SOURCE: ECO2 Forests Inc.

ECO2 Forests Inc.

December 09, 2010 08:00 ET

ECO2 Forests Signs Agreement for Joint Venture in Europe

BOULDER, CO and QUEENSLAND, AUSTRALIA--(Marketwire - December 9, 2010) -  ECO2 Forests Inc. (PINKSHEETS: ECOF), a sustainable forestry company, has entered into an Agreement for the establishment of joint venture projects in Europe.

In conjunction with ECO PLUS Limited, ECO2 Forests plans to commence projects in Europe. Initially targeting projects in Turkey, the Joint Venture is planned to be expanded to include Bulgaria.

The two companies signed the Agreement to develop the mutually beneficial project that will create a significant amount of local full-time jobs as well as the injection of millions of dollars into the local economy.

Initially, the goal is to establish the first of the European projects with a 1,200 acre forest in the vicinity of Izmir, Turkey.

Under the agreement ECO2 Forests will be responsible for all aspects of managing and control of the Plantation which is forecast to involve the planting of 268,800 Kiri Trees to produce 537,600 carbon credits and 113,000 tons of lumber every seven year cycle. The Kiri Tree naturally regrows after each harvest to create a truly sustainable forest and decreases the need to log existing old growth forests. The initial part of the project is forecast to deliver returns of an estimated US$120 million in each seven year cycle.

"ECO2 Forests has been working extremely hard this year to establish a network of forests around the globe under our Global Forestry Plan. Strategically we had targeted the Izmir region in Turkey as our research indicated the land was suitable for our Kiri Tree forests. We look forward to working with ECO PLUS to initiate the first module in the project and secure more projects in the region," ECO2 Forests CEO Ray Smith said today.

ECO Plus will be responsible for sourcing all land for the projects and jointly with ECO2 Forests intends to source suitable project financing through direct project investment.

In accordance with the ECO2 Forests' E4 Philosophy, ECO2 Forests and ECO PLUS both have agreed to work collaboratively to develop and implement projects that provide a positive outcome for the environment, improve the well-being and circumstances of stakeholders in the local community and host country as well as enter into joint venture agreements that are deemed mutually beneficial for the delivery of programs and projects.

"ECO PLUS became aware of ECO2 Forests and their Global Forestry Plan many months ago and we were very excited to find a company that was capable of creating this type of sustainable project in our region of the world. We have been in regular communication from that point and it is a significant milestone to sign this agreement. We must plant as many trees as possible and we all need more people in the world involved in the fight against climate change," ECO PLUS Director Michael Ginchin said.

About ECO2 Forests Inc.

ECO2 Forests was created to deliver large scale sustainable, lumber-producing forests through an innovative E4 Philosophy -- embracing positive Environmental impact and delivering Economic returns, while fostering Employment and Education.

Company projects are operated under the Global Forestry Plan which calls for the creation of thousands of acres of new forests to be planted and maintained in key locations around the world.

A publicly traded company, ECO2 Forests trades under the U.S. Stock Symbol ECOF. With offices in Boulder, Colorado and Queensland, Australia, the company has been structured specifically to be positioned for global growth and support.

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Forward Looking Statements

This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.

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