VANCOUVER, BC, Nov. 24,
2023 /CNW/ - Klimat X Developments Inc.
("Klimat X" or the "Company") (TSXV: KLX) (FSE:
Q1C) a leading provider of high-quality carbon credits sourced
exclusively from afforestation and reforestation projects developed
and owned by the Company and its stakeholders, is pleased to
announce the recent completion of a successful and productive site
visit to the Company's rewilding and restoration project in
Sierra Leone by the Fortune 100
customer announced earlier in 2023. The company provides the
following update:
- The Company has planted almost 1500 ha of native species on
degraded land in Sierra
Leone.
- The Customer has secured the rights to credits from the first
5,000 ha of planting.
- The Customer requested an extensive site visit to Sierra Leone to view the work completed to
date, including site tours and active engagement with the
communities and landowners within the planting areas, meetings with
regional Chiefs, councils and other community stakeholders, and
meetings with the national government and carbon partners in the
country.
- The visiting team spent extensive time with the project
developer's management team and staff discussing their capacity,
capabilities, and to better understand challenges, plans and
strategies moving forward.
- The visiting team and Company discussed the approach to
planting, payments provided to smallholders, and contracts signed
under Free Prior and Informed Consent.
- A particular area of interest for the visiting team were
operations around the nursery and gaining an understanding of how
species selection may impact biodiversity.
- An Advisory Committee of qualified scientific experts has been
established to provide further input and oversight.
Klimat X CEO, James Tansey
commented 'The extensive nature of the site visit by our customer
demonstrates the level of scrutiny that is now expected of carbon
credit developers. Our approach is to commit to fair and
transparent project investments across the region and our
technology development team is building a new Carbon Done Right
system to support his goal. Our view is that this project is a
model for the restoration of native forest across Africa, providing long term sustainable income
to smallholders from degraded land.'
The company has developed a large-scale rewilding reforestation
project in Sierra Leone, for an
initial area of 5,000 ha, which can be extended by a further 20,000
ha. The initial project area of 5,000 ha will produce up to
1.9m tonnes of validated and verified
Verra carbon credits over 30 years. The total pre-purchase amount
will be repaid through the delivery of validated and verified
carbon credits to the pre-purchaser.
The Company has surveyed and verified almost 20,000 ha of land
for restoration through a comprehensive Participatory Mapping
process. An NGO, Namati, is acting on behalf of the landowners and
preparing land lease agreements through a collaborative Free and
Prior Informed Consent process.
About Klimat X
Klimat X is an owner and operator of nature-based carbon assets
that serves the growing demand for carbon credits from companies
seeking to meet their Net Zero goals. The Company achieves this by
investing in the exploration, restoration and management of
terrestrial and marine systems that can either be protected to
enhance the sequestration of greenhouse gases or restored from a
degraded status to fully productive ecosystems. The Company's
dedication to environmental stewardship and its robust pipeline of
carbon credit projects makes it a trusted partner to the largest
buyers of carbon credits in the world, in the fight against climate
change. Klimat X deploys capital at risk under various arrangements
(including cooperation, assignment, and production sharing
agreements) with government engagement in various suitable
jurisdictions around the world including Sierra Leone, Yucatan, Guyana and Suriname.
On behalf of the Board of Directors
"James Tansey"
James Tansey
Chief Executive Officer
For further information please contact:
Klimat X Developments Inc.
James Tansey, Chief Executive Officer
Email: james.tansey@klimatx.com
http://www.klimatx.com
Cautionary Note Regarding Forward Looking Statements
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This press release contains forward-looking statements and
forward-looking information (collectively "forward looking
statements") within the meaning of applicable securities laws.
Any statements that are contained in this press release that are
not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "will",
"intends" "expects" and similar expressions which are intended to
identify forward-looking information or statements. More
particularly and without limitation, this press release contains
forward looking statements and information concerning the Offering
and the ongoing business of the Company. Klimat X cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
assumptions and expectations, many of which are beyond the control
of Klimat X including expectations and assumptions concerning the
Company and the need for additional capital by the Company through
financings, and the risk that such funds may not be raised. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of Klimat X. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release, and Klimat X does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by securities law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any
jurisdiction.
SOURCE KLIMAT X Developments Inc.