notification of late filing on Form 12b-25. About Ormat Technologies Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal power plants. It also designs, develops and builds, and plans to own and operate, recovered energy- based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua. Safe Harbor Statement Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Ormat's plans, objectives and expectations for future operations and are based upon management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 12, 2005. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Jeff Corbin/Todd Fromer CEO and President KCSA Worldwide +1-775-356-9029 +212-896-1214/212-896-1215 / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, +1-775-356-9029, , or Investor, Jeff Corbin, +1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA Worldwide Web site: http://www.ormat.com/

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