QUÉBEC CITY, March 2, 2012 /CNW Telbec/ - Innovente Inc. (TSX VENTURE:IGE) announced today that it has retained the services of Jasmin Financial Communications Inc. for the conception, implementation and monitoring of its financial communications strategy and to support the corporation in its management of investor relations.
The contract has an initial term of twelve (12) months and allows for fixed monthly fees of two thousand dollars ($2,000) per month as well as variable monthly fees of one hundred dollars ($100) per hour worked in excess of twenty (20) hours per thirty (30) day period.
In addition, the corporation granted to Jasmin Financial Communications Inc., in consideration of services to be rendered, thirty-five thousand (35,000) stock options that entitle Jasmin Financial Communications Inc. to purchase an aggregate of thirty-five thousand (35,000) common shares of the corporation's share capital, under the conditions set forth in the corporation's stock option plan.
In accordance with the stock option plan, each of the granted options entitles its holder to subscribe to one common share of the corporation at a price of $0.85 per share for a period of ten (10) years following the date of grant of such options. The options will vest gradually over a twelve (12) month period with twenty-five percent (25%) of the options vesting on each of the dates which are three (3) months, six (6) months, nine (9) months and twelve (12) months respectively, subsequent to the date of grant.
Innovente (TSX VENTURE:IGE) produces electricity from residual biomass. 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 Innovente'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 Innovente to extract water from waste and transform it into biofuel. In addition to intelligent electricity, Innovente produces useful heat and fertilizers and helps reduce greenhouse gas emissions.
Innovente's intelligent electricity is produced locally from waste and residues in the region where it operates. Innovente 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 according to an existing power purchase agreement. With this first plant, Innovente launches its growth strategy and plans to replicate this project in Canada, the U.S. and worldwide.
About Jasmin Financial Communications Inc.
Jasmin Financial Communications Inc. is a specialised financial communications and investor relations firm which sets itself apart through a long-term approach based on strategic counseling and business development activities for the benefit of its customers
Its president, Mr. Marc Jasmin, holds a professional accounting degree and has over 15 years of experience in the securities industry, namely as a retail broker, institutional salesperson, and as director of investor relations services of prominent Quebec companies.
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.
President Innovente Inc.
Marc Jasmin, C.M.A
Jasmin Financial Communications inc.