Vulcan Power Company Announces 2010 Board Of Directors

BEND, Ore., March 16 /PRNewswire/ -- Vulcan Power Company ("Vulcan"), a developer of geothermal energy projects, today announced its 2010 Board of Directors following a vote held at the Company's recent Annual Meeting of Shareholders on March 4, 2010. Vulcan shareholders elected Linda Miller as Independent Director, Michael Hamilton, Rick Rodgers and Barney Rush as Common Directors, as well as Scott Mackin, Todd Bright, Paul Winters, Jim Winters and Steve Jones as Preferred Directors effective immediately.

"Linda, Michael, Rick and Barney will be playing key roles on Vulcan's Board of Directors. This group brings tremendous experience in successfully building companies in the energy sector and in structured and project finance. We now have in place a high quality board that can successfully guide the company through the rapid expansion of project development work that we are undertaking this year," stated Vulcan Chairman Scott Mackin.

Linda Miller remains Chairwoman of the Finance Committee, and oversaw the successful closing of Vulcan's January 2010 $108 million equity funding. She is currently working with a team developing a portfolio of coal- and petroleum coke-fired gasification-related projects in the Midwest and Gulf Coast. Ms. Miller worked for TECO Energy for 22 years, retiring in 2003, with her last position Senior Vice President Finance for TECO's independent power subsidiary. Her subsidiary and corporate positions over the years also included responsibility for capital raising, accounting, investor relations and funded benefits plans.  While there, she oversaw the issuance of billions of dollars of innovative project, corporate and tax-oriented financings, winning several industry awards for project finance "deals of the year". In addition to her role as Chairwoman of the Finance Committee, Ms. Miller sits on the Audit and Indemnification Committees.

Michael Hamilton is the Chairman and Chief Executive Officer of MMC Energy, Inc., a formerly listed NASDAQ company. He is also the non-executive Chairman of the Board of MXenergy, Inc., a retail gas and electric marketing company with operations in 14 states in the U.S. and two Canadian provinces. Prior to these assignments, he was a senior managing director at FTI Consulting, specializing in the energy industry, which he joined upon his retirement as a partner from PricewaterhouseCoopers LLP in 2003. He has been involved in virtually all of the utility and energy industry restructuring and bankruptcy situations since 1989. He has served as the financial advisor to numerous interest groups where he brings his knowledge of both utility finance and his restructuring skills to maximize recovery for his clients. In this regard, his activities include due diligence, sophisticated computer modeling, creditor committee management and transaction negotiation. Mr. Hamilton has been continuously involved in regulated industry-related activities since 1972. He has worked with numerous regulated industry companies, including companies in the electric, gas, water and telecommunications industries. Mr. Hamilton serves as Chairman of the Audit Committee as well as a member of the Indemnification and Litigation Committees.

Barney Rush was CEO of H2Gen Innovations, Inc. from 2003 through 2009, when the company was sold to Air Liquide and CB&I. H2Gen developed and manufactured hydrogen generators for the industrial gas and hydrogen energy markets, and gas purification and recycling equipment for various industrial and petrochemical applications. Mr. Rush was previously CEO of Mirant Europe and Senior Vice President of Mirant Corporation, a leading electric power generator and energy marketer. While in Europe, Mr. Rush served as Chairman of the Board of two Mirant affiliates: Bewag, the integrated electric utility serving Berlin, Germany; and WPD, an electricity distribution company serving southwest England and southern Wales. Prior to his positions with Mirant, Mr. Rush was Executive Vice President of Oxbow Power Corporation, where he was responsible for acquisition, development and financing of geothermal and gas-fired power projects in the United States and Asia. Previous to that position, Mr. Rush was a Senior Vice President at Lehman Brothers in the project finance, utility and telecommunications group. He has also worked at the U.S. Department of State as a Special Assistant to the Undersecretary of State for Economic Affairs and at the World Bank. Mr. Rush becomes Chairman of the Litigation Committee as well as a member of the Finance Committee.

Rick Rodgers has served in various executive capacities in the financial services sector since 1977, most recently as a founder and Managing Director of Montgomery Street Financial Services, LLC. Prior to establishing Montgomery Street Financial, he held various senior management positions during his 20 years with Bank of America. Rick was the first employee of and became director of marketing for BRAE Corporation, an equipment leasing and asset management company which ranked number one on the Inc. Magazine list of fastest-growing companies. He then became vice president of TXL Securities Corporation, where he was responsible for the creation of both public (S-1) and private (Reg. D) leasing partnerships. Rick began his career with IBM Corporation in the Data Products division. Mr. Rodgers serves as a member of the Compensation and Finance Committees.

About Vulcan Power:

Vulcan Power Company is a privately-held geothermal developer founded in 1991 that accumulated significant land leases during an industry downturn. The company holds an extensive property portfolio of geothermal leases and applications covering more than 170,000 acres in Nevada, California, Oregon, and Arizona. Vulcan has signed 20-year term Power Purchase Agreements ("PPAs") with Nevada Power Company and Southern California Edison Company, and is currently negotiating additional PPAs with other utilities. Vulcan is a vertically integrated company and wholly owns the subsidiary companies that provide its drilling related services.  Investors include an affiliate of Denham Capital and a principal investing division of Bank of America Merrill Lynch. For additional information on Vulcan and geothermal power, go to www.vulcanpower.com.

SOURCE Vulcan Power Company