Innovente Inc.

Innovente Inc.

September 22, 2011 16:20 ET

Innovente Commissions Its Biocombustible Production Process and Appoints an Interim Financial Officer

QUEBEC CITY, QUEBEC--(Marketwire - Sept. 22, 2011) - INNOVENTE INC. (TSX VENTURE:IGE) (the "Company") is pleased to announce the commissioning of its biocombustible production process at its St. Patrice plant near Quebec City. "The commissioning represents an important step for Innoventé. It demonstrates the economic and environmental viability of our innovative biodrying process," said Richard Painchaud, President and CEO of Innoventé. For the past three months, more than 1000 tons of wet organic waste, including industrial sludges, agricultural residues and manures, were converted into a solid biocombustible with a high calorific value. The commissioning shows the industrial scale efficiency of Innoventé's patented biodrying process, for which the Company owns worldwide marketing rights.

From a technical perspective, the drying capacity exceeds the Company's original goals and confirms the biocombustible product has a higher calorific value than wood bark. This biocombustible will eventually represent the main feedstock for the combined heat and power (CHP) plant to be built on the same site in the coming months. At full capacity, the biodryers will transform 50,000 tons of wet organic waste per year into approximately 30,000 tons of biocombustible.

In financial terms, the commissioning of the biodrying process confirms the operating costs previously evaluated in pilot and semi-industrial tests.

CHP Plant Progress

In addition to its biodrying activities, Innoventé is in the final stages of transferring the Roddickton, Newfoundland CHP plant acquired from Newfoundland and Labrador Corporation (NALCOR) in February to St. Patrice. To date, 60% of the CHP plant's components have been relocated to the St. Patrice site where the plant will be rebuilt. The project is on target in terms of schedule and budget, with equipment relocation to be completed in October. The plant's commercial operations and the first sales of electricity to Hydro-Quebec are planned for Fall, 2012.

Appointment of Interim Financial Officer

Innoventé also announces the departure of Chief Financial Officer Martin Lemay, effective September 23. The Company thanks Mr. Lemay for his dedicated work and wishes him well in his future endeavors. Isabelle Jomphe, C.A., will assume his responsibilities on an interim basis. Ms. Jomphe brings 11 years of financial experience, including four years as corporate controller for a public company.

As an officer of Innoventé, Ms. Jomphe has been awarded 100,000 stock options. Pursuant to the terms of the Company's stock option plan, each option grants the holder of such option the right to purchase a common share of the Company at a price of $0.85 per share no later than September 16, 2021.

About Innoventé Inc.

Innoventé produces electricity from organic waste and residues. We call this intelligent electricity because it does not require fossil fuels, nuclear fission products or disruption of the food chain.

At the heart of Innoventé's technologies is a patented drying process, developed over the last 10 years by the Research and Development Institute for the Agri-Environment (IRDA). This biological drying process (biodrying) allows Innoventé to extract water from waste and transform it into biofuel. In addition to intelligent electricity, Innoventé produces useful heat and fertilizers, and helps reduce greenhouse gas emissions.

Innoventé's intelligent electricity is produced locally from waste and residues located in the region where it operates. Innoventé is completing its first plant in St. Patrice, Quebec. The plant will produce 4.6 MW of electricity that will be sold to Hydro-Québec over a 25-year period. With this first plant, Innoventé launches its growth strategy and plans to replicate this project in Canada, the U.S. and worldwide.

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 INNOVENTE INC. to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

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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