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 $2.5 million (the "Offering"). As per the engagement
letter, the Agent will act as agent in the context of the
Offering. The issue price of the Common Shares has not yet been
determined and will be mutually agreed upon by the Company and
the Agent. The Common Shares will be offered in each of the
provinces in Canada. The Common Shares issued pursuant to the
Offering will be subject to the statutory hold periods and the
Offering remains subject to applicable regulatory approvals.
Data from the statement of loss and comprehensive loss
For the periods ended October 31 (in CA$) unaudited
Quarters ended Six-month periods ended
October 31, October 31, October 31,
2012 2011 2012 October 31, 2011
revenues - - - -
Net loss and
loss (802,796) (224,995) (1,318,224) (485,118)
per share (0.021) (0.008) (0.034) (0.017)
Statement of financial position data
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
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
Mrs Caroline Bouchard Director of communications Innovente inc. 418 692-1011
ext 200 firstname.lastname@example.org
SOURCE: Innoventé Inc.
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