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.
About Innovente
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 release.
SOURCE Innoventé Inc.