13.05.2024 13:00:32 - dpa-AFX: GNW-Adhoc: Carbon Streaming Forms Independent Committee
TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA:
NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") today
announced that it is aware of certain public allegations made on May 6, 2024 by
Nickel 28 Capital Corp. ("Nickel 28") concerning its termination of the
employment of certain of the Company's executives. The board of directors of
Carbon Streaming (the "Board") takes the claims made publicly about its
executives seriously and, as a result, the Board has formed a special
independent committee of the Board (the "Independent Committee") to conduct an
independent review of the allegations, and to confirm compliance with the
Company's stringent corporate governance policies and procedures, and applicable
laws.
Each of the individuals concerned have informed the Board that they deny the
allegations made by Nickel 28, and have provided assurances to the Board
concerning their conduct and compliance with the Company's corporate policies
and procedures, and applicable laws.
The Independent Committee has not set a completion date for its review process
and the Company will comment further on the review when additional disclosure is
appropriate or required.
About Carbon Streaming
Carbon Streaming (https://www.carbonstreaming.com/) aims to accelerate a net-
zero future. We pioneered the use of streaming transactions, a proven and
flexible funding model, to scale high-integrity carbon credit projects to
advance global climate action and additional United Nations Sustainable
Development Goals. This approach aligns our strategic interests with those of
project partners to create long-term relationships built on a shared commitment
to sustainability and accountability and positions us as a trusted source for
buyers seeking high-quality carbon credits.
The Company's focus is on projects that have a positive impact on the
environment, local communities, and biodiversity, in addition to their carbon
reduction or removal potential. The Company has carbon credit streams and
royalties related to over 20 projects around the world, including high-integrity
removal, reduction and avoidance projects from nature-based, agricultural,
engineered and community-based methodologies.
To receive corporate updates via e-mail, please subscribe here
(https://www.carbonstreaming.com/#sign-up).
ON BEHALF OF THE COMPANY:
Justin Cochrane, President & Chief Executive Officer
Tel: 647.846.7765
info@carbonstreaming.com (mailto:info@carbonstreaming.com)
www.carbonstreaming.com (https://www.carbonstreaming.com/)
Investor Relations
investors@carbonstreaming.com (mailto:investors@carbonstreaming.com)
Media
media@carbonstreaming.com (mailto:media@carbonstreaming.com)
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-
looking information (collectively, "forward-looking information") within the
meaning of applicable securities laws. All statements, other than statements of
historical fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the future, are
forward-looking information, including, without limitation, statements with
respect to the Independent Committee, the review process of the Independent
Committee, and the nature and timing of its findings (if any) to the Board. When
used in this news release, words such as "estimates", "expects", "plans",
"anticipates", "will", "believes", "intends" "should", "could", "may" and other
similar terminology are intended to identify such forward-looking statements.
This forward-looking information is based on the current expectations or beliefs
of the Company based on information currently available to the Company. Forward-
looking information is subject to a number of risks and uncertainties that may
cause the actual results of the Company to differ materially from those
discussed in the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, the Company. They should not
be read as a guarantee of future performance or results, and will not
necessarily be an accurate indication of whether or not such results will be
achieved. Factors that could cause actual results or events to differ materially
from current expectations include, among other things: general economic, market
and business conditions and global financial conditions, including fluctuations
in interest rates, foreign exchange rates and stock market volatility;
volatility in prices of carbon credits and demand for carbon credits; change in
social or political views towards climate change, carbon credits and ESG
initiatives and subsequent changes in corporate or government policies or
regulations and associated changes in demand for carbon credits; limited
operating history for the Company's current strategy; risks arising from
competition and future acquisition activities; concentration risk; inaccurate
estimates of growth strategy; dependence upon key management; impact of
corporate restructurings; reputational risk; failure or timing delays for
projects to be registered, validated and ultimately developed and for emission
reductions or removals to be verified and carbon credits issued (and other risks
associated with carbon credits standards and registries); foreign operations and
political risks including actions by governmental authorities, including changes
in or to government regulation, taxation and carbon pricing initiatives;
uncertainties and ongoing market developments surrounding the validation and
verification requirements of the voluntary and/or compliance markets; due
diligence risks, including failure of third parties' reviews, reports and
projections to be accurate; dependence on project partners, operators and
owners, including failure by such counterparties to make payments or perform
their operational or other obligations to the Company in compliance with the
terms of contractual arrangements between the Company and such counterparties;
failure of projects to generate carbon credits, or natural disasters such as
flood or fire which could have a material adverse effect on the ability of any
project to generate carbon credits; volatility in the market price of the
Company's common shares or warrants; the effect that the issuance of additional
securities by the Company could have on the market price of the Company's common
shares or warrants; global health crises, such as pandemics and epidemics; and
the other risks disclosed under the heading "Risk Factors" and elsewhere in the
Company's Annual Information Form dated as of March 27, 2024 filed on SEDAR+ at
www.sedarplus.ca (http://www.sedarplus.ca).
Any forward-looking information speaks only as of the date of this news release.
Although the Company believes that the assumptions inherent in the forward-
looking information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance should not be put
on such statements due to the inherent uncertainty therein. Except as may be
required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
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