Innovente announces its quarterly results

QUEBEC CITY, March 29, 2013 /CNW Telbec/ - Innovente inc. (TSXV: IGE) ("Innovente" or the "Corporation") announces its quarterly results for the periods ended January 31, 2013.

Financial highlights for the quarter

  • The Corporation is continuing with the construction of its plant located in Saint-Patrice-de-Beaurivage. As of this date, the Corporation estimates that 95% of the project in Saint-Patrice-de-Beaurivage is completed and Innovente estimates that the commercial operation may or will occur around mid-June 2013;
  • On January 10, 2013, the Corporation completed a private placement of common shares at a price of $0.55 per common share for total gross proceeds of $2,260,150;
  • On January 16, 2013, the Corporation entered into a loan agreement with Investissement Québec for a loan of an amount of up to $2,000,000. No disbursement under this loan has been made as of this date; and
  • The Corporation received two tranches totalling $1,350,000 from its pari passu loan from National Bank of Canada and Caisse Desjardins de La Nouvelle-Beauce, in February and March 2013.

Financial results
For the periods ended January 31 (in $CAD) unaudited
Data from the Statement of Loss and Comprehensive Loss
  Quarters ended    Nine-month periods ended
  January 31, 2013 January 31, 2012   January 31, 2013 January 31, 2012
Operating revenues - -   - -
Net loss and comprehensive loss (708,389) (659,155)   (2,026,613) (1,144,273)
Basic and diluted loss per share (0.018) (0.019)   (0.052) (0.037)
Data from the Statement of Financial Position
        January 31, 2013 April 30, 2012
Cash and cash equivalents       1,185,101 1,697,307
Total assets       19,480,453 12,443,662

Additional information in regards to the periods ended January 31, 2013

The financial information in regards to the periods ended January 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, 2012 and 2011 dated August 21, 2012. These documents are available at www.sedar.com

Financial reporting method

The financial information related to the periods ended January 31, 2013 and 2012 has been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and set out in the Canadian Institute of Chartered Accountants Handbook for the preparation of interim financial statements.

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 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.

For further information:

Investor relations     
Ms. Marjolaine Giasson
Chief Financial Officer
Innovente inc.
418 692-1011 ext. 206
mgiasson@innovente.ca

Media relations 
Ms. Caroline Bouchard
Director of communications
Innovente inc.
418 692-1011 ext. 200
cbouchard@innovente.ca

Profil de l'entreprise

Innoventé Inc.

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