Apr. 12, 2010 (TheNewswire.ca) --
April 12, 2010 - Vancouver, B.C. Viridis Energy (TSXV: VRD) announced today that it has entered into a binding letter of intent to acquire 100% of the outstanding shares of Monte Lake Forest Products Ltd. ("Monte Lake"), in consideration for 4 million common shares at a deemed price of $0.50 per share, and the assumption of certain liabilities of Monte Lake. A finder's fee, if any, may, in the discretion of Viridis but subject to the policies of the TSX Venture Exchange, be paid to agents of Viridis with respect to the acquisition.
Located in the Kamloops region of British Columbia, Monte Lake is a private company engaged primarily in the business of manufacturing treated post and rails and general logging operations. The acquisition will include timber licenses and land with power and rail transport infrastructure to enable the construction of a new wood pellet mill, which management anticipates will significantly increase Viridis' capacity for ongoing sales. The Monte Lake acquisition is an integral part of Viridis' plan to expand its business through strategic partnerships and acquisitions. Monte Lake has significant capacity in land, power, transportation infrastructure and timber licenses to expand its operations.
"In addition to Monte Lake's existing business, the property is ideally suited to expand and develop a new plant. We are very excited about the potential of this business," says Chris Robertson, chief executive officer of Viridis Energy.
The Monte Lake transaction is subject to the applicable policies of the TSX Venture Exchange.
About Viridis Energy Inc. (NYSE:EGAS) (OOTC:VRDSF)
Viridis Energy Inc. (TSXV: VRD-V) is a publicly traded, "cleantech" energy company specializing in the production and distribution of premium, softwood pellets, an alternative heating and energy source. Based in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing whose primary business is wood pellets, an alternative energy source that is both renewable and available at lower costs, relative to traditional energy and heat sources. The Company has over 250 customers in North America and distributes four brands including its proprietary, leading brand Okangan Pellets™.
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) the risk that the Company does not execute its business plan, (2) inability to finance operations and growth, and (3) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
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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