QUÉBEC, Dec. 20,
2013 /CNW Telbec/ - Innoventé Inc. (TSXV: IGE) ("Innoventé"
or the "Corporation") today presented an update and its quarterly
results for the period ended October 31,
2013, a quarter that featured the generation of its first
revenues.
Highlights and update
- The Corporation proceeded to the commercial commissioning of
its first power plant in Saint-Patrice-de-Beaurivage and began the
delivery of power under its power purchase agreement with
Hydro-Québec. The Corporation thus generated its first
revenues from energy sales. Since its commissioning, the plant
produces power from forest residues. Biodryers are scheduled to
gradually be put in service through the fall of 2014 and the
Corporation will use funds from a previously announced
Investissement Québec financing and a recently obtained
contribution from Canada Economic Development to cover the related
costs estimated at $1.9 million.
- In November, the Corporation completed the acquisition of the
former RockTenn cardboard mill in Matane, in order to develop a 7.2 MW
cogeneration power plant in accordance with the 25-year agreement
already made with Hydro-Québec.
- The Corporation began the first steps leading to the
construction of the Trois-Rivières plant. In July 2013, the Corporation made an agreement for
the acquisition of an existing cogeneration power plant in
New Hampshire, which the
Corporation plans to dismantle and rebuild in Trois-Rivières.
- For the commissioning of the Trois-Rivières and Matane plants, Innoventé estimates its
financing needs at approximately $64
million. The Corporation is working to raise the necessary
financing and anticipates such financing to be mainly from debt or
other contributions.
- The Hydro-Québec Power Purchase Program for electricity
produced by cogeneration from forest residual biomass cogeneration,
under which the Corporation obtained its Trois-Rivières and
Matane contracts, which was
scheduled to end in December 2013,
has been extended by one year. Innoventé is considering the
opportunity of submitting new projects in connection with this
program.
Financial statements for the periods ended October 31, 2013 and 2012 (unaudited)
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Quarters ended
October 31 |
Six-month periods
ended October 31 |
|
2013
$ |
2012
$ |
2013
$ |
2012
$ |
Revenues |
114,594 |
- |
114,594 |
- |
Operating expenses |
558,480 |
- |
558,480 |
- |
Research and development
expenses |
71,586 |
709,770 |
330,732 |
1,111,309 |
Administration expenses |
340,746 |
137,654 |
833,518 |
253,900 |
Financial expenses |
109,481 |
- |
109,481 |
- |
Overall net income/loss |
962,476 |
802,796 |
1,703,280 |
1,318,224 |
Basic and diluted loss per share |
0.022 |
0.021 |
0.040 |
0.034 |
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October 31, 2013
$ |
April 30, 2013
$ |
Cash and cash equivalents |
1,072,022 |
1,639,178 |
Total assets |
24,055,618 |
21,738,627 |
Total non-current liabilities
(including current portion of long-term debt due in less than one
year) |
12,428,855 |
10,789,065 |
- Innoventé realized sales revenues of $114,594, including energy sale revenues of
$108,050, for the period between the
commercial commissioning of the Saint-Patrice-de-Beaurivage facility and the
end of the quarter;
- Innoventé made disbursements of $1,539 294 for tangible fixed assets, mainly for
its Saint-Patrice-de-Beaurivage
facility;
- Innoventé received gross proceeds of $1,000,000 from a private placement of common
shares with the Caisse de dépôt et placement du Québec;
- Innoventé received amounts of financing by long-term borrowing
for a total of $1,000,000, mainly
from Investissement Québec for an amount of $500,000 and from its bankers for $450,000; and
- The net loss is $962,476
($0.022 per share) for the
quarter and $1,703,280 ($0.040 per share) for the six-month period
ended October 31, 2013, compared to a
net loss of $802,796 ($0.013 per share) for the same quarter of 2012
and 1 318 224 $ for the six-month period ended October 31, 2012,
Granting of stock options
The Corporation granted a total of 100,000 stock
options to one of its officers. Each stock option allows its holder
to subscribe for one common share of the Corporation at a price of
$0.70 per share and may be exercised
during a 10-year period after the grant date. These options will be
acquired over a four-year period and are governed by the
Corporation's Stock Option Plan.
About Innoventé
Based in Québec City, Innoventé produces
renewable energy and provides communities with a green and
sustainable solution for the management or organic residues through
its technology patented in Canada
and the United States. Innoventé's
shares are listed on the TSX Venture Exchange under the symbol IGE
(TSXV: IGE). innovente.ca.
Additional information regarding the periods
ended October 31, 2013 and
2012
The financial information for the periods ended
October 31, 2013 and 2012 should also
be read in conjunction with the Corporation's annual financial
statements and Management's Discussion and Analysis for the years
ended April 30, 2013 and 2012 dated
August 26, 2013. These documents are
available at sedar.com.
Method of presentation of information
The financial information for the periods ended
October 31, 2013 and April 30, 2013 was established in accordance with
International Financial Reporting Standards (« IFRS »),
as published by the International Accounting Standards Board
(« IASB »).
Caution Regarding Forward-Looking
Information
Certain statements contained in this document,
including those that express management's expectations or estimates
regarding the Corporation's future performance, are
"forward-looking information" within the meaning of applicable
securities legislation. Forward-looking information is necessarily
based on a certain number of estimates and assumptions which, while
considered plausible by the management when they are made, are
inherently subject to significant commercial, economic and
competitive risks and uncertainties. We advise investors not to
rely unduly on forward-looking information. The Corporation further
declines any intention or obligation to publicly update this
forward-looking information, whether due to new information, or
future or other events.
Neither the TSX Venture Exchange nor its
regulation service provider (as these terms are defined in policies
of the TSX Venture Exchange) bears responsibility for the adequacy
or accuracy of this press release.
SOURCE Innoventé Inc.