VIRIDIS ENERGY INC. ANNOUNCES THIRD QUARTER 2010 RESULTS; Strong Gross Margin Growth in the Quarter
Nov. 29, 2010 (TheNewswire.ca) --
Vancouver, BC - November 29, 2010: Viridis Energy Inc. (OOTC:VRDSF) ("Viridis" or "the Company")(TSXV: VRD) announced today that it has filed its 2010 third quarter financial statements and related management's discussion and analysis for the nine month period ending September 30, 2010.
"We are pleased with the progress we have made on integration of Okanagan Pellet Company as Q3 marks the first full quarter of OPC with Viridis. Now, as result of this combination, we are able to more efficiently control our inventory and produce a strong gross margin of 35%," says Christopher Robertson, CEO, Viridis Energy Inc.
In its management's discussion and analysis, Viridis in addition discusses the following operational and business related highlights:
-A gross margin of $957,716 in the three month period ending September 30, 2010 or 36% compared with a gross margin of $439,703 or 22% in the three month period ending June 30, 2010;
-An increase in the Company's assets to $17,647,280 as at September 30, 2010, as compared to $218,488 as at December 31, 2009;
-The Company's sales of $2,659,153 for the three month period ending September 30, 2010, reflecting an increase in revenue over the three month period ending June 30, 2010 of 32%.
Copies of these documents can be retrieved electronically from SEDAR by accessing Viridis' public filings at www.sedar.com.
For further information, contact:
Michele Rebiere
Executive Vice President
Corporate Development & Investor Relations
investorinfo@viridisenergy.ca
(905) 847 5226
About Viridis Energy Inc.
Viridis Energy Inc. (TSX: 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.
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) 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.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
Source: TheNewsWire (November 29, 2010 - 8:26 PM EST)
News by QuoteMedia
www.quotemedia.com
AI
