Feb. 3, 2011 (TheNewswire.ca) --
Vancouver, BC - February 3, 2011 - Viridis Energy (OOTC:VRDSF) (TSXV:VRD) Inc. (TSX.V: VRD), announced today the launch of its strategy for international biomass distribution and manufacturing. The Company's focus is currently on Europe and Asia, with primary targets of South Korea and China where demand for "renewable" energy is rapidly increasing.
Viridis intends to increase its manufacturing capacity in woody biomass to meet the demand in both European and Asian countries that look to Canada for traditional biomass. The increase in capacity is expected to be through U.S. expansion, allowing the Company to limit its exposure to currency fluctuations and take advantage of U.S. government subsidies. The Company has already targeted this further acquisition. Any expansion acquisitions will be subject to TSXV approval, as applicable.
In addition, Viridis will diversify its traditional biomass supply into agri biomass to address the Asian volume demand that exceeds the available wood pellet supply. Countries such as China and South Korea are co-firing - testing biomass blended with coal - to prepare for the mandated GHG emission reductions. The estimated consumption for industrial use in only South Korea is expected to eventually exceed 10 million tons of biomass per year. Viridis is at the early stages of arranging to test biomass in both China and South Korea, with plans to implement of its Intellectual Property and KnowHow. On December 1, 2010, the Company announced that it had entered into an agreement to acquire rights in the patented biomass additive, which acquisition is pending completion.
"Viridis has a distinct advantage over companies who wish to enter the biomass sector. Our recently announced patented biomass additive is a vital component for the use of high alkali biomass in existing coal boilers. This saves coal producers significant time and eliminates the need for costly capital projects to retrofit or replace the boilers to utilize biomass, yet allows the use of plentiful and cost effective biomass," says Christopher Robertson, chief executive officer of Viridis Energy Inc.
"As well, the additives reduce unscheduled boiler shutdowns and associated maintenance costs," explains Mark Drisdelle, chief of technology, "High alkali biomass agriculture residues can be used with minimal slagging and fouling while maintaining optimum heat transfer efficiency, the primary objective of a power plant."
The European market continues to grow as hundreds of industrial facilities co-fire or convert to woody and agri biomass. Viridis has just started to supply this industrial market from Canada.
About Viridis Energy Inc.
Viridis Energy Inc. (TSX: VRD-V) 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.
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, (7) the risk that the Company is unable to expand or acquire the patented biomass additive, 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 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.
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