QUEBEC CITY, Sept. 27, 2013 /CNW Telbec/ - Innovente inc. (TSXV: IGE) ("Innovente" or the "Corporation") announces its quarterly results for the quarter ended July 31, 2013.
Highlights for the Quarter Ended July 31, 2013
- The Corporation announced the execution of a 25-year power supply agreement for the production of 7.2 MW of electricity with Hydro-Québec Distribution, for the development of a biomass cogeneration power station in Matane. Commissioning is scheduled for 2015;
- Construction of the Saint-Patrice-de-Beaurivage power plant has been completed and the Corporation produced its first kilowatt hours. To this day, Innovente has delivered produced kilowatt hours on Hydro-Québec's network, invoiced at the rate established for kilowatt hours in testing period. The Corporation is currently completing the last compliance tests before commercial commissioning;
- The Corporation undertook, pursuant to the terms of a letter of intent, to acquire the main assets of a paperboard mill located in Matane. In consideration, the Corporation undertook to pay $75,000 to the vendor and to assume certain liabilities estimated at $3,000,000. The completion of the asset acquisition is contingent upon the fulfilment of certain preconditions; and
- The Corporation signed a letter of intent to acquire the assets of a cogeneration plant located in New Hampshire, United States, for US$850,000, with a view to dismantling it and reassembling it in the context of the biomass cogeneration power station project of the Corporation in Trois-Rivières. Upon entering into the agreement, the Corporation made a US$50,000 deposit. The completion of the asset acquisition is contingent upon the fulfilment of certain preconditions.
Financial results for the Quarter Ended July 31, 2013 (unaudited)
- Innovente disbursed $1,133,122 in property, plant and equipment, mainly for its plant located in Saint-Patrice-de-Beaurivage;
- Innovente received an amount of $525,000 from its long-term financing facilities. The Corporation also received amounts totaling $403,458 from government grants and governmental assistance; and
- Net loss for the quarter ended July 31, 2013 was $740,804 ($0.017 per share) comparatively to a net loss of $515,428 ($0.013 per share) for the same quarter of 2012.
| Quarters ended July 31 | ||
| 2013 $ |
2012 $ |
|
| Revenues | — | — |
| Research and development costs | 259,146 | 401,539 |
| Administrative expenses | 492,772 | 116,246 |
| Net loss and comprehensive loss | 740,804 | 515,428 |
| Basic and diluted loss per share | 0.017 | 0.013 |
| July 31, 2013 $ |
July 31, 2012 $ |
|
| Cash and cash equivalents | 1,296,341 | 1,639,178 |
| Total assets | 22,755,037 | 21,738,627 |
| Total non-current liabilities (including current portion of long-term debt) | 11,463,148 | 10,789,065 |
Annual General and Special Meeting of Shareholders
The Corporation announces today that its shareholders have approved all resolutions which were disclosed in the Corporation's Management Information Circular dated August 26, 2013 and put forth for vote at the Annual General and Special Meeting of Shareholders of the Corporation held in Québec City, Québec on yesterday. Shareholders re-elected all directors to the Corporation's board of directors: Richard Painchaud, Yves Filion, Christian Rousseau, Daniel Marchand, Normand Bergeron and Pierre B. Meunier. Shareholders voted for the re-appointment of Ernst & Young, LLP, as auditor of the Corporation for the next fiscal year and approved the amended and restated stock option plan of the Corporation.
Warrants
On September 17, 2013, the Corporation announced that it has issued non-transferable warrants to Investissement Québec ("IQ") relating to a loan in the aggregate amount of $2,000,000. These warrants will entitle IQ to subscribe to up to 470,588 common shares of Innovente at a price of $0.85 per share, proportionally with the disbursements that will be made by IQ, for a period of 36 months following each disbursement, but no later than September 1st, 2018, as opposed to December 1st, 2018 as previously announced.
About Innovente
Based in Québec City, Innoventé produces renewable energy and provides communities with a green and sustainable solution for the management of organic residues through its technology patented in Canada and the United States. Innovente's shares are listed on the TSX Venture Exchange under the symbol IGE (TSXV: IGE). www.innovente.ca
Additional information in regards to the quarters ended July 31, 2013 and 2012
The financial information in regards to the quarters ended July 31, 2013 and 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, 2013 and 2012 dated September 26, 2013. These documents are available at www.sedar.com
Method of presentation of information
The financial information for the years ended April 30, 2013 and 2012 was established in accordance with International Financial Reporting Standards ("IFRS"), as published by the International Accounting Standards Board ("IASB").
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.
and interview requests:
Caroline Bouchard
Director of Communications, Innovente
Tel: (418) 692-1011 Ext. 200
[email protected]
Share this article