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, indexed annually.
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.
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SOURCE: Innoventé Inc.
For further information:
and interview requests:
Communications Director, Innoventé
Tel: 581 998-7891