QUEBEC CITY,
Sept. 27, 2013 /CNW Telbec/ -
Innovente inc. (TSXV: IGE) ("Innovente" or the "Corporation")
announces its quarterly results for the quarter ended July 31, 2013.
Highlights for the Quarter Ended July
31, 2013
- The Corporation announced the execution of a 25-year power
supply agreement for the production of 7.2 MW of electricity with
Hydro-Québec Distribution, for the development of a biomass
cogeneration power station in Matane. Commissioning is scheduled for
2015;
- Construction of the Saint-Patrice-de-Beaurivage power plant has
been completed and the Corporation produced its first kilowatt
hours. To this day, Innovente has delivered produced kilowatt hours
on Hydro-Québec's network, invoiced at the rate established for
kilowatt hours in testing period. The Corporation is currently
completing the last compliance tests before commercial
commissioning;
- The Corporation undertook, pursuant to the terms of a letter of
intent, to acquire the main assets of a paperboard mill located in
Matane. In consideration, the
Corporation undertook to pay $75,000
to the vendor and to assume certain liabilities estimated at
$3,000,000. The completion of the
asset acquisition is contingent upon the fulfilment of certain
preconditions; and
- The Corporation signed a letter of intent to acquire the assets
of a cogeneration plant located in New
Hampshire, United States,
for US$850,000, with a view to
dismantling it and reassembling it in the context of the biomass
cogeneration power station project of the Corporation in
Trois-Rivières. Upon entering into the agreement, the Corporation
made a US$50,000 deposit. The
completion of the asset acquisition is contingent upon the
fulfilment of certain preconditions.
Financial results for the Quarter Ended
July 31, 2013 (unaudited)
- Innovente disbursed $1,133,122 in
property, plant and equipment, mainly for its plant located in
Saint-Patrice-de-Beaurivage;
- Innovente received an amount of $525,000 from its long-term financing facilities.
The Corporation also received amounts totaling $403,458 from government grants and governmental
assistance; and
- Net loss for the quarter ended July 31,
2013 was $740,804
($0.017 per share) comparatively to a
net loss of $515,428 ($0.013 per share) for the same quarter of
2012.
|
|
|
Quarters ended July 31 |
|
2013
$ |
2012
$ |
Revenues |
— |
— |
Research and development costs |
259,146 |
401,539 |
Administrative expenses |
492,772 |
116,246 |
Net loss and comprehensive loss |
740,804 |
515,428 |
Basic and diluted loss per share |
0.017 |
0.013 |
|
|
|
|
July 31, 2013
$ |
July 31, 2012
$ |
Cash and cash equivalents |
1,296,341 |
1,639,178 |
Total assets |
22,755,037 |
21,738,627 |
Total non-current liabilities (including current
portion of long-term debt) |
11,463,148 |
10,789,065 |
Annual General and Special Meeting of
Shareholders
The Corporation announces today that its
shareholders have approved all resolutions which were disclosed in
the Corporation's Management Information Circular dated
August 26, 2013 and put forth
for vote at the Annual General and Special Meeting of Shareholders
of the Corporation held in Québec City, Québec on yesterday.
Shareholders re-elected all directors to the Corporation's board of
directors: Richard Painchaud,
Yves Filion, Christian Rousseau, Daniel Marchand, Normand
Bergeron and Pierre B.
Meunier. Shareholders voted for the re-appointment of Ernst
& Young, LLP, as auditor of the Corporation for the next fiscal
year and approved the amended and restated stock option plan of the
Corporation.
Warrants
On September 17,
2013, the Corporation announced that it has issued
non-transferable warrants to Investissement Québec ("IQ") relating
to a loan in the aggregate amount of $2,000,000. These warrants will entitle IQ to
subscribe to up to 470,588 common shares of Innovente at a price of
$0.85 per share, proportionally with
the disbursements that will be made by IQ, for a period of 36
months following each disbursement, but no later than September 1st, 2018, as opposed to December 1st, 2018 as previously announced.
About Innovente
Based in Québec 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. Innovente's
shares are listed on the TSX Venture Exchange under the symbol IGE
(TSXV: IGE). www.innovente.ca
Additional information in regards to the
quarters ended July 31, 2013 and
2012
The financial information in regards to the
quarters ended July 31, 2013 and 2012
should be read in conjunction with the Corporation's annual
financial statements and the Management's Discussion and Analysis
for the fiscal years ended April 30,
2013 and 2012 dated September 26,
2013. These documents are available at www.sedar.com
Method of presentation of information
The financial information for the years ended
April 30, 2013 and 2012 was
established in accordance with International Financial Reporting
Standards ("IFRS"), as published by the International Accounting
Standards Board ("IASB").
Disclaimer in regards to forward-looking
statements
Certain statements included herein, including
those that express management's expectations or estimates of our
future performance, 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.
SOURCE Innoventé Inc.