Viridis sees positive growth in 2013
By Canadian Biomass
April 16, 2014, Vancouver, B.C. - Viridis Energy Inc. is reporting solid financial growth in the wake of solid fourth quarter results and expected sales for 2014. Viridis reported full year 2013 revenues of $13.9 million, an increase of $4.4 million or 46% over 2012 of $9.5 million.
By Canadian Biomass
April 16, 2014, Vancouver, B.C. – Viridis Energy Inc. is reporting solid financial growth in the wake of solid fourth quarter results and expected sales for 2014.
Viridis reported full year 2013 revenues of $13.9 million, an increase of $4.4
million or 46% over 2012 of $9.5 million.
The year-over-year improvement reflects strengthened market
dynamics, including improved pricing, increased demand in Europe, and the
achievement of production capacity goals at the Company's Okanagan Pellet
plant, coupled with the addition of production from the Company's new Scotia
Atlantic Biomass facilities.
Viridis anticipates continued momentum in 2014 due to the
significant developments achieved in 2013:
– Commenced wood pellet production at end of third quarter
2013 at its 120,000-ton capacity, facility, which is expected to reach full
production capacity later this year;
– Entered into a worldwide marketing agreement with Ekman
& Co AB., one of the world's oldest trading houses and wholesalers of
forest products, for its entire wood pellet production over a 24-month period,
which expires August 2015;
– In its first month of launch (December 2013), arranged its
first transaction of approximately 30,000 tons of wood pellets from a
Southeastern U.S. producer, which are to be delivered over a 12-month period to
customers in Europe, generating $8 million in incremental revenue for Viridis
during the delivery period and subsequent to year end an additional 12,000 tons
generating over $2.5 million was announced;
– Restructured $5.7 million of debt with Cornwall
Investments LLC into two new facilities and, subsequent to year-end, refinanced
one of the two facilities with the Royal Bank of Canada at a more favorable
– During the second quarter 2013, secured $5 million in a
private placement of new equity.
"We have delivered four sequential growth quarters
during 2013 and the company is well positioned for a breakout year in
2014," commented Christopher Robertson, Viridis' CEO. "Our Okanagan
plant achieved full capacity with record margins, and in September 2013 we
commenced shipments from our new plant in Nova Scotia, which we anticipate will
reach full operating capacity in the second half of 2014. Additionally, we have
established an important avenue for additional growth, Viridis Merchants,
enabling us to accommodate commercial orders incremental to our own production