In January 2013, the Board of Directors requested the Special Committee composed of the independent directors to conduct an extensive review of its current corporate structure with a focus on maximizing long-term cash flow. The board, based on the recommendations of the Special Committee, approved a series of actions as follows:
- Ram Power will conduct a reorganization of its corporate office in Reno, Nevada, reducing both expenses and staffing levels to better align the organization to focus primarily on its Nicaragua operations including the continuing operation of the San Jacinto resource, the development of a binary unit at San Jacinto, and the exploitation of its Casita resource.
- Acting CFO Selby "Bud" Little's contract service agreement with the Company will not be renewed following its expiration on March 31, 2013 and current Chief Executive Officer and Director Shuman Moore will resign from the Company and the Board effective February 15, 2013.
- Ram Power has decided to either joint venture or sell the Geysers Project to a third party with the objective of maximizing the value to our shareholders and increasing the Company's corporate cash reserves. The Company is currently evaluating potential third party partners/buyers for the Geysers Project.
