RENO, Nev., Dec. 10, 2014 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA ) announced today that in connection with the pending transaction, the corporation's board of directors approved a decision to list its shares on two international stock exchanges, in addition to its current listing on the New York Stock Exchange (NYSE), one of which will be the Tel Aviv Stock Exchange ("TASE").
"As Ormat Technologies works to complete its acquisition of its parent entity, Ormat Industries, through a share exchange and consolidate into a more, streamlined organizational structure, the additional listings will further our goals of increasing liquidity and attracting a broader investor base," said Ormat CEO Isaac Angel.
The corporation expects to initiate the listing process at the earliest possible time taking into account regulatory and practical considerations.
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With over 77 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 480 employees in the United States and about 640 overseas. Ormat's flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat's current generating portfolio of 626 MW (net) is spread globally in the U.S., Guatemala and Kenya.
Ormat's Safe Harbor Statement
Information provided in this press release contains 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 the share exchange, the related restructuring of the Ormat corporate group and the anticipated consequences of the transaction and are based upon its management's current expectations. These forward looking statements include, among others, the benefits that Ormat Technologies believes the transaction will create, including those related to expected cost savings, enhanced liquidity, synergies, corporate visibility and identity. Actual future results may differ materially from those projected as a result of certain risks and uncertainties.
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: Smadar Lavi Investor Relations 775-356-9029 Investor Relations Contact: Todd Fromer / Brad Nelson KCSA Strategic Communications 212-896-1215 / 212-896-1217 /
