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 next weeks.
- 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 $220,000 as a security deposit.
Financial results
| Data from the statement of loss and comprehensive loss For the quarter ended July 31, 2012 (in CA$) |
||
| 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 www.sedar.com
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.
About Innoventé
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.
SOURCE: Innoventé Inc.
Mrs. Isabelle Jomphe
Vice-president Finance
Innoventé inc.
418 692-1011 ext 206
[email protected]
Mrs. Caroline Bouchard
Director of communications
Innoventé inc.
418 692-1011 ext 200
[email protected]
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