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Share Name | Share Symbol | Market | Type |
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TSXV:IGE | TSX Venture | Common Stock |
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QUÉBEC, Dec. 20, 2013 /CNW Telbec/ - Innoventé Inc. (TSXV: IGE) ("Innoventé" or the "Corporation") today presented an update and its quarterly results for the period ended October 31, 2013, a quarter that featured the generation of its first revenues.
Highlights and update
Financial statements for the periods ended October 31, 2013 and 2012 (unaudited)
Quarters ended October 31 |
Six-month periods ended October 31 |
||||||
2013 $ |
2012 $ |
2013 $ |
2012 $ |
||||
Revenues | 114,594 | - | 114,594 | - | |||
Operating expenses | 558,480 | - | 558,480 | - | |||
Research and development expenses | 71,586 | 709,770 | 330,732 | 1,111,309 | |||
Administration expenses | 340,746 | 137,654 | 833,518 | 253,900 | |||
Financial expenses | 109,481 | - | 109,481 | - | |||
Overall net income/loss | 962,476 | 802,796 | 1,703,280 | 1,318,224 | |||
Basic and diluted loss per share | 0.022 | 0.021 | 0.040 | 0.034 | |||
October 31, 2013 $ |
April 30, 2013 $ |
|
Cash and cash equivalents | 1,072,022 | 1,639,178 |
Total assets | 24,055,618 | 21,738,627 |
Total non-current liabilities (including current portion of long-term debt due in less than one year) | 12,428,855 | 10,789,065 |
Granting of stock options
The Corporation granted a total of 100,000 stock options to one of its officers. Each stock option allows its holder to subscribe for one common share of the Corporation at a price of $0.70 per share and may be exercised during a 10-year period after the grant date. These options will be acquired over a four-year period and are governed by the Corporation's Stock Option Plan.
About Innoventé
Based in Québec City, Innoventé produces renewable energy and provides communities with a green and sustainable solution for the management or organic residues through its technology patented in Canada and the United States. Innoventé's shares are listed on the TSX Venture Exchange under the symbol IGE (TSXV: IGE). innovente.ca.
Additional information regarding the periods ended October 31, 2013 and 2012
The financial information for the periods ended October 31, 2013 and 2012 should also be read in conjunction with the Corporation's annual financial statements and Management's Discussion and Analysis for the years ended April 30, 2013 and 2012 dated August 26, 2013. These documents are available at sedar.com.
Method of presentation of information
The financial information for the periods ended October 31, 2013 and April 30, 2013 was established in accordance with International Financial Reporting Standards (« IFRS »), as published by the International Accounting Standards Board (« IASB »).
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management's expectations or estimates regarding the Corporation's future performance, are "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is necessarily based on a certain number of estimates and assumptions which, while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Corporation further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
SOURCE Innoventé Inc.
Copyright 2013 Canada NewsWire
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