The presentation is scheduled to begin at 9:00am EDT and will be webcast live and available for replay for up to 90 days using the following link http://wsw.com/webcast/marcum2/htm or on the home page of our corporate website www.usgeothermal.com.
The Annual Marcum MicroCap Conference is a signature showcase for superior quality, public companies with less than $500 million in market capitalization. For more information on the conference or to register, please visit the conference website at http://www.marcumllp.com/microcap.
Geothermal power production has a positive impact on local economies, and creates significantly more jobs per megawatt than natural gas.
Geothermal power has a smaller land footprint than most other energy sources, particularly when compared with other renewables.
Geothermal power has very low emission levels. Binary plants produce near-zero GHG emissions while flash and dry steam plants represent a significant reduction compared to fossil fuel based generation.
Geothermal power’s established history of consistent output demonstrates a level of reliability unmatched by other renewables and fossil fuel based generation.
For further reference and knowledge: http://geo-energy.org/reports/Values%20of%20Geothermal%20Energy%20Draft%20Final.pdf
U.S. Geothermal's team brings together decades of corporate executive experience and operating management expertise in the many facets of natural resource development and the business of running an ethical company.
John Walker, Chairman of the Board
Age 65, is a director and the Chairman of the Board of Directors of the Company. He has held that position since December 2003. Mr. Walker is also a Managing Director of Kensington Capital Partners with responsibility for the infrastructure fund business and is a member of Kensington’s investment committee. He is a director of the Kensington Crowsnest Power Plant LP, a heat recovery unit in British Columbia. Mr. Walker has a 40 year history in urban planning, energy security and power plant development in North America and internationally as well as experience on both public and private sector boards. Mr. Walker was a founding director of the Greater Toronto Airports Authority in 1992 and chaired the first Planning and Development Committee of the Board which provided oversight in the construction of C$4.4 billion terminal complex at Toronto Pearson Airport, completed in 2004. He was instrumental in doing energy security studies in 2002 and 2003 which led to the development of an 117MW cogeneration power plant at Toronto Pearson Airport which commenced operations in 2005. John is a Registered Professional Planner in the Province of Ontario and a member of the Canadian Institute of Planners. John has a BSc. from Springfield College and a Masters of Environmental Studies (Urban and Regional Planning) from York University.
Dennis Gilles, CEO and Director
Age 55, has served as US Geothermal’s Chief Executive Officer since April 2013. He has also served as a member of US Geothermal’s Board of Directors since September 2011. Prior to joining US Geothermal, Mr. Gilles worked for Calpine Corporation, where he served as Senior Vice President from 2004 thru 2011 with responsibility for all Western Operations , and Vice President of Geothermal from 2000 thru 2004, where he managed the company’s geothermal portfolio of 750 megawatts at the Geysers geothermal field. Mr. Gilles was instrumental in consolidating the majority of the ownership interests at the Geysers in the late 1990’s into a single entity. Mr. Gilles was part of the expansion and growth of Calpine Corporation from 1989, when he started with Calpine after building what became Calpine’s very first megawatt, to what is now the largest independent power producer in the United States. Mr. Gilles is a senior executive with over 30 years’ experience in the management, operations, maintenance, engineering, construction and administration of power and petrochemical plants and their related facilities. Mr. Gilles’ is also experienced in the identification, evaluation and acquisition of existing renewable projects or portfolios, as well as heading development of new green-field opportunities. Mr. Gilles holds a Masters of Business Administration and a Bachelor of Science in Mechanical Engineering.
Doug Glaspey, President, COO and Director
Age 61, is the co-founder, President and Chief Operating Officer and a director of the Company. He has served as a director of the Company since March 2000, President of the Company since September 2011, and Chief Operating Officer of the Company since December 2003. Mr. Glaspey served from March 2000 until December 2004 as the President and Chief Executive Officer for the TSX Venture Exchange (“TSX-V”) listed U.S. Cobalt Inc. until the acquisition of Geo-Idaho in December 2003. He also served as a director and the Chief Executive Officer of Geo-Idaho from February 2002 until the acquisition of Geo-Idaho in December 2003. During his career in the mining industry, he has held operating positions with ASARCO, Earth Resources Company, Asamera Minerals, Atlanta Gold Corporation and Twin Gold Corporation. Mr. Glaspey has 35 years of operating and management experience. He holds a Bachelor of Science in Mineral Processing Engineering and an Associate of Science in Engineering Science. His experience includes public company financing and administration, production management, planning and directing resource exploration programs, preparing feasibility studies and environmental permitting. He has formed and served as an executive officer of several private resource development companies in the United States, including Drumlummon Gold Mines Corporation and Black Diamond Corporation. He is currently a director of TSX-V listed Thunder Mountain Gold, Inc., which is also quoted on the OTC Bulletin Board. Mr. Glaspey’s qualifications to serve as a director of the Company include his over 35 years of experience in the natural resource industry and his many years of senior management and director experience.
Kerry Hawkley, CFO and Secretary
Age 60 serves as the Chief Financial Officer and Corporate Secretary of the Company. He has served as the Company’s controller since July 2003, and became CFO as of January 1, 2005. From July 2003 to December 2004, he also provided consulting services to Triumph Gold Corp. From 1998 to June 2003, Mr. Hawkley served as controller, director and treasurer of LB Industries. Mr. Hawkley has over 35 years’ experience in all areas of accounting, finance and administration. He holds Bachelor of Business Administration degrees in Accounting and Finance. He started his career as an internal auditor with Union Pacific Corporation and has held various accounting management positions in the oil and gas, truck leasing, mining and energy industries.
Jonathan Zurkoff, Treasurer and Executive Vice President, Finance
Age 58, serves as the Treasurer and Executive Vice President, Finance of the Company, a position he has held since September 2011. From January 2009 to May 2009, Mr. Zurkoff served as a financial consultant to the Company. He then served as the Vice President Finance of the Company from June 2009 until September 2011. Mr. Zurkoff served as CFO of Tamarack Resorts from 2004 to 2008. Mr. Zurkoff has over 25 years of experience in engineering, construction, and all phases of project development with an emphasis on project and corporate finance. Mr. Zurkoff holds a Masters of Business Administration, a Masters of Science in Groundwater Hydrology, and a Bachelor of Science in Geology. Mr. Zurkoff has held positions in Tamarack Resort (CFO), Process Technologies (CFO & COO), and Morrison Knudsen Corporation (now URS).
Paul Larkin, Director
Age 63, serves as a director of the Company, a position he has held since March 2000. He served as Secretary of the Company from March 2000 until December 2003, and served as a director and the Secretary-Treasurer of Geo-Idaho from February 2002 until its acquisition in December 2003. Since 1983, Mr. Larkin has also been the President of the New Dawn Group, an investment and financial consulting firm located in Vancouver, British Columbia, and a director and officer of various TSX-V listed companies. New Dawn is primarily involved in corporate finance, merchant banking and administrative management of public companies. Mr. Larkin held various accounting and banking positions for over a decade before founding New Dawn in 1983, and currently serves on the boards of the following companies which are listed on the TSX-V: Esrey Energy Ltd., Condor Resources Inc., Tyner Resources Ltd. Gstaad Capital Corp., DraftTeam Fantasy Sports Inc. and Westbridge Energy Corp. Mr. Larkin’s qualifications to serve as a director of the Company include his many years of senior leadership and management experience in corporate finance, merchant banking, Corporate Governance and administrative management of public companies.
Dr. Leland "Roy" Mink, Director
Age 74, serves as a director of the Company, a position he has held since November 2006. He served as Program Director for the Geothermal Technologies Program at the U.S. Department of Energy (DOE) from February 2003 to October 2006. Prior to working for the DOE, Dr. Mink was the Vice President of Exploration for the Company from June 2002 to February 2003. He has also worked for Morrison-Knudsen Corporation, Idaho Bureau of Mines and Geology and Idaho Water Resources Research Institute. Dr. Mink’s qualifications to serve as a director of the Company include his many years of senior leadership and management experience in the geothermal energy industry. Dr. Mink currently serves on the Geothermal Resources Council Board of Directors and remain actives in geothermal consulting through Mink GeoHydro Inc.
Kevin Kitz, Vice President Project Development
Mr. Kitz, Boise, Idaho, is a registered mechanical engineer who has worked exclusively in the geothermal industry since 1985. He has broad experience and responsibilities that have included PPA negotiation, resource development and optimization, power plant design, construction, and operation, drilling, and transmission. Before joining U.S. Geothermal in 2003, Mr. Kitz spent seven years in the Philippines working as an engineer and in engineering management on Unocal's projects. Mr. Kitz also worked in Indonesia and California on projects at Heber, the Geysers and Salton Sea.
Bob Cline, Vice President Engineering
Mr. Cline, Boise, Idaho, is a registered professional Civil Engineer who has been involved in developing energy and water resources projects in the western U.S. since 1982. Since joining U.S. Geothermal in 2005, Mr. Cline has participated in the development, design and construction of all U.S. Geothermal power generating facilities. Prior to joining U.S. Geothermal, Mr. Cline was Manager of Engineering at Ida-West Energy Company, where he was instrumental in developing several hydroelectric and gas-fired generating facilities, and conducting due-diligence for several hydroelectric facility acquisitions. Prior to 1991, Mr. Cline worked for the U.S. Bureau of Reclamation in Arizona where he was involved in engineering, contracting and construction of various water resources projects including major portions of the Central Arizona Project and Coolidge Dam.
Christopher Harriman, President US Geothermal Services, LLC
Mr. Harriman, Boise, Idaho, has over 13 years of power plant management experience, and has 25 years of operations and maintenance experience in the power generation industry. Mr. Harriman was formerly the plant manager of two, ten megawatt cogeneration facilities for Black Hills Generation in southern Idaho, and worked previously at Calpine Corporation, Stewart and Stevenson, and Sithe Energies. He also spent eight years with Exxon Shipping, and served in the U.S. Coast Guard.
| Projects Under Development |
(ao June 2, 2014)
| || || || || || Estimated || |
| || || || Target || Projected || Capital || |
| || || || Development || Commercial || Required || |
| Project || Location || Ownership || (Megawatts) || Operation Date || ($million) || Power Purchaser |
| El Ceibillo Phase I || Guatemala || 100% || 25 || 4 th Quarter 2015 || $135 || MOU |
| San Emidio Phase II || Nevada || 100% || 11 || 4 th Quarter 2015 || $55 || NV Energy |
| Additional Properties |
| Project || || Location || || Ownership || || Target Development (Megawatts) |
| Gerlach || || Nevada || || 60% || || TBD |
| Granite Creek || || Nevada || || 100% || || TBD |
| El Ceibillo Phase II || || Guatemala || || 100% || || 25 |
| San Emidio Phase III || || Nevada || || 100% || || 17.2 |
| Neal Hot Springs II || || Oregon || || 100% || || 28 |
| Raft River Unit II || || Idaho || || 100% || || 26 |
| Raft River Unit III || || Idaho || || 100% || || 32 |
| Resource Details |
| || || Property Size || || Temperature || || || || |
| Property || || (square miles) || || ( º F) || || Depth (Ft) || || Technology |
| Raft River || || 10.8 || || 275-302 || || 4,500-6,000 || || Binary |
| San Emidio || || 35.8 || || 289-316 || || 1,500-3,000 || || Binary |
| Neal Hot Springs || || 9.6 || || 311-347 || || 2,500-3,000 || || Binary |
| Gerlach || || 5.6 || || 338-352 || || 2,000-3,000 || || Binary |
| Granite Creek || || 3.8 || || TBD || || TBD || || Binary |
| El Ceibillo || || 38.6 || || 410-526 || || 1,800-TBD || || Steam |