Innovente Inc.

Innovente Inc.

May 09, 2011 16:02 ET

Innovente Inc. Appoints Martin Lemay as Chief Financial Officer

QUEBEC, QUEBEC--(Marketwire - May 9, 2011) - Innoventé Inc. (TSX VENTURE:IGE) (the "Company"), a leader in the production of intelligent electricity from organic waste, is pleased to announce the appointment of Martin Lemay as its Chief Financial Officer. He succeeds Pierre Massicotte in this position.

Mr. Lemay holds a degree in Business Administration (BBA) from Université Laval (QC) and is a Chartered Accountant (CA). He has over 18 years of finance and accounting experience, mainly in the public company domain. Mr. Lemay previously worked with Atrium Innovations Inc. as Director of Finance for seven years until his promotion to VP of Finance in 2008.

"We are very proud to have Mr. Lemay on our team," said Richard Painchaud, President and CEO of Innoventé. "With his many years of experience with public companies, Mr. Lemay brings the expertise we need to poise the company for growth."

"It is with pleasure that I join Innoventé. I intend to use my experience and knowledge to help enhance Innoventé's success as a public company," said Mr. Lemay.

As an officer of Innoventé, Mr. Lemay has been awarded 125,000 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 December 20, 2020.

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 Institute of Research and Development for the Agro-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, 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, which will be sold to Hydro-Québec over a 25 years period. With this first plant, Innoventé starts its growth strategy and plans to replicate this project elsewhere in Quebec, Canada and across the world.

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.

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.

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