QUEBEC CITY,
March 29, 2013 /CNW Telbec/ -
Innovente inc. (TSXV: IGE) ("Innovente" or the "Corporation")
announces its quarterly results for the periods ended January 31, 2013.
Financial highlights for the quarter
- The Corporation is continuing with the construction of its
plant located in Saint-Patrice-de-Beaurivage. As of this date,
the Corporation estimates that 95% of the project in Saint-Patrice-de-Beaurivage is completed and
Innovente estimates that the commercial operation may or will occur
around mid-June 2013;
- On January 10, 2013, the
Corporation completed a private placement of common shares at a
price of $0.55 per common share for
total gross proceeds of $2,260,150;
- On January 16, 2013, the
Corporation entered into a loan agreement with Investissement
Québec for a loan of an amount of up to $2,000,000. No disbursement under this loan has
been made as of this date; and
- The Corporation received two tranches totalling $1,350,000 from its pari passu loan from National
Bank of Canada and Caisse
Desjardins de La Nouvelle-Beauce, in February and March 2013.
| Financial
results |
| For the
periods ended January 31 (in $CAD) unaudited |
| Data from the Statement of Loss and
Comprehensive Loss |
| |
Quarters ended |
|
Nine-month periods ended |
| |
January 31,
2013 |
January 31, 2012 |
|
January 31, 2013 |
January 31,
2012 |
| Operating revenues |
- |
- |
|
- |
- |
| Net loss and comprehensive loss |
(708,389) |
(659,155) |
|
(2,026,613) |
(1,144,273) |
| Basic and diluted loss
per share |
(0.018) |
(0.019) |
|
(0.052) |
(0.037) |
| Data from the Statement of
Financial Position |
| |
|
|
|
January 31, 2013 |
April 30,
2012 |
| Cash and cash equivalents |
|
|
|
1,185,101 |
1,697,307 |
| Total assets |
|
|
|
19,480,453 |
12,443,662 |
Additional information in regards to the
periods ended January 31,
2013
The financial information in regards to the
periods ended January 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,
2012 and 2011 dated August 21,
2012. These documents are available at www.sedar.com
Financial reporting method
The financial information related to the periods
ended January 31, 2013 and 2012 has
been prepared in accordance with International Financial Reporting
Standards (IFRS), as issued by the International Accounting
Standards Board (IASB) and set out in the Canadian Institute of
Chartered Accountants Handbook for the preparation of interim
financial statements.
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 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.