Innovente Inc.
TSX VENTURE : IGE

Innovente Inc.

August 01, 2011 12:15 ET

Innovente Inc. Appoints Sebastien Prince-Richard As Vice President of Business Development

QUEBEC CITY, QUEBEC--(Marketwire - Aug. 1, 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 Sébastien Prince-Richard as Vice President of Business Development.

Mr. Prince-Richard has over 10 years of experience in the clean technology sector, including the last four as Applications, Screening and Evaluation Manager for Sustainable Development Technology Canada (SDTC). He holds Bachelor's and Master's degrees in Mechanical Engineering from Laval University (Québec) and the University of Victoria (BC) respectively. In addition, Mr. Prince-Richard successfully completed all three levels of the Chartered Financial Analyst program (CFA).

"We are very happy to welcome Mr. Prince-Richard to our team. He has the qualities and deep experience needed to help Innoventé develop new markets and target business opportunities" said Richard Painchaud, President and CEO of Innoventé.

As an officer of Innoventé, Mr. Prince-Richard 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 July 13, 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 across the world.

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.

Contact Information