Innoventé inc.

Innoventé inc.

June 15, 2010 17:40 ET

Innovente Files a Preliminary Prospectus for an Offering of a Minimum of $6M and a Maximum of $12M and Announces the Nomination of its Directors

QUEBEC CITY, QUEBEC--(Marketwire - June 15, 2010) - INNOVENTE INC. (Innoventé or the Corporation) announces that it has received a receipt for its preliminary prospectus filed with the regulatory authorities in Quebec, Ontario, Alberta and British Columbia, with respect to an issue of shares and warrants to common shares for a minimum of $6M and a maximum of $12M. Copies of the preliminary prospectus may be obtained from Industrielle Alliance Securities Inc. 2200, avenue McGill College, office 350 Montreal (Quebec) H3A 3P8. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. The Corporation has also applied to list its shares on the TSX Venture Exchange.

Strategy and Objectives

Electricity generation from biomass in North America is greater than the sum of the electricity produced by solar, wind and geothermal combined. However, the industry is caught up with a serious dry biomass supply problem. North America produces a total of 2 billion tonnes of biomass a year, of which only 500 million tonnes are dry biomass and 1.5 billion tonnes are wet biomass (mainly organic residues). The high water content of wet biomass is lowering significantly its calorific value. In the objective of converting wet biomass into a dry biomass suitable for energy production, the water content must be greatly reduced.

The Corporation owns the exclusive marketing rights to the SHOC(TM)Process, used to turn organic waste into a dry biomass with high calorific value which is use to produce electricity. The SHOC(TM)Process, developed in the province of Quebec by scientists at the IRDA, is an innovative drying method that harnesses the heat produced by microorganisms by way of Biodrying. This drying technique is more than six times less costly than conventional drying methods. Wet biomass dried using the SHOC(TM)Process is turned into dry biomass pellets sold under the name BEFOR (BioEnergy From Organic Residues). BEFOR has a higher calorific value than bark, a type of dry biomass widely used for the production of energy. Using the SHOC(TM) Process, the corporation is able to have access to a biomass supply source three times greater than its competitors. Innoventé intends to use this advantage to become a leader in green energy production. 

The first site acquired in St-Patrice-de-Beaurivage (St-Patrice) (Quebec) by the Corporation was purchased in 2008 and is intended for the implementation of the SHOC(TM)Process. Innoventé is planning to generate 25,000 tonnes of BEFOR annually for the production of electricity from a 4.6 MW cogeneration plant (the "Cogeneration Plant"). This cogeneration plant will be built directly on the Saint-Patrice site and the electricity will be sold to Hydro-Québec under the terms of an agreement signed on February 11th 2010 to be approved by the Régie de l'énergie. The agreement calls for a 25 year contract with Hydro-Québec who will pay 0,12 $/KWh (2009 dollar) with annual indexing at 2,13%.

The Saint-Patrice site will become the first Biomass Conversion Center (BCC) in North America. Innoventé intends to rapidly replicate the BCC in Saint-Patrice in the province of Quebec, Canada and around the world.

Nominations to the Board of Directors

The Corporation also wishes to take the opportunity to announce the nomination of the following directors to the Board of Directors:

Richard Painchaud, President and CEO
   
Yves Filion, Chairman of the board
  President, Consultation Yves Filion inc.
  Former President, Hydro-Québec Distribution et TransÉnergie
   
Christian Rousseau, CA Managing Consultant
  Former Associate, Pricewaterhouse Coopers
   
Mario Jacob President, Maximus Capital inc.
   
Denis M. Sirois Vice-president, Télésystèmes Ltée.
   

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Innoventé to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

About Innoventé

Innoventé's strategic vision lies upon the construction of regional power stations and the use of locally-produced biomass. Innoventé owns the rights to an innovative drying technology that allows it to use a wide spectrum of biomasses. This technology will ensure biomass supply for electricity production. Hydro-Québec recently awarded Innoventé a 25-year contract to produce electricity from a 4.6 MW cogeneration plant to be built in Saint-Patrice-de-Beaurivage (Quebec).

Neither 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.

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