Viridis Energy Begins Shipping to Europe on Abellon Alliance
September 13 2011 - 8:00AM
Marketwired
Viridis Energy Inc. ("Viridis" or the "Company") (TSX VENTURE: VRD)
(OTCQX: VRDSF), a "Cleantech" manufacturer and distributor of
alternative energy providing biomass fuel to global residential and
industrial markets, announced today that it has begun shipping wood
pellets to Italy through an off-take agreement arranged through its
strategic alliance with Abellon Clean Energy Limited ("Abellon")
that was signed last month. The agreement marks Viridis' second
major off-take agreement in Europe. In addition, the
Viridis/Abellon joint alliance is scheduled to begin shipping wood
pellets to Switzerland over the next 30 days.
Abellon Clean Energy is a leading integrated sustainable energy
solutions provider based in Ahmedabad, India, with operations in
the U.S., Canada, Europe, U.K., India and Africa. Viridis commenced
its collaboration with Abellon in August 2011 to identify and
secure supply agreements for the Company's existing production,
partner on the proposed acquisition of Monte Lake property and the
development of a production facility, and to provide a strategic
investment in Viridis by Abellon.
The increase in demand for wood pellets in Europe was
highlighted in a recent report by RISI, the leading information
provider for the global forest products industry. RISI forecasts a
44 percent increase in biomass demand between 2010 and 2020 in
Europe (inclusive of the 27 countries comprising the European
Union, the UK, Norway and Switzerland), driven principally from the
energy sector. The report sites lignocellulosic biomass, or plant
biomass, as the largest renewable energy source available today,
due to its relative abundance and reliable supply. A recent report
by the International Institute for Environment and Development
(IIED) stated that plans by Organization for Economic Co-Operation
and Development (OECD) countries to rapidly expand power plants
have fuelled demand for wood pellets, which could push demand up by
90 million tonnes per year in Europe and 60 million tonnes in the
UK by 2020.
Commenting on the development, Christopher Robertson, Viridis'
chief executive officer, said, "Our strategic alliance with Abellon
is quickly developing into a dynamic conduit to significant
opportunities in Europe. Since both companies share the objective
of creating a leading bio-energy source, our efforts were
immediately aligned. As a result, our relationship has already
started to deliver results." Mr. Robertson continued, "As a result
of our shipments into Europe, our current operations are trending
towards full capacity and witnessing therefore nicely improving
gross margins. Going forward, we intend to strategically expand our
production capacity to address the worldwide demand for wood
pellets and other biomass products, and we are currently reviewing
several contract opportunities that satisfy our near term
investment criteria and long term growth objectives."
About Viridis Energy Inc.
Viridis Energy Inc. (TSX VENTURE: 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 and Okanagan
Pellet Company, two acquisitions in the wood pellet sector, thus
providing the company with vertical integration for distribution
and manufacturing. For more information on Viridis Energy Inc.
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 retain key
management and employees, (6) ; an increase in the number of
competitors with larger resources, and (7) 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 security 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.
Contacts: Grannus Financial Advisors, Inc. Yvonne L. Zappulla
Managing Director 212-681-4108 Yvonne@GrannusFinancial.com Viridis
Energy Inc. Michele Rebiere Chief Financial Officer 905-847-5226
Investorinfo@ViridisEnergy.ca
Viridis (CE) (USOTC:VRDSF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Viridis (CE) (USOTC:VRDSF)
Historical Stock Chart
From Jul 2023 to Jul 2024