Viridis Energy to Upgrade Scotia Atlantic Biomass Operational Facilities with Support from the Government of Nova Scotia
24 April 2014 - 9:29PM
Access Wire
VANCOUVER, BC / ACCESSWIRE / April 24, 2014 / Viridis Energy
Inc. ("Viridis" or the "Company") (TSXV: VRD), a "Cleantech"
manufacturer and distributor of renewable energy providing waste
biomass fuel to global residential and industrial markets,
announced today that its subsidiary, Scotia Atlantic Biomass
Company Limited ("Scotia") has been awarded a Capital Investment
Incentive of up to C$517,520 (the "Incentive") by the Government of
Nova Scotia. Initial proceeds from the Incentive will be used for
the purchase new capital equipment to improve production facilities
at Scotia's plant. Additional proceeds from the Incentive will be
drawn over the next several months.
The Incentive will be used specifically to purchase a Truck
Dumper with a 6200 cubic foot hopper and an Intalogix weigh scale
designed to improve the unloading of fiber, increase the types of
trucks and sources that can be utilized, and importantly increase
the amount of fiber delivered per truck load by up to 40%. In
addition, Viridis will purchase a Destoner to improve the quality
of material through the process, enhancing the Scotia plant's
productivity and output quality while ensuring less downtime.
Commenting on the incentive award, Christopher Robertson,
Viridis' CEO, said, "Since restarting operations late last year in
our Scotia plant, we have been implementing process efficiencies
that should support full production by the second half of 2014.
Considering the growing demand for wood pellets in Europe combined
with Nova Scotia's access to transatlantic ports, we are committed
to developing our Scotia operations into a key component of Nova
Scotia's economy. We are very appreciative of the ERDT's
support."
"This program makes the most out of the opportunities businesses
identify, and the investments those businesses make to capitalize
on that potential," said Nova Scotia Economic and Rural Development
and Tourism Minister Michel Samson. "Government is pleased to be
able to partner with Scotia Atlantic Biomass as the company becomes
more productive and pursues trade opportunities in strategic
overseas markets."
The Capital Investment Incentive Program, administered by Nova
Scotia's Department of Economic and Rural Development and Tourism
("ERDT"), encourages Nova Scotia businesses to become more
innovative and productive by reimbursing up to 20 per cent of the
cost of advanced equipment to a maximum of $1-million. For more
information, visit www.novascotia.ca/econ .
Viridis Investor Contact:
Yvonne L. Zappulla
Managing Director
Grannus Financial Advisors, Inc.
212-681-4108
Company Contact:
Michele Rebiere
Chief Financial Officer
Viridis Energy Inc
905-847-5226
investorinfo@viridisenergy.ca
Government of Nova Scotia Contact:
Tina Thibeau
Economic and Rural Development and Tourism
902-424-5836
Cell: 902-483-6104
thibeatd@gov.ns.ca
About Viridis Energy Inc.
Viridis Energy Inc. (TSXV: VRD) is a publicly traded,
"Cleantech" alternative energy company specializing in the
agricultural and wood waste biomass. Located in Vancouver, B.C.,
Viridis Energy operates Cypress Pacific Marketing, Okanagan Pellet
Company and Scotia Atlantic Biomass, thus providing the company
with vertical integration for distribution and manufacturing as
well as coast to coast national presence. For more information on
Viridis Energy Inc. please refer to the company website at
www.viridisenergy.ca.
Forward-looking Statements
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company's future operations. Forward-looking statements consist
of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management's current views
and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and
uncertainties could cause our actual results to differ materially
from those expressed or implied by the forward-looking statements,
including: (1) a continued downturn in general economic conditions
in North America and internationally, (2) the inherent
uncertainties associated with the demand for biofuels, (3) the risk
that the Company does not execute its business plan, (4) inability
to finance operations and growth (5) inability to finance the
start-up operations in Nova Scotia in a timely manner (6) inability
to retain key management and employees, (7) an increase in the
number of competitors with larger resources, and (8) other factors
beyond the Company's control. These forward-looking statements are
made as of the date of this news release and the Company intends to
update such forward looking information in the Company's MD&A
in the event that actual results differ materially from such
forward-looking statements contained herein. Additional information
about these and other assumptions, risks and uncertainties are set
out in the "Risks and Uncertainties" section in the Company's
MD&A filed with Canadian securities regulators.
Neither the 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.
SOURCE: Viridis Energy Inc.
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