26.04.2024 14:55:13 - dpa-AFX: GNW-Adhoc: Carbon Streaming Provides Update on Rimba Raya Project
TORONTO, April 26, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe
CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company")
provides an update on the Rimba Raya Project ("Rimba Raya" or the "Project").
The Company has learned of two third-party media reports that claim PT Rimba
Raya Conservation ("PT Rimba"), the local concession holder at the Project, has
had its Forest Utilization Business License (the "Concession License") revoked
by the Indonesian Government's Ministry of Environment & Forestry ("MOEF").
Carbon Streaming is actively working with InfiniteEARTH Limited and Infinite-
Earth Nusantara (collectively, "InfiniteEARTH"), the Company's Rimba Raya
project proponent and owner of the carbon rights, and local Indonesian counsel
to validate the claims made by the third-party media reports. To the best
knowledge of the Company, the Concession License is held by PT Rimba Raya
Conservation having been recently renewed in November 2021.
Carbon Streaming is advised by InfiniteEARTH that it intends to dispute any
revocation of the Concession License that would impact its carbon rights and is
seeking clarification from the MOEF as to the current status of the Concession
License and the ramifications of any such revocation, including on the status of
InfiniteEARTH as the project proponent of Rimba Raya under the Indonesian
government's national carbon registry, Sistem Registri Nasional Pengendalian
Perubahan Iklim (the "SRN Registry"), and any impact on their rights to both
historical and future credits as established through the collaboration agreement
with PT Rimba Raya Conservation.
To the knowledge of InfiniteEARTH, the status of InfiniteEARTH as project
proponent of the Project has not changed, nor has the validation of the Project
that InfiniteEARTH conducted with the SRN Registry been reversed. While unable
to provide assurance regarding InfiniteEARTH's status on the SRN Registry, the
status of the validation of the Project with the SRN Registry, or the status of
the Concession License (and any related agreements), Carbon Streaming will
continue to work closely with InfiniteEARTH on its active engagement with its
local partners, the MOEF and the Indonesian Government to preserve the
continuity of the Project.
The Company entered into a purchase and sale agreement dated July 30, 2021 (the
"Rimba Raya Stream") with InfiniteEARTH in respect of the Rimba Raya project.
The Company will continue to update shareholders in respect of further
developments in respect of the Rimba Raya project and the Rimba Raya Stream. For
a comprehensive discussion of additional risks, assumptions and uncertainties
that could further impact the Rimba Raya project and the Rimba Raya Stream,
including without limitation, other Indonesian regulatory developments,
investors are urged to review the section of the Company's Annual Information
Form dated as of March 27, 2024 entitled "Risk Factors" a copy of which is
available on SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca).
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)
Advisories
The references to third party websites and sources contained in this news
release are provided for informational purposes and are not to be considered
statements of the Company.
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 status of the Concession License held by PT Rimba Raya
Conservation with the MOEF; statements regarding InfiniteEARTH's efforts to
dispute the reported revocation of the Concession License; statements regarding
InfiniteEARTH's status as the project proponent of Rimba Raya under the SRN
Registry and the status of the Project's validation under the SRN Registry;
InfiniteEARTH's activities to procure satisfactory replacement arrangements for
the Concession License (and enter into any related agreements), including the
timing thereof; and statements with respect to the filing of a notice of an
event of default to InfiniteEARTH under the Rimba Raya Stream and the legal
status of the Rimba Raya Stream.
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: volatility in prices of
carbon credits and demand for carbon credits; change in social or political
views towards climate change 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, including the ability of the Company to source
appropriate opportunities and enter into stream, royalty or other agreements;
dependence upon key management; reputational risk; general economic, market and
business conditions and global financial conditions, including fluctuations in
interest rates, foreign exchange rates and stock market volatility;
uncertainties and ongoing market developments surrounding the validation and
verification requirements of the voluntary and/or compliance markets; 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; 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, including the COVID-19 pandemic; 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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