Innovente Inc.: St. Patrice Project Update and Annual Results
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwire) -- 08/24/12 -- Innovente inc. (TSX VENTURE: IGE) ("Innovente" or the "Corporation") provides an update on its project located in St-Patrice-de-Beaurivage ("St. Patrice"), Quebec, and announces its annual results for the fiscal year ended April 30, 2012.
St. Patrice Project Update
Commenting on the project's advancement, Richard Painchaud, President and Chief Executive Officer of Innovente, said: " We are very happy that the St. Patrice project is nearing completion and that it is in line with the previously announced schedule and budget."
Annual Results
Financial Highlights
During the year, Innovente secured the necessary financing necessary for its CHP plant construction project at St. Patrice. As at August 24, 2012, the majority of disbursements under this multi-stage financing had been collected. The following table summarizes the disbursements received to date:
"Investissement Quebec, National Bank of Canada and Caisse Desjardins de la Nouvelle-Beauce are essential partners in Innovente's development and we are satisfied that that the previously announced financing is processing as planned."
Following are the detailed characteristics of the items comprising this financing:
Financial results
Quarterly information under IFRS (unaudited)
The Corporation restated quarterly information for the year ended April 30, 2012, including comparative data, to change the classification paid to agents retained for IPO purposes and to adjust deferred tax and taxes payable calculated quarterly. Detailed information on the restatements is presented in note 25 of the annual financial statements.
Additional Information in Regards to the fiscal years ended April 30, 2012 and 2011
The financial information in regards to the fiscal years ended April 30, 2012 and 2011 should be read in conjunction with the Corporation's annual financial statements and the Management's Discussion and Analysis of financial condition for the fiscal years ended April 30, 2012 and 2011 dated August 21, 2012. These documents are available at
Options granted
In addition, Innovente announced that the Board of Directors authorized a grant of 50,000 stock options to a senior executive. 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 June 11, 2022.
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 Chaudiere-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.
Contacts:
Mrs. Isabelle Jomphe
Vice-president Finance
Innovente inc.
418 692-1011 ext 206
Investor Relations
Marc Jasmin CMA, President
Jasmin Financial Communications
514 231-2360
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Datum: 24.08.2012 - 20:02 Uhr
Sprache: Deutsch
News-ID 177523
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QUEBEC CITY, QUEBEC
Kategorie:
Alternative Energy
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