NEWS
Viridis Energy Inc. Announces Second Quarter 2010 Results
September 7, 2010Viridis Energy Inc.(TSXV: VRD) announced today that it has filed its 2010 second quarter financial statements and related management's discussion and analysis for the six month period ending June 30, 2010. In its management's discussion and analysis, Viridis discusses the following operational and business related highlights An increase in the Company's assets to $16,732,706 as at June 30, 2010, as compared to $218,488 as at December 31, 2009 and $5,044,615 as at December 31, 2008 On June 7, 2010, but effective April 30, 2010, Viridis completed the acquisition of Okanagan Pellet Company Inc. (formerly "Westwood Fibre Products Inc."), a manufacturer of wood pellets and bagged animal bedding shavings, thus securing Viridis' wood pellet supply The Company's sales of $2,003,592 and $2,156,853 for the three and six month periods ending June 30, 2010, respectively, reflecting an increase in the Company's gross margin to 22% and 20% respectively and A Net Income of $1,860,687 and $1,238,013 for the three and six month periods ending June 30, 2010, respectively, resulting from a gain on acquisition. "This period reflects significant change for the company. The acquisition of Cypress Pacific and Okanagan Pellet Company occurred during the first six months of the year and has established a solid foundation for revenue growth. These are strategic acquisitions for Viridis as they represent the four facets of the value chain – contracted fiber supply, manufacturing, distribution and a domestic customer base,” says Christopher Robertson, CEO, Viridis Energy Inc. 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 [email protected] (905) 847 5226
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