Innoventé presents an update of its activities and its annual financial results
QUÉBEC CITY, Aug. 27, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innoventé" or the "Corporation") today presented an update of its activities and its annual results for the year ended April 30, 2013.
On July 8, 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 of the Matane
project is scheduled for fall 2015. Financing is scheduled for fall
On September 24, 2012, the Corporation entered into a 25-year power
supply agreement for the production of 8.8 MW with Hydro-Québec
Distribution for a biomass cogeneration power station in
Trois-Rivières. Commissioning of the Trois-Rivières plant is scheduled
for spring 2015. Financing is scheduled for fall 2013.
- Construction of the 4.6 MW Saint-Patrice-de-Beaurivage power station is completed and the Corporation produced its first KWh in June 2013. Innoventé is currently completing the last compliance tests before power delivery.
Over a 25-year period, this portfolio of agreements with Hydro-Québec provides for the production of 20.6 MW of contracted power. According to the Corporation's estimates, this could represent potential revenues exceeding $600 million, based on the following data taken from the contracts signed with Hydro-Québec:
|Price of energy||
Term of the
|Saint-Patrice-de-Beaurivage||2013||36,266 MWh||$120.00/MWh *||25 years|
|Trois-Rivières||2015||69,379 MWh||$106.00/MWh **||25 years|
|Matane||2015||56,765 MWh||$106.00/MWh **||25 years|
*in 2009 dollars, indexed annually at 2.13%;
**in 2011 dollars, indexed annually at a rate equivalent to the average Consumer Price Index published by Statistics Canada for the twelve months of the previous calendar year, estimated by Management at 2.13%.
Innoventé invested $9,044,864 in its Saint-Patrice-de-Beaurivage plant
under construction during the year ended April 30, 2013.
During the year, Innoventé received a total of $9,350,000 in debt
financing from its lenders, National Bank of Canada, Caisse Desjardins
de La Nouvelle-Beauce, Farm Credit Canada and Investissement Québec.
Innoventé also entered into a $2,000,000 loan agreement with
Investissement Québec. No disbursement under this loan has been made to
On January 10, 2013, the Corporation issued 4,109,363 Common Shares
under a private placement at a price of $0.55 per Common Share, for
gross proceeds of $2,260,150.
- The net loss for the year ended April 30, 2013 amounted to $1,493,033 ($0.038 per share) compared to a net loss of $1,461,908 ($0.044 per share) for the previous year.
Selected Financial Information
April 30, 2013
April 30, 2012
|Research & development costs||1,053,393||1,671,029|
|Revenues from government grants and assistance||(1,096,594)||(853,400)|
|Net loss and aggregate result||1,493,033||1,461,908|
|Basic and fully diluted loss per share||0.038||0.044|
|Cash and cash equivalents||1,639,178||1,697,307|
|Total long-term liabilities (including current portion of long-term debt)||10,789 065||1,573,860|
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. Innoventé's shares are listed on the TSX Venture Exchange under the symbol IGE (TSXV: IGE). www.innovente.ca
Additional information regarding the years ended April 30, 2013 and 2012
The financial information for the years ended April 30, 2013 and 2012 should also be read in conjunction with the Corporation's annual financial statements and Management's Discussion & Analysis for the years ended April 30, 2013 and 2012 dated August 26, 2013. Note 1 to the audited financial statements indicates that there are significant doubts as to whether the Corporation can continue its operations. 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").
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management's expectations or estimates regarding the Corporation's future performance, are "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is necessarily based on a certain number of estimates and assumptions which, while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Corporation further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
SOURCE Innoventé Inc.For further information:
For further information and interview requests:
Director of Communications, Innoventé
Tel: (418) 692-1011 Ext. 200