NEWS
Viridis Energy Closes Acquisition of Westwood Fibre Products
July 8, 2010Viridis Energy (TSXV: VRD.V) announced today it has completed the acquisition of Westwood Fibre Products Inc. ("Westwood"), previously announced on March 22, 2010. Viridis has acquired all of the outstanding shares of Westwood shares from 1083631 Alberta Ltd., the sole shareholder of Westwood. The effective date of the transaction is April 30, 2010. 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, a Viridis Energy Inc. “We are delighted with the completion of this transaction. We are now focused on merging the businesses, which are highly synergistic, both in the short term and long term. Cypress has been successfully marketing and distributing the high end pellets produced by Westwood for several years. Viridis’ long term goal of being a leading manufacturer and distributor of alternative energy products is further solidified by this acquisition.” says Chris Robertson, chief executive officer of Viridis Energy. For further information, contact: Michele Rebiere Executive Vice President Corporate Development & Investor Relations [email protected] (604) 568 8815 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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