QUEBEC CITY, March 19, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innovente" or the "Corporation") announced that it has ordered and received an audit report from the
engineering firm Tetra Tech Industries (formerly BRP-Bechtel), in
relation to the construction and the commercial operation of its
cogeneration plant at St-Patrice-de-Beaurivage. This report concludes
that approximately 95% of the construction is now complete. In light of
this report, Innovente estimates that the commercial operation will
occur around mid-June.
The Corporation has informed its client, Hydro-Quebec Distribution, of
the new schedule for the commercial operation of the plant.
Following the conclusions of this report, Innovente estimates that the
total costs for the construction of the cogeneration plant will be
approximately $14M. "It was the right decision to purchase an existing
cogeneration plant. The final cost remains significantly below compared
to the purchase of a new plant." explains Richard Painchaud, President
and Chief Executive Officer of Innovente.
The Corporation is currently in discussions with institutional lenders
regarding a potential secured debt financing for a minimal amount of
$2M to finance the finalization of the construction of the plant, its
commissioning and the Corporation's working capital needs.
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 regarding forward-looking statements
Certain statements included herein may constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by
management when they are made, are inherently subject to significant
business, economic, and competitive uncertainties and contingencies.
Investors are cautioned not to place 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 other development.
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 press
SOURCE: Innoventé Inc.
For further information:
Director of Communications, Innovente
Tel: 418 692-1011 ext. 200