MATANE, QC, Nov. 22, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE)
("Innoventé" or the "Corporation") is pleased to announce that it has
completed the asset acquisition of the RockTenn former board mill in
Matane through its wholly owned subsidiary.
Innoventé intends to build on the 45 hectare lot, in the RockTenn former
board mill located in the Matane industrial park, a 7.2 MW cogeneration
plant using biocombustible from forest, industrial, agricultural and
municipal residues to produce electricity.
The Corporation has entered into a power purchase agreement with
Hydro-Québec Distribution for this plant. The contract provides for the
production of a minimum of 56,765 / MWh annually, over a period of 25
years and that Hydro-Québec undertakes to purchase the electricity
produced by the plant for a price of $106 / MWh in 2011 dollars,
It is expected that the conversion project, estimated at $20 million,
will begin in the upcoming months and will employ up to 100 people
during this phase. It is also expected that the new cogeneration plant
operation will create about forty permanent jobs.
"Today, we turn an important page in the history of Matane region, for
the workers of this plant and the population. I wish Mr. Painchaud and
all of its team a warm welcome. I am convinced that their vision of the
economic and sustainable development of our region will lead us to a
bright future." says the Minister and the Member for Matane-Matapédia,
Mr. Pascal Bérubé.
"This acquisition is the result of a very good collaboration between
Innoventé, RockTenn, the City of Matane and the Québec government."
declares Mr. Richard Painchaud, President of Innoventé. He also adds
that "we are now in a position to begin the plant's first modification
stages which will lead us to commercial operation in 2015."
The asset purchase price, which will not exceed $ 3,500,000, will be
determined and payable in accordance with certain terms and milestones,
as provided in the asset purchase agreement entered into between
RockTenn and Innoventé.
Based in Quebec 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 TSX Venture Exchange
under the 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 the future performance of the
Corporation, 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.
Image with caption: "Innoventé Inc. (CNW Group/Innoventé Inc.)". Image available at: http://photos.newswire.ca/images/download/20131122_C4115_PHOTO_EN_33753.jpg
SOURCE: Innoventé Inc.
For further information:
and interview requests:
Communications Director, Innoventé
Tel: 581 998-7891