QUEBEC CITY, Sept. 22, 2011 /CNW Telbec/ - INNOVENTE INC. (TSX
VENTURE:IGE) (the "Company") is pleased to announce the commissioning
of its biocombustible production process at its St. Patrice plant near
Quebec City. "The commissioning represents an important step for
Innoventé. It demonstrates the economic and environmental viability of
our innovative biodrying process," said Richard Painchaud, President
and CEO of Innoventé. For the past three months, more than 1000 tons of
wet organic waste, including industrial sludges, agricultural residues
and manures, were converted into a solid biocombustible with a high
calorific value. The commissioning shows the industrial scale
efficiency of Innoventé's patented biodrying process, for which the
Company owns worldwide marketing rights.
From a technical perspective, the drying capacity exceeds the Company's
original goals and confirms the biocombustible product has a higher
calorific value than wood bark. This biocombustible will eventually
represent the main feedstock for the combined heat and power (CHP)
plant to be built on the same site in the coming months. At full
capacity, the biodryers will transform 50,000 tons of wet organic waste
per year into approximately 30,000 tons of biocombustible.
In financial terms, the commissioning of the biodrying process confirms
the operating costs previously evaluated in pilot and semi-industrial
CHP Plant Progress
In addition to its biodrying activities, Innoventé is in the final
stages of transferring the Roddickton, Newfoundland CHP plant acquired
from Newfoundland and Labrador Corporation (NALCOR) in February to St.
Patrice. To date, 60% of the CHP plant's components have been relocated
to the St. Patrice site where the plant will be rebuilt. The project is
on target in terms of schedule and budget, with equipment relocation to
be completed in October. The plant's commercial operations and the
first sales of electricity to Hydro-Quebec are planned for Fall, 2012.
Appointment of Interim Financial Officer
Innoventé also announces the departure of Chief Financial Officer Martin
Lemay, effective September 23. The Company thanks Mr. Lemay for his
dedicated work and wishes him well in his future endeavors. Isabelle
Jomphe, C.A., will assume his responsibilities on an interim basis. Ms.
Jomphe brings 11 years of financial experience, including four years as
corporate controller for a public company.
As an officer of Innoventé, Ms. Jomphe has been awarded 100,000 stock
options. Pursuant to the terms of the Company's stock option plan, each
option grants the holder of such option the right to purchase a common
share of the Company at a price of $0.85 per share no later than
September 16, 2021.
About Innoventé Inc.
Innoventé produces electricity from organic waste and residues. We call
this intelligent electricity because it does not require fossil fuels,
nuclear fission products or disruption of the food chain.
At the heart of Innoventé's technologies is a patented drying process,
developed over the last 10 years by the Research and Development
Institute for the Agri-Environment (IRDA). This biological drying
process (biodrying) allows Innoventé to extract water from waste and
transform it into biofuel. In addition to intelligent electricity,
Innoventé produces useful heat and fertilizers, and helps reduce
greenhouse gas emissions.
Innoventé's intelligent electricity is produced locally from waste and
residues located in the region where it operates. Innoventé is
completing its first plant in St. Patrice, Quebec. The plant will
produce 4.6 MW of electricity that will be sold to Hydro-Québec over a
25-year period. With this first plant, Innoventé launches its growth
strategy and plans to replicate this project in Canada, the U.S. and
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties and other factors that may cause
actual results, performance and achievements of INNOVENTE INC. to be
materially different from any future results, performance or
achievements expressed or implied by the said forward-looking
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is 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:
Director of Communications
+1-418-692-1011 ext. 200