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News Release: ERA Carbon Offsets Ltd. Announces Significant First Sale and Delivery of Offsets from Mai Ndombe REDD+ Project in the DRC
February 1, 2013, Vancouver, British Columbia: ERA Carbon Offsets Ltd. (“ERA” or the “Company”) (TSX-V: ESR) is pleased to announce that it has completed its first sale and delivery of carbon offsets from its landmark Mai Ndombe REDD+ (Reduced Emissions from Deforestation and Degradation) project in the Democratic Republic of Congo. The buyer is Forest Carbon Group AG (“FCG”), based in Frankfurt Germany. A total of 300,000 offsets from the first vintage of approximately 2.5 million verified offsets were transacted.
This transaction is the first sale and delivery of Mai Ndombe REDD+ offsets to occur under a three year sales agreement with FCG under which ERA will deliver a total of 1.1 million offsets through the end of 2014. Following this initial delivery, subsequent delivery is scheduled to occur in tranches of 100,000 offsets in each quarter throughout 2013 and 2014.
The Mai Ndombe REDD+ project is the first REDD project originating in the DRC to be fully validated and verified, and the first REDD project in the ecologically rich Congo Basin. Developed in partnership between ERA and Wildlife Works LLC, Mai Ndombe REDD+ will produce approximately 175 million offsets over its 30 year project life. Mai Ndombe was recently validated and verified by internationally recognized auditing firm Det Norske Veritas, under both the Verified Carbon Standard (VCS) and double Gold level, Climate, Community and Biodiversity Alliance Standard (CCBA). The project is considered a pilot for the United Nations REDD Programme approach of establishing REDD+ on provincial levels within the DRC.
Dr. James Tansey, CEO of ERA stated, “We are very excited to reach another significant and important milestone in the development of the Mai Ndombe REDD+ project. Following its validation and verification this past December, we are pleased to see early support from the marketplace, which is necessary for important projects like Mai Ndombe to flourish. We’d like to thank Forest Carbon Group for their valuable support and multiyear commitment to Mai Ndombe and its people.”
Alexander Zang, CEO of FCG, said: “We strongly believe that this project offers great values and we are proud to be the first anchor buyer of Mai Ndombe offsets. The project contributes to preserve the second largest rainforest in the world. Besides its manifold benefits for the earth's and region's climate and biodiversity, we and our clients were attracted by the strong commitment to improve local people’s livelihoods. The project indeed offers a ray of hope in the fight against deforestation, poverty and marginalization in this region of the DR Congo.” He added, “Mai Ndombe will be a cornerstone of Forest Carbon Group’s mission to build up more demand for forest carbon projects in the voluntary market. We are confident that other buyers will follow our lead, and would like to thank ERA and Wildlife Works LLC for the tremendous work and achievements on the ground.”
Granting of Stock Options
The Company also wishes to announce that it has granted, to Directors, officers, employees and consultants, a total of 275,000 incentive stock options at an exercise price of $0.21 exercisable for a period of five (5) years.
James Tansey, Ph.D.
President and CEO
ERA Carbon Offsets Ltd.
About ERA Carbon Offsets Ltd.
As Canada’s largest and most diversified carbon management solutions company, ERA Carbon Offsets Ltd. helps organizations understand, reduce and offset their climate impact. Its team of industry leaders specializes in the origination, development and commercialization of high-quality carbon offset projects and is proud to also provide clients with a comprehensive offering of sustainability consultancy services. A merger of ERA Carbon Offsets and Offsetters, ERA Carbon Offsets Ltd. is based in Vancouver, Canada and 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. ERA is publicly listed company on the Toronto Venture Exchange (TSX-V:ESR) and in Frankfurt:9EA. For more information, please visit us at www.eraecosystems.com and www.offsetters.ca.
For further information, please contact:
ERA Carbon Offsets Ltd.
Suite 1000 - 675 West Hastings Street,
Vancouver BC, V6B 1N2
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 forest-based 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 ERA Carbon Offsets Ltd. 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.
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