Viridis Energy Secures a Multi-Year Off-Take Agreement Totaling $15.5 million Over Four Years
18 Abril 2011 - 12:40PM
Marketwired
Viridis Energy Inc. ("Viridis" or the "Company") (TSX-V: VRD)
(OTCQX: VRDSF), a "Cleantech" manufacturer and distributor of
alternative energy providing biomass fuel to global residential and
industrial markets, announced today that it has entered into an
off-take agreement with a major British Columbia-based wood pellet
producer through which Viridis' Kelowna, BC facility (Okanagan
Pellet Company) will supply a minimum 166,000 tonnes of wood
pellets through 2014 for export to Europe. The agreement is valued
at approximately $15.5 million. Viridis has commenced shipping.
Terms of the agreement calls for a minimum of 22,000 tonnes of
wood pellets in 2011 and 48,000 tonnes each in 2012-2014. The wood
pellets are shipped in bulk to the port, and then the pellets are
exported to Europe. Wood pellet exports from North America to
Europe have doubled over the last two years totaling 1.6 million
tons in 2010; Canada shipped 1.0 million tons of the total, reports
the North American Wood Fiber Review. The European Union has stated
that by 2020, at least 20 percent of total energy consumption
should be supplied by renewable energy resources.
Commenting on the agreement, Chris Robertson, Viridis' chief
executive officer, said, "The pace at which society is moving
towards economical, renewable energy sources is gaining momentum,
and as the most reliable of renewable biomass, the demand for wood
pellets is growing. This off-take agreement will generate
approximately $2 million of additional revenue for Viridis in the
current year and $4.5 million per year from 2012 through 2014." Mr.
Robertson added, "Viridis' focus on quality and dependable,
sustainable access to raw material, such as beetle-kill pine wood,
is firmly establishing the company's brand as a key source of
premium renewable energy products."
About Viridis Energy Inc. Viridis Energy
Inc. (TSX-V: VRD) is a publicly traded, "Cleantech" alternative
energy company specializing in the agricultural and wood waste
biomass. Located in Vancouver, B.C., Viridis Energy operates
Cypress Pacific Marketing and Okanagan Pellet Company, two
acquisitions in the wood pellet sector, thus providing the company
with vertical integration for distribution and manufacturing.
For more information on Viridis Energy Inc. please refer to the
company website at www.viridisenergy.ca.
Forward-looking Statements Certain
statements in this release are forward-looking statements, which
reflect the expectations of management regarding the Company's
future operations. Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a continued
downturn in general economic conditions in North America and
internationally, (2) the inherent uncertainties associated with the
demand for biofuels, (3) the risk that the Company does not execute
its business plan, (4) inability to finance operations and growth
(5) inability to retain key management and employees, (6) ; an
increase in the number of competitors with larger resources, and
(7) other factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release and the Company intends to update such forward looking
information in the Company's MD&A in the event that actual
results differ materially from such forward-looking statements
contained herein. Additional information about these and other
assumptions, risks and uncertainties are set out in the "Risks and
Uncertainties" section in the Company's MD&A filed with
Canadian security regulators.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Investor Contact: Yvonne L. Zappulla Managing Director
Grannus Financial Advisors, Inc. 212-681-4108
Yvonne@GrannusFinancial.com Company Contact: Michele Rebiere
Chief Financial Officer Viridis Energy Inc 905-847-5226
investorinfo@viridisenergy.ca
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