VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 10/14/14 — Reservoir Capital Corp. (“Reservoir” or the “Company”) (TSX VENTURE: REO)(FRANKFURT: ROC)(BERLIN: ROC) is pleased to report that it has signed a Letter of Intent with Inergia S.p.A. to initiate due diligence on the Company–s Brodarevo hydroelectric project in southern Serbia. Under the terms of the agreement, Inergia will carry out due diligence, after which it may elect to acquire all or part of the project and complete construction, in which case the parties shall negotiate in good faith the terms of a definitive agreement.
Inergia is part of the Santarelli Group, a leading Italian real estate management and development company. Inergia develops, builds, owns and operates renewable power plants in Italy, the Balkans and Turkey, with currently an installed operating base of 148.6 megawatts and annual production of approximately 300 gigawatt hours of electricity.
Reservoir completed positive feasibility studies for the Brodarevo hydroelectric projects in 2012 and has since been working to conclude agreements with the Serbian government for use of government-owned land affected by the project. The Company is also awaiting ratification of the Bilateral Agreement on Energy between the governments of Italy and Serbia to secure a feed-in-tariff for the power to be produced from the projects.
About Reservoir
Reservoir is a renewable energy company engaged in the development of a 59.1 MW hydroelectric project at Brodarevo on the River Lim, the Vranjska Banja geothermal project, both in southern Serbia. The recently completed agreements with Saxa Gres also provide an important new growth business for the Company in the well-regulated Italian market. Reservoir–s common shares trade on the TSX Venture Exchange (symbol “REO”) and on the Frankfurt and Berlin Exchanges (symbol “ROC”).
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Reservoir Capital Corp.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010