NEWS
Viridis Energy Inc. Enters Letter of Intent to Acquire Westwood Fibre Products Inc.
March 22, 2010Viridis Energy (TSXV:VRD) announced today it has entered into a letter of intent to acquire 100% of the outstanding shares of Westwood Fibre Products Inc. ("Westwood"). Pursuant to the letter of intent, 1083631 ALBERTA LTD., the sole shareholder of Westwood, will sell its interest in Westwood for approximately CDN $5.25 million. This transaction is subject to the applicable policies of the TSX Venture Exchange, and is expected to close on April 30, 2010 at which time $3,650,000 will be paid in cash, with the balance financed on terms to be negotiated. Westwood is a private company engaged primarily in the business of manufacturing wood pellets and bagged animal bedding shavings. It produces approximately 50,000 tons of packaged wood pellets per year including Okanagan Pellets™. The Okanagan brand is one of the leading premium brands of softwood pellets in the market, presently distributed by Cypress Pacific Marketing, recently acquired by Viridis Energy Inc. “This transaction marks the first step in our plan for the vertical integration strategy for Viridis. In addition, the acquisition of this plant now allows us to move forward with our plans to secure our fiber supply, ” says Chris Robertson, newly appointed chief executive officer of Viridis Energy. 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.
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