|By Marketwired .||
|December 18, 2013 05:47 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/18/13 -- Offsetters Climate Solutions Inc. ("OCS" or the "Company") (TSX VENTURE: COO)(FRANKFURT: 9EA) is pleased to announce that its subsidiary, ERA Ecosystem Restoration Associates Inc. ("ERA"), has completed the sale of its interest in the Mai Ndombe Joint Venture Project (the "JV Project") to Wildlife Works Carbon, LLC ("WWC"), as detailed in the Company's news release dated October 31, 2013. Prior to this Agreement, ERA and Wildlife Works were 50/50 joint venture partners in the Mai Ndombe REDD+ (Reducing Emissions from Deforestation and Degradation) project in the Democratic Republic of Congo.
The assets sold to WWC comprising the JV Project include all of ERA's shares in its DRC subsidiary, ERA Congo SPRL, and the Company's shares of its Hawaiian subsidiary together with all rights, title and interest in forest concession rights, community agreements and other contracts relating to the JV Project. WWC has remitted its first payment towards a total consideration of USD$1,800,000 under the terms of the sales agreement.
Upon closing, ERA and WWC have entered into an Emissions Rights Purchase Agreement ("ERPA") providing ERA the right to purchase 500,000 Verified Carbon Units ("VCUs") from WWC. This allows the Company to fulfill its existing sales agreement between ERA and the Forest Carbon Group AG, which requires the delivery of 500,000 VCUs from the Mai Ndombe project through the end of 2014.
"With the completion of this transaction, Offsetters has been successful in undertaking the development, verification and monetization of one of the world's largest forest carbon projects - a project that will continue to deliver economic, social and environmental benefits to the people of the Mai Ndombe region," said Dr. James Tansey, CEO of Offsetters. "Our company will continue to develop projects to meet the demand of North American and international carbon markets."
Filings related to this Agreement are made available on www.sedar.com.
James Tansey, Ph.D., President and CEO, Offsetters Climate Solutions Inc.
About Offsetters Climate Solutions Inc.
Offsetters is Canada's largest and most diversified carbon management solutions company. Its team of industry leaders specializes in the origination, development and commercialization of high-quality carbon offset projects, and through a comprehensive offering of sustainability consultancy services Offsetters helps organizations understand, reduce and offset their climate impact. Based in Vancouver, Canada, Offsetters has worked with over 150 of the world's most prestigious organizations including Aimia, Vancity, lululemon athletica, Catalyst Paper, Harbour Air, HSE - Entega, and Shell Canada Limited. Offsetters is publicly listed company on the Toronto Venture Exchange (TSX VENTURE: COO) and in Frankfurt (FRANKFURT: 9EA). For more information, please visit us at www.offsetters.ca.
NEITHER 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.