ERA Carbon Offsets Ltd.
TSX VENTURE : ESR

ERA Carbon Offsets Ltd.

November 03, 2009 09:15 ET

ERA Carbon Offsets Ltd. Signs Memorandum of Agreement With the Chehalis Indian Band for Exclusive Rights to Develop Carbon Offset Opportunities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2009) - ERA Carbon Offsets Ltd. (TSX VENTURE:ESR), through its wholly owned subsidiary, ERA Ecosystem Restoration Associates (ERA), is pleased to announce that it has signed a Memorandum of Agreement (MOA) with the Chehalis Band Council (Chehalis) and Sts'ailes Development Corporation, a wholly-owned Chehalis company. Under the MOA, ERA has exclusive rights to develop carbon offset opportunities in the traditional Chehalis territory.

At this time several opportunities exist within the Chehalis traditional territory for generating saleable carbon offsets including replanting degraded forest lands, avoided deforestation of lands currently slated for logging or other development; reduced impact logging and fuel-switch offsets. Initially, ERA and Chehalis propose to reforest areas totaling up to 1000 hectares in size located within the Chehalis traditional territory. An initial project will be undertaken involving the planting of 2500 to 6000 trees, to generate approximately 25,000 to 60,000 tonnes of validated and verified carbon offsets.

The proposed program will create employment and training opportunities for members of the Chehalis Band, restore ecological health within the Chehalis traditional territory, and generate income for band members.

Carbon offsets generated from the project will be validated and verified to leading international standards for forest-based climate mitigation for the voluntary carbon markets, and will be made available to organizations that wish to support community-based climate mitigation to offset their ecological footprints. According to the report titled "State of the Voluntary Carbon Markets 2009"(i) published in May 2009, approximately 123.4 million metric tonnes of carbon dioxide equivalent (MtCO2e) were transacted in the global voluntary carbon markets in 2008, a near doubling of 2007 transaction volume (87% growth).

Dr. Robert Falls, CEO of ERA commented, "We are both excited and grateful to be working with the Chehalis Band on an important project of cultural and ecological significance. ERA's experience and expertise in restoring degraded ecosystems, combined with the cultural and traditional wisdom, knowledge and expertise of the Chehalis, will result in a very important ecological contribution to the forest land base of British Columbia. We look forward to developing this premium carbon offset product for sale into international voluntary carbon markets."

About ERA Carbon Offsets Ltd.

ERA is a Canadian based pioneer in forest-based carbon offset programs and project development. Through its subsidiary, ERA Ecosystem Restoration Associates Inc., ERA produces significant, measurable carbon sequestration benefits that are validated and verified to international standards and sold to purchasers interested in offsetting their greenhouse gas footprints as a means of mitigating the effects of climate change. ERA is producing EcoNeutral(R) offsets from the company's "Community Ecosystem Restoration Program" (CERP) in the Lower Fraser Valley, near Vancouver, British Columbia. ERA is also developing projects in Africa, South America and the United States. ERA has generated ISO-validated and verified EcoNeutral(R) carbon offsets from the CERP project to supply clients and offset users that include HSE-Entega, Rolling Stone Magazine, Shell Canada Ltd., Air Canada, the Motion Pictures Producers Industry Association, and the Globe Foundation.

Additional information on ERA can be found on the corporate website www.eracarbonoffsets.com or by contacting investor@eracarbonoffsets.com.

On behalf of the Board of Directors of ERA CARBON OFFSETS LTD.

Robert Falls, Chief Executive Officer

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.

(i) Katherine Hamilton, Milo Sjardin, Allison Shapiro, and Thomas Marcello, "State of the Voluntary Carbon Markets 2009" (Ecosystem Markteplace & New Carbon Finance, May 20th, 2009), p.5.

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.

Contact Information

  • Stevenson & Associates Investor Relations Ltd.
    Kyle Stevenson
    President
    (604) 687-1779
    kyle@stevensonir.com