May 9, 2011 (Canada NewsWire Group) --
VANCOUVER, May 9 /CNW/ - Plutonic Power Corporation (PCC: TSX) and Magma Energy Corp (MXY: TSX)are pleased to announce that the Supreme Court of British Columbia has issued a final order approving the plan of arrangement (the "Arrangement") involving Plutonic and Magma.
As previously announced on March 7, 2011, Magma and Plutonic have entered into an arrangement agreement whereby Magma has agreed to acquire all of the issued and outstanding shares of Plutonic. Each Plutonic shareholder will receive 2.38 shares of Magma and $0.0001 in cash for each Plutonic share held. At the special and annual general meeting of the Shareholders of the Company held on April 28, 2011, shareholders of Plutonic approved the Arrangement. Following the Arrangement, Magma will change its name to Alterra Power Corp. and Plutonic will become its wholly-owned subsidiary.
Completion of the Arrangement remains subject to certain conditions precedent. The completion of the Arrangement is expected to occur on or about May 13, 2011.
About Plutonic Power Corporation
Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a leader in clean power. Plutonic's principal operating facilities are the Toba Montrose Hydroelectric Project and the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Services of which Plutonic is the managing and operating partner. For more information, visit www.plutonic.ca.
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which owns and operates 198 MW of geothermal energy projects while actively exploring for and developing new projects. Magma has an extensive portfolio of properties throughout the western United States, Iceland, South America and Italy, including one operating power plant in Nevada and two in Iceland. For more information, visit www.magmaenergycorp.com.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the closing of the Arrangement. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. Plutonic and Magma do not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Lisa May, Director, Investor Relations, Direct: 604-678-6743, Cell: 604-314-3362, email@example.com; Anders Kruus, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604-646-1882, Email: firstname.lastname@example.org