Ram Power, Corp. announced its operating results for the first quarter ended March 31, 2013.
Significant accomplishments in the first quarter ended March 31, 2013 included:
- Completion of performance certification tests on the San Jacinto phase II facility to verify that the plant meets its minimum generation capacity;
- Successful close of a Cdn.$50.9 million Senior Debenture Private Placement maturing March 27, 2018 which immediately provided increased cash flow through reduced annual interest rate and fee expenses from 16% to 8.5% compared to the Company's previously existing $50 million corporate credit facility; and
- Completion of the reorganization of the administrative offices in Reno, Nevada during the first quarter of 2013, which is expected to result in savings of $3 million in 2013 and $4 million annually thereafter.