|By Marketwired .||
|December 20, 2013 09:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/20/13 -- Offsetters Climate Solutions Inc. (TSX VENTURE: COO)(FRANKFURT: 9EA) ("Offsetters" or the "Company") is pleased to announce that it has restructured certain payment terms related to the acquisition, announced December 14, 2012, whereby Offsetters (formerly ERA Carbon Offsets Ltd.) acquired Offsetters Clean Technology Inc. and Carbon Credit Corporation from a third party Seller (the "Seller").
Under the terms of the Share Purchase Agreement dated November 7, 2012, Offsetters was scheduled to remit a CDN $1.5 million cash payment to the Seller by December 30, 2013. The Company and the Seller have agreed to amend this payment schedule effective December 16, 2013. The amended payment schedule, totalling CDN $1.5 million, will occur as follows:
1. $250,000 on or before December 31, 2013 2. $250,000 on or before April 30, 2014 3. $250,000 on or before July 31, 2014 4. $250,000 on or before October 31, 2014 5. $500,000 on or before January 31, 2015
The first payment due by December 31, 2013 has been completed. Commencing January 2014, outstanding payment amounts under this amended schedule will carry a 10% annual interest rate, payable monthly on the last day of each month.
The recent sale of the Company's joint venture interest in the Mai Ndombe REDD+ project in the Democratic Republic of Congo has augmented the Company's cash position, providing additional working capital to facilitate this amended payment schedule.
"We are pleased to have arranged a payment schedule with the Seller," said Dr. James Tansey, CEO of Offsetters. "This new schedule allows our Company to remain on a solid financial footing throughout 2014 while supporting our ongoing expansion into new carbon markets and our continued growth in Advisory and Technology Services."
Filings related to this agreement can be found at 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.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of carbon offsets. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Offsetters Climate Solutions Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include fluctuations in the marketplace for the sale of carbon credits, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
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.