Vancouver, BC / ACCESSWIRE / July 9, 2014 / Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) (OTC:VRDSD), announced today that effective June 30, 2014 its subsidiary Scotia Atlantic Biomass Company Limited ("Scotia Atlantic") has entered into a strategic agreement with Halifax Grain Elevator Limited ("Halifax Grain"). Located in one of the most strategic ports in Canada for export to Europe, Halifax Grain will invest up to $1,000,000 in Viridis' subsidiary.
Halifax Grain, a dominant bulk grain handling and storage provider at the Port of Halifax, provides unique and segregated storage using 365 silos ready for transport via cargo ship, transport vehicle or rail car. This system, unlike most pellet storage facilities, allows for different grades of pellets to be stored. The Port of Halifax is the last stop for vessels heading east from the Great Lakes and the St. Lawrence Seaway to eastern North America and Europe.
"The Province of Nova Scotia is an ideal location for Viridis to continue its expansion on the east coast, given our valued relationship with Halifax Grain and the Port of Halifax, an advantageous shipping route to the rapidly growing market in Europe. Naturally, forming a strategic relationship with one of the principle operators at a key east bound port is fundamental to our tactical growth strategy," commented Christopher Robertson, CEO of Viridis.
Under the terms of the agreement, Halifax Grain will invest up to a total of $1,000,000 in Scotia Atlantic for a maximum 20% equity ownership in the Viridis subsidiary and work with Scotia Atlantic management in support of its operational objectives. Halifax Grain also provides Scotia Atlantic with inland transportation (trucking) in addition to storage and handling at the Port of Halifax.
"This strategic partnership is one that benefits all Nova Scotians," said George Malec, Vice President, Business Development and Operations, Halifax Port Authority. "What this does is strengthens the biomass industry in our province which is good for employment and good for the economy. We welcome and encourage this type of private sector investment and we look forward to our continued work with both Viridis Energy and Halifax Grain."
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
About Viridis Energy Inc.
Viridis Energy Inc. (TSXV:VRD) (OTC:VRDSD) is a publicly traded, "Cleantech" manufacturer and distributor of renewable energy providing wood waste biomass fuel to global residential and industrial markets. Located in Vancouver, B.C., Viridis operates Viridis Merchants (Canada) Ltd., Okanagan Pellet Company Inc., Scotia Atlantic Biomass Company Limited and Viridis Merchants Inc., thus providing the company with vertical integration for distribution and manufacturing as well as coast to coast national presence. For more information on Viridis 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.