The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Viridis Energy Adds Renewable Energy Executive to its Board of Directors

New board member oversees Abellon's Clean Energy and Sustainable Development initiatives in the Americas Region

Wednesday, December 14, 2011

Viridis Energy Adds Renewable Energy Executive to its Board of Directors09:14 EST Wednesday, December 14, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2011) - 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, today announced that Vivek Rastogi, Vice President of Abellon Energy, Inc. ("Abellon") has joined its board of directors.Viridis and Abellon entered into a strategic alliance in August 2011 in which the two companies agreed to collaborate on the procurement and supply of wood pellets and the proposed development of a production facility in Monte Lake, BC. As part of the strategic agreement, Abellon also agreed to make a direct investment into the Company through participation of up to 10 percent of the private placement the Company announced on December 2010, the terms of which were amended in June 2011.Mr. Rastogi joined Abellon & its group companies in 2002 and is presently based in Vancouver, BC where he oversees the company's Clean Energy business and Sustainable Development initiatives in the Americas region. Upon earning graduate degrees in science, software and post graduation in management from India, Mr. Rastogi embarked on a career in business strategy, creating and managing business ventures and international business across several developed and emerging economies. His industry experience includes life sciences, clean and renewable energy, agri-sciences, engineering and building construction materials, food and beverage, and information technology. Commenting on Mr. Rastogi's appointment, Christopher Robertson, Viridis's CEO, said, Vivek adds a new dimension to our board of directors. His diversified background in business development and renewable energy resources will support Viridis' expansion strategy into overseas markets. His direct involvement in Abellon's renewable biomass energy endeavors should prove invaluable to Viridis as we add alternative bio-waste fuel sources to our product line." 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 StatementsCertain 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.FOR FURTHER INFORMATION PLEASE CONTACT: Michele RebiereViridis Energy IncChief Financial Officer905-847-5226investorinfo@viridisenergy.caORYvonne L. ZappullaGrannus Financial Advisors, Inc.Managing Director212-681-4108Yvonne@GrannusFinancial.comNeither 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.