BOISE, IDAHO–(Marketwired – Dec. 10, 2015) – U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) (the “Company”) announced today that it has applied for the voluntary delisting of the Company’s securities from the Toronto Stock Exchange (“TSX”). It is expected to take effect as of the close of trading on Dec 31, 2015.
The Company’s shares will continue to trade under its existing stock symbol “HTM” on the NYSE MKT LLC (“NYSE”).
The decision to voluntarily delist from the TSX is due to the very limited trading volume of the Company’s shares on the TSX over a sustained period, with more than 97% of trades in the Company’s securities over the past 24 months occurring on the NYSE, and only 3% occurring on the TSX. As such, the Board considers that the regulatory and other costs (listing, compliance, etc.) of the Company in maintaining the additional TSX listing should not be continued.
“We are executing our growth strategy which is very focused on delivering value to our shareholders.” said Dennis Gilles, CEO of US Geothermal. “We are also examining all costs and expenses and this is a prudent step which will favorably impact our bottom line.”
Canadian shareholders will continue to trade their shares on the NYSE through Canadian broker-dealers who have U.S. registered broker-dealer affiliates.
Following delisting from the TSX, the Company intends to apply under Canadian securities laws for an order that it cease to be a reporting issuer in Canada. Until such order is granted, the Company will continue to comply with its applicable Canadian continuous reporting obligations.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The company is currently operating geothermal power projects at: Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The company is also developing projects at: the Geysers, California; a second phase project at San Emidio, Nevada; the El Ceibillo project located near Guatemala City, Guatemala; and at Crescent Valley, Nevada. U.S. Geothermal’s growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.