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.
About 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.
SOURCE Innoventé Inc.
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