RENO, Nev., May 23, 2012 /PRNewswire/ -- Ormat
Technologies, Inc. (NYSE: ORA) announced today that it has been
informed by Ormat Industries, Ltd., its parent entity ("Ormat
Industries"), that the transaction by and among Bronicki
Investments Ltd. ("BIL"), the controlling shareholder of Ormat
Industries, and FIMI ENRG Limited Partnership, a newly formed
Israeli partnership and FIMI ENRG, a newly formed Delaware partnership, both controlled by FIMI
Opportunity IV (collectively, "FIMI"), to sell part of BIL's
interest in Ormat Industries, previously announced on March 16, 2012, was successfully consummated on
May 22, 2012. Ormat Industries
provided the following additional information:
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
BIL sold to FIMI 13,715,934 shares of 1
NIS each, constituting approximately 11.7% of the issued and
outstanding shares of Ormat Industries, at a price per share of
21.67 NIS for a total purchase price
of approximately 297 million NIS.
Following consummation of the transaction, each of BIL and FIMI
now holds 22.499% of the issued and outstanding stock of Ormat
Industries and the parties collectively own 44.999% of the issued
and outstanding stock of Ormat Industries.
As a result of the BIL FIMI transaction, and following its
consummation, the following individuals have been appointed as
Directors to the Board of Directors of Ormat Technologies:
Gillon Beck, a senior partner in
FIMI, who will be the chairman of the Board of Directors of Ormat
Technologies
Ami Boehm
David Granot
Robert E. Joyal
These new Directors join Mrs/Messrs Dita Bronicki, Yoram Bronicki, Dan
Falk, and Robert Clark who
continue to serve as Directors of Ormat Technologies.
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 82 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1430 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber,
Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2,
OREG 3, OREG 4 and Tuscarora; 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 February 29, 2012.
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
|
Todd
Fromer / Rob Fink
|
CEO
|
KCSA
Strategic Communications
|
775-356-9029
|
212-896-1215 (Todd) /212-896-1206(Rob)
|
dbronicki@ormat.com
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tfromer@kcsa.com / rfink@kcsa.com
|
SOURCE Ormat Technologies, Inc.