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Viridis Energy acquires Enligna Canada

Feb. 7, 2012, Vancouver, BC - Viridis Energy Inc. has announced that it has completed the acquisition of certain assets of Enligna Canada Inc., a wood pellet mill operator located in Upper Musquodoboit, Nova Scotia.


February 7, 2012
By Marketwire

Feb. 7, 2012, Vancouver, BC – Viridis Energy Inc. ("Viridis" or the "Company"), has announced that it has completed the acquisition
of certain assets of Enligna Canada Inc., a wood pellet mill operator
located in Upper Musquodoboit, Nova Scotia. The assets were purchased
from Enligna's Receiver by 3260526 Nova Scotia Limited, a new,wholly
owned subsidiary of Viridis (the "Subsidiary").

The acquired assets include 20 buildings on four properties with a
total of 157 acres and a separate 22 acre wood lot. The facilities
house five pellet presses with the capacity to produce 110,000 tonnes
of wood pellets, annually, and is the largest wood pellet
manufacturing plant in Atlantic Canada. In addition, Enligna has an
established reputation with customers in Europe and key relationships
with raw material suppliers.

The Subsidiary obtained a $2.5 million short-term bridge loan (the
"Loan") to fund the acquisition. The Loan carries an interest rate of
6% per annum and is repayable onor before March 31, 2012. The Loan is
secured by a demand mortgage charging the Subsidiary's assets, as
well as secured guarantees granted by Viridis and Okanagan Pellet
Company Inc., another wholly owned subsidiary of the Company. The
Company intends to repay the Loanusing a more permanent source of
funds, the negotiations for which are currently underway.

"We are acquiring a turnkey-ready operation with a skilled workforce
on the East Coast of the continent where wood pellet use is highest,
not to mention the proximity to seaports for exporting to our
European customer base. The business community has been
verysupportive of Viridis to date, and we look forward to creating
jobs and helping enhance the local economy," said Christopher
Robertson, Viridis' chief executive officer, commenting on the
acquisition. "We anticipate this acquisition will reduce our final
cost of goods delivered to both our East Coast customers as well as
our growing industrial customer base throughout Europe. The demand
for wood pellets as a fuel source for power generation has expanded
overseas in response to government policies requiring renewable
energy sources to represent an increasing percent of energy
consumption."

Mr. Robertson added, "We expect the plant to be fully operational
later this quarter and will resume business as Scotia Atlantic
Biomass Company."


About Viridis Energy Inc.

Viridis Energy Inc. is a publicly traded,
"Cleantech" alternative energy company specializing in the
agricultural and wood waste biomass. Headquartered in Vancouver,
B.C., Viridis Energy operates Cypress Pacific Marketing, Okanagan
Pellet Company and Scotia Atlantic Biomass Companyfocusing on the
marketing, distribution and manufacturing of wood pellets and other
renewable biomass. For more information on Viridis Energy Inc. please
refer to the company website at
www.viridisenergy.ca.


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