Innovente announce its quarterly results

QUEBEC CITY, Dec. 20, 2012 /CNW Telbec/ - Innovente inc. (TSXV: IGE) 
("Innovente" or the "Corporation") announces its quarterly results for the 
period ended October 31, 2012. This period was marked by the signature of a 
second long-term contract with Hydro-Québec. 
"During the fall of 2012, we demonstrated that our business model can adapt to 
different markets. For us, this is a significant step towards growth, explains 
Richard Painchaud president of Innovente. Commercial operation of our first 
plant will mark another important milestone and we are fully dedicated to 
completing the final tasks towards this goal." 
Financial Highlights for the Quarter 


    --  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 in the
        city of Trois-Rivières 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.
    --  The Corporation received $877,376 on October 31, 2012 as second
        tranches of its $6,000,000 pari passu loan from National Bank
        of Canada and Caisse Desjardins de La Nouvelle-Beauce. At this
        day, a cumulative amount of $4,050,000 was cashed.  The balance
        of the loan will be received based on the percentage of
        completion of construction of the plant.
    --  The Company announced a delay in the commercial operation of
        its first plant located in St-Patrice-de-Beaurivage. Commercial
        operation of the plant will start at the latest April 30, 2013.
    --  The Company has entered into a letter of engagement with
        National Bank Financial Inc. (the "Agent") with respect to a
        "best efforts", agency basis, private placement consisting of
        Common Shares of Innovente for aggregate gross proceeds from $1
        million to $2.5 million (the "Offering"). As per the engagement
        letter, the Agent will act as agent in the context of the
        Offering. The issue price of the Common Shares has not yet been
        determined and will be mutually agreed upon by the Company and
        the Agent. The Common Shares will be offered in each of the
        provinces in Canada. The Common Shares issued pursuant to the
        Offering will be subject to the statutory hold periods and the
        Offering remains subject to applicable regulatory approvals.

Financial results

Data from the statement of loss and comprehensive loss
For the periods ended October 31 (in CA$) unaudited
                   Quarters ended          Six-month periods ended 
              October 31, October 31,   October 31,
                     2012        2011          2012 October 31, 2011

Operating                              
revenues                -           -             -                -

Net loss and                           
comprehensive
loss            (802,796)   (224,995)   (1,318,224)        (485,118)

Basic and                              
diluted loss
per share         (0.021)     (0.008)       (0.034)          (0.017)

Statement of financial position data
                                        October 31,
                                               2012   April 30, 2012

Cash and cash                          
equivalents                               2,052,981        1,697,307

Total assets                             17,066,596       12,443,662

Additional Information in Regards to the quarter ended October 31, 2012

The financial information in regards to the quarter ended October 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 www.sedar.com

About Innovente

Innovente 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. Innovente's 
intelligent electricity is a solution designed to improve environmental 
quality and stimulate economic development - and it can easily be applied in 
all communities. Innovente 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 Innovente inc. 418 692-1011 ext 
206 ijomphe@innovente.ca

Mrs Caroline Bouchard Director of communications Innovente inc. 418 692-1011 
ext 200 cbouchard@innovente.ca

SOURCE: Innoventé Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/20/c2625.html

CO: Innoventé Inc.
ST: Quebec
NI: ENV ERN 

-0- Dec/20/2012 14:39 GMT


 
Press spacebar to pause and continue. Press esc to stop.