VANCOUVER, BC, Oct. 26, 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 completion of all milestones required for the second disbursement of USD500,000 under the pre-purchase agreement reached with a Fortune 500 company announced on the 14th June, 2023.
Klimat X CEO James Tansey stated 'This second milestone showcases our successful planting over the summer of 2023 and demonstrates our ability to meet the standards expected by one of the world's largest carbon credit buyers. This is a major milestone and demonstrates how carbon credits can deliver real reductions in greenhouse gas emissions. Based on the success of the last 12 months of activity we are planning how best to rapidly scale this unique programme of forest restoration.'
The company has completed 1000 ha in the 2023 planting season and has submitted the Project Design Document (PDD) for final approval.
The funds are dedicated to the ongoing management and maintenance of the 1,400 HA total area planted in 2022 and 2023 and to prepare for the next phase of planting during the rainy season in 2024.
Selected indigenous species seeds will be harvested, prepared, sown and nursed to viable seedlings in the companies' nurseries in the leadup to the planting season.
All planting and land owner agreements have been overseen by an independent party to ensure that the agreement meet the conditions of Free Prior and Informed Consent.
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 mapped and verified almost 20,000 ha of land for restoration and is working with an NGO, Namati to complete land owner agreements under independently observed Free and Prior Informed Consent. There are large areas of degraded land that could be restored under this same model and the Company is actively developing a mangrove restoration and conservation project covering up to 10,000 ha.
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
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.
For further information: Klimat X Developments Inc., James Tansey, Chief Executive Officer, Email: james.tansey@klimatx.com