|By Marketwired .||
|July 17, 2014 07:00 PM EDT||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 07/17/14 -- Innovente Inc. (TSX VENTURE:IGE) ("Innovente" or the "Corporation") announces that on July 17, 2014, it filed a notice of intention to make a proposal to its creditors in accordance with the provisions of the Bankruptcy and Insolvency Act. The firm PricewaterhouseCoopers inc. has been retained as trustee. In addition to its legal responsibilities, the firm will assist the Corporation in the development of a proposition to its creditors that will be subject to vote at a meeting which will be held at a date yet to be determined. In the meantime, the Corporation will benefit from a complete stay with regards to debt payments and to any creditor proceeding.
Innovente believes that this process of notice of intention will contribute positively to its actual efforts of finding stategic and financial partners.
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, Innovente