7.4.2006: Meldung: Polaris Geothermal Update
The Company also wishes to announce that Dr. Erwin Kruger, the President of the Company"s subsidiary, Polaris Energy Nicaragua, S.A. ("PENSA") has resigned from that position effective March 31, 2006. He will, however, continue to serve as a director of PENSA and Polaris Geothermal. During this important period of economic development, now that Nicaragua has just become the second Central American country to join the Central American Free Trade Agreement, Dr. Kruger will serve as President of the Consejo Superior de la Empresa Privada.
As part of his termination of employment arrangements with PENSA, the Company has agreed to satisfy PENSA"s obligations to pay Dr. Kruger the sum of approximately US$100,000 in respect of accrued and unpaid salary, by the issuance of up to 125,000 class A common shares of the Company at a price of $0.95 per share, which is equal to the 20 day volume weighted average trading price of the Company"s shares on the TSX Venture Exchange calculated from March 31, 2006. Dr. Kruger has agreed to continue to provide transition services to PENSA for a two month period ending on May 31, 2006. The proposed issuance of shares for debt is subject to the approval of the TSX Venture Exchange.
Polaris Geothermal is a renewable energy resource company focused on the development of geothermal projects. Polaris Geothermal has 36,477,112 Class A common shares issued and outstanding.
This press release includes certain forward-looking statements. All statements regarding the issuance of shares for debt are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Polaris Geothermal Inc.
Or visit the Polaris Geothermal website at