|By Marketwired .||
|June 25, 2014 03:38 PM EDT||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 06/25/14 -- Innovente Inc. (TSX VENTURE:IGE) ("Innovente" or the "Corporation") announces the temporary layoff of its employees working in the operations of the Saint-Patrice-de-Beaurivage plant. The interruption of operations at the Saint-Patrice-de-Beaurivage plant is effective immediately for an indefinite period. In addition, Innovente will proceed in the coming days with the temporary layoff of part of its headquarters' employees.
This decision is consistent with cost-cutting measures undertaken by the Corporation, in order to implement solutions that will allow it to recover an adequate level of liquidity and to continue its operations.
Innovente is regretful of the impact of these measures on its employees, but believes they are essential in the current context and in the best interest of the Corporation.
Based in Quebec City, Innovente produces renewable energy by providing communities with a green and sustainable solution for the management of residual organic matter with its patented technology. Innovente stock is listed on the TSX Venture Exchange under the ticker symbol IGE (TSX VENTURE:IGE). www.innovente.ca
Disclaimer regarding forward-looking statements
Certain statements included herein may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management when they are made, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. The Corporation disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or other development unless required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
President and Chief Executive Officer