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
Grannus Financial Advisors, Inc.
Chief Financial Officer
Viridis Energy Inc
Government of Nova Scotia Contact:
Economic and Rural Development and Tourism
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.
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.