Innoventé inc.

Innoventé inc.

January 26, 2011 15:22 ET

INNOVENTE Launches U.S Operations

QUEBEC CITY, QUEBEC--(Marketwire - Jan. 26, 2011) - INNOVENTE INC. (TSX VENTURE:IGE) (the "Company), a leader in producing clean energy from organic waste, is pleased to announce the launch of its U.S operations with the addition of Holly Flesh as President of Innoventé U.S.A division.

Based in Boston, Massachusetts, Ms. Flesh brings 10 years of clean energy experience, including co-founding GreenFuel Technologies, one of the first algae to biofuel companies in the U.S. As Vice President of Business Operations, Ms. Flesh helped raise over $33M from Polaris Venture Partners, Draper Fisher Jurvetson, Access Private Equity and other private investors. She oversaw finance, accounting, HR, legal and IT functions.

"The wide experience and knowledge brought by Ms. Flesh to our team represent a unique opportunity for Innoventé," says Richard Painchaud, Innoventé's CEO. " We strongly believe that Ms. Flesh's guidance of our entry into the U.S. will contribute to Innoventé's growth."

"By focusing on readily available, local feedstocks, Innoventé transforms organic waste from a liability to distributed energy," said Ms. Flesh. "A unique technology, an experienced team led by Richard Painchaud, a successful cleantech veteran, and a 25-year contract to sell electricity to Hydro-Québec give Innoventé the fundamentals to achieve major success in the U.S. and globally."

As an officer of Innoventé, Ms. Flesh 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 December 20, 2020.


INNOVENTE owns exclusive commercialization rights for an innovative technology that allows production of green energy using organic waste. Each region produces different types of agricultural, municipal and industrial waste (manure, municipal sludge, food processing sludge, etc.) which are costly to dispose of and often cause serious environmental problems. Through the development of regional power stations, INNOVENTE wishes to create solutions for organic waste management, energy security and reduction of greenhouse gases. Hydro-Québec (acting through its division Hydro-Québec Distribution) recently awarded INNOVENTE a 25-year electricity supply contract to produce electricity from a cogeneration plant with a 4.6 MW capacity to be built in Saint-Patrice-de-Beaurivage (Québec). INNOVENTE's strategic vision lies upon developing power stations throughout regions in Québec, in 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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