Innovente provides an update on the commercial operation of its St-Patrice-de-Beaurivage plant

QUEBEC CITY, March 19, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innovente" or the "Corporation") announced that it has ordered and received an audit report from the engineering firm Tetra Tech Industries (formerly BRP-Bechtel), in relation to the construction and the commercial operation of its cogeneration plant at St-Patrice-de-Beaurivage. This report concludes that approximately 95% of the construction is now complete. In light of this report, Innovente estimates that the commercial operation will occur around mid-June.

The Corporation has informed its client, Hydro-Quebec Distribution, of the new schedule for the commercial operation of the plant.

Following the conclusions of this report, Innovente estimates that the total costs for the construction of the cogeneration plant will be approximately $14M. "It was the right decision to purchase an existing cogeneration plant. The final cost remains significantly below compared to the purchase of a new plant." explains Richard Painchaud, President and Chief Executive Officer of Innovente.

The Corporation is currently in discussions with institutional lenders regarding a potential secured debt financing for a minimal amount of $2M to finance the finalization of the construction of the plant, its commissioning and the Corporation's working capital needs.

About Innovente

Based in Quebec City, Innovente produces renewable energy and provides communities with a green and sustainable solution for the management of residual organic matter. Innovente stock is listed on the TSX Venture Exchange under the ticker symbol IGE (TSXV: IGE). www.innovente.ca

Disclaimer regarding forward-looking statements

Certain statements included herein may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management when they are made, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Investors are cautioned not to place 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 other development.

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 press release.

SOURCE: Innoventé Inc.

Caroline Bouchard
Director of Communications, Innovente
Tel: [phone] ext. 200
[email protected]