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 email@example.com Mrs Caroline Bouchard Director of communications Innovente inc. 418 692-1011 ext 200 firstname.lastname@example.org 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