Offsetters Restructures Acquisition Payment Terms
20 Dezembro 2013 - 12:00PM
Marketwired
Offsetters Restructures Acquisition Payment Terms
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
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:
- $250,000 on or before December 31, 2013
- $250,000 on or before April 30, 2014
- $250,000 on or before July 31, 2014
- $250,000 on or before October 31, 2014
- $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.
Offsetters Climate Solutions Inc.David
Rokoss778-945-0951david.rokoss@offsetters.cawww.offsetters.ca
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