Announce of Quarterly Results and a New Director - Innoventé On The Way Of
QUEBEC, Sept. 28, 2012 /CNW Telbec/ - Innovente inc. (TSXV: IGE) ("Innoventé"
or the "Corporation") announces its quarterly results for the period ended
July 31, 2012. This period was marked by the preparation of the
commissioning of its first green energy plant in St-Patrice-de-Beaurivage.
"Innoventé is getting ready to reap the benefits of its efforts, commented
Mr. Richard Painchaud, chairman and CEO of Innoventé. We are soon going to
inaugurate our first plant and begin the construction of a second one in
Trois-Rivières following the signing of a new contract earlier this week. Our
technology is viable and recognized and we can now think of accelerating our
development in new markets. "
Financial Highlights for the Quarter
-- During the quarter, the reconstruction of the CHP plant
progressed. The structure of the building have been completed,
the major components are in position in the plant and are being
connected by the construction and maintenance teams. The
installation of auxiliary equipment is also underway. The
Corporation expect that his plant will be commissioning in the
-- The Corporation received $1,250,000 on July 3, 2012 as second
tranches of its $2,500,000 loan financing from Investissement
Québec. On July 30, 2012, the Corporation received an initial
tranche of $3,172,624 under financing consisting of
a $6,000,000 pari passu loan from National Bank of Canada and
Caisse Desjardins de La Nouvelle-Beauce. The balance of the
loan will be received based on the percentage of completion of
construction of the plant.
-- On September 24, 2012, the Corporation entered into a power
sales contract with Hydro-Québec Distribution. Under this
25-year term contract, as of May 1st, 2015, the Corporation has
undertaken to supply, on an annual basis, the equivalent of
69,379 megawatt hours ("MWh") at a selling price of $106/MWh,
indexed annually at Consumer Price Index. By that date, the
Corporation must have built a cogeneration power station to
deliver the electricity quantities stipulated in the contract.
For the signature of this agreement, the Corporation issued a
new irrevocable letters of credit for an amount of $220,000 as
a security deposit.
Data from the statement of loss and
For the quarter ended July 31, 2012 (in
Three-month periods ended
July 31, 2012 July 31, 2011
Operating revenues - -
Net loss and comprehensive loss (515,428) (260,123)
Basic and diluted loss per share (0.013) (0.009)
Statement of financial position data
July 31, 2012 April 30, 2012
Cash and cash equivalents 3,748,502 1,697,307
Total assets 16,263,112 12,443,662
Additional Information in Regards to the quarter ended July 31, 2012
The financial information in regards to the quarter ended July 31, 2012 should
be read in conjunction with the Corporation's annual financial statements and
the Management's Discussion and Analysis for the fiscal years ended April 30,
2012 and 2011 dated August 21, 2012. These documents are available at
Normand Bergeron Joins the Board of Directors
During its annual meeting of shareholders held on September 26, 2012,
shareholders proceeded to the election of Company's directors. "We are happy
to welcome Mr. Normand Bergeron in our directors' experienced team, declared
Mr. Richard Painchaud. His expertise in the energy sector brings undeniable
depth and added value to our board of directors."
Normand Bergeron was Deputy Minister of the Quebec Ministry of Natural
Resources and Wildlife from 2005 till 2009. He held the functions of
Vice-President of the Quebec Energy Board from 2002 to 2005, the functions of
Associate Deputy Minister for Energy and Climate Change from 2000 to 2002 and
of Managing Director of the Energy Efficiency Agency from 1998 till 2000. Mr.
Bergeron was on the Hydro-Québec's board of directors.
The Board of Directors authorized a grant of 75,000 stock options to Mr.
Bergeron as a director of the Company. Pursuant to the terms of the
Corporation's stock option plan, each option grants the holder of such option
the right to purchase a common share of the Corporation at a price of $0.85
per share no later than September 26, 2022.
Innoventé is an innovative producer of renewable energy. The Company has
developed a ground-breaking concept that provides communities with a green and
sustainable organic waste management solution. Known as "intelligent
electricity," this solution converts organic waste into electricity, heat, and
fertilizing products, thereby reducing greenhouse gas emissions. Innoventé's
intelligent electricity is a solution designed to improve environmental
quality and stimulate economic development - and it can easily be applied in
all communities. Innoventé has nearly completed construction of its first
intelligent electricity power station, which will serve 6,000 residents in
Quebec's Chaudière-Appalaches region. This pioneering power station leads the
way for future application of our concept around the world.
Disclaimer in regards to forward-looking statements
Certain statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Investors are cautioned not to put undue
reliance on forward-looking statements. The Corporation disclaims any intent
or obligation to update publicly these forward looking statements, whether as
a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these
terms are defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Mrs. Isabelle Jomphe Vice-president Finance Innoventé inc. 418 692-1011 ext
Mrs. Caroline Bouchard Director of communications Innoventé inc. 418 692-1011
ext 200 firstname.lastname@example.org
SOURCE: Innoventé Inc.
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