RENO, Nev., May 10 /PRNewswire-FirstCall/ -- Ormat
Technologies, Inc. (NYSE: ORA) (the "Company") today announced
that its parent company, Ormat Industries Ltd. ("Parent"), advised
it of a recently approved plan by the Parent to acquire from time
to time shares of common stock of the Company for the amount up to
$50 million, at Parent's management's
discretion, in the open market or through privately negotiated
transactions. The specific timing and amount of shares to be
purchased will vary based on market conditions, cash flows,
securities law limitations, and other factors.
(Logo:
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The Company understands that the purchase program may be
suspended, or discontinued at any time without prior notice.
The Company further understands that no date was established
for the completion of the share purchase program. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company nor shall there be
any sale of such securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated
company primarily engaged in the geothermal and recovered energy
power business. The Company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the
world. Additionally, the Company designs, manufactures and sells
geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The
Company has more than four decades of experience in the development
of environmentally-sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered
by 75 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1300 MW of gross
capacity. Ormat's current generating portfolio includes the
following geothermal and recovered energy-based power plants: in
the United States - Brady, North
Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2
and Peetz; in Guatemala - Zunil
and Amatitlan; in Kenya – Olkaria
III; and, in Nicaragua -
Momotombo.
Ormat's 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
Ormat's plans, objectives and expectations for future operations
and are based upon its 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 filed with the
Securities and Exchange Commission on March
8, 2010.
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:
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Investor Relations
Contact
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Dita
Bronicki
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Marybeth Csaby/Rob
Fink
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CEO
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KCSA
Worldwide
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+1-775-356-9029
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212-896-1236/ 212.896.1206
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dbronicki@ormat.com
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mcsaby@kcsa.com/ rfink@kcsa.com/
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SOURCE Ormat Technologies, Inc.