SOURCE: Offsetters Climate Solutions Inc.

Offsetters Climate Solutions Inc.

March 26, 2015 20:39 ET

Offsetters Announces AGM Results and Provides Progress Update

VANCOUVER, BC--(Marketwired - March 26, 2015) - Offsetters Climate Solutions Inc. ("Offsetters" or the "Company") (TSX VENTURE: COO) (FRANKFURT: 9EA) is pleased to provide the results of the Annual General Meeting held on March 25, 2015 and provide an update on the progress of the acquisition (the "Acquisition") of Forest Finance GmbH assets as announced in a news release on February 5, 2015.

The Company is pleased to report that shareholders of the Company have reappointed Dr. James Tansey, Alexander Zang, Georg Shattney, Graham Harris, John Poulter and Jim Logan to the Board of Directors, in addition to increasing the size of the Board to nine members. The shareholders have also appointed Harry Assenmacher, founder and CEO of Forest Finance GmbH and Dirk Walterspacher, CEO of Forest Finest and the CO2OL carbon business, as Directors, in anticipation of the closing of the acquisition of assets of Forest Finance GmbH. Should the intended acquisition not be completed as anticipated, both Mr. Assenmacher and Mr. Walterspacher have agreed to resign their Board seats upon termination of the acquisition. One Board seat remains vacant. Shareholders also reappointed Davidson and Company LLP as auditors for the Company, and adopted the proposed 2015 10% rolling stock option plan, which will become effective upon approval by the Directors of the Company and the TSXV Exchange (the "Exchange").

Update on the Acquisition of Forest Finance GmbH Assets

As reported on February 5, 2015, the Company signed a Letter of Intent to acquire various assets of Forest Finance GmbH, based in Germany. The Company is pleased to report that due diligence is nearing completion, and expects to submit all necessary documentation to the Exchange for final review within the next two weeks. The Acquisition remains subject to Exchange approval. Upon completion and acceptance of the Exchange review, it is anticipated that Offsetters and Forest Finance GmbH will complete a Share Exchange Agreement, finalizing the Acquisition.

Update on the Third Amendment Agreement with Wildlife Works Carbon LLC

The Company is pleased to report that the Third Amendment Agreement with Wildlife Works Carbon LLC ("WWC"), announced in a February 20, 2015 news release, was finalised and signed by both parties. Under the original agreement, WWC was required to make its final payment of USD $620,000 by January 1, 2015, relating to the acquisition of Offsetters' 50% interest in the Mai Ndombe REDD+ project in the Democratic Republic of Congo. Under the amended agreement, WWC shall remit payments to Offsetters to complete its outstanding obligation in four installments throughout 2015, with a final payment being delivered on or before December 15, 2015.

Additional information is available at www.sedar.com.

James Tansey, Ph.D.
President and CEO
Offsetters Climate Solutions Inc.

About Offsetters Climate Solutions Inc.
Offsetters is Canada's largest and most diversified carbon management solutions company. Its team of industry leaders specializes in the origination, development and commercialization of high-quality carbon offset projects, and through a comprehensive offering of sustainability consultancy services Offsetters helps organizations understand, reduce and offset their climate impact. Based in Vancouver, Canada, Offsetters has worked with over 150 of the world's most prestigious organizations including Aimia, Vancity, lululemon athletica, Catalyst Paper, Harbour Air, HSE - Entega, and Shell Canada Limited. Offsetters is publicly listed company on the Toronto Venture Exchange (TSX VENTURE: COO) and in (FRANKFURT: 9EA). For more information, please visit us at www.offsetters.ca.

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 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 Offsetters Climate Solutions Inc. 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.

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

  • For further information, please contact:

    David Rokoss
    Offsetters Climate Solutions Inc.
    Suite 1000 - 675 West Hastings Street,
    Vancouver BC, V6B 1N2
    Telephone: 778-945-0951
    Email: david.rokoss@offsetters.ca