Carbon Streaming Announces Additional Steps to Position Company for Long-term Success
05 Septembre 2023 - 1:00PM
Business Wire
Identified Expense Reductions Expected to Save
Over $3 Million Per Annum
Strong Cash Balance, Interest Income and No
Debt Provide Foundation to Accelerate Net-Zero Future
Carbon Streaming Corporation (NEO: NETZ) (OTCQB:
OFSTF) (FSE: M2Q) (“Carbon Streaming” or the
“Company”), a leading supplier of high-quality credits to
corporate buyers and a funding partner of choice to carbon project
developers around the world, today announced several proactive
steps to reduce costs, protect its balance sheet, and continue to
position the Company for long-term success.
Carbon Streaming remains focused on executing its sales strategy
through the marketing and selling of carbon credits and continuing
to acquire select additional streams and royalties to diversify and
complement its portfolio of projects. The Company currently has 22
carbon projects in 12 countries covering eight project types.
The Company’s strong balance sheet enables Carbon Streaming to
weather dynamic market conditions and is a competitive strength
when negotiating potential transactions. Carbon Streaming has
undertaken several important initiatives to reduce ongoing general
and administrative expenses, generate additional income, and ensure
that the Company is positioned to benefit from tailwinds that are
driving the carbon credit market.
As a result of a 40% reduction in executive headcount, a
sublease of its Toronto office space, and the optimization of other
expenses, the Company expects to deliver savings of over US$3
million per annum. Carbon Streaming’s active treasury management
program has also ensured that the Company’s cash balances are
invested in high-interest accounts to generate additional
income.
“We believe that the voluntary carbon markets are a necessary
tool to reduce global carbon emissions and move towards a net-zero
future. Carbon Streaming pioneered the use of streaming
transactions to help scale high-integrity carbon credit projects.
The steps we have taken to protect our balance sheet, while
continuing to identify and evaluate new opportunities for growth,
ensure that we are well positioned to be a long-term supplier of
high-quality carbon credits to corporate buyers who are looking to
support these projects in the fight against climate change,” said
Justin Cochrane, Founder & CEO.
About Carbon Streaming
Carbon Streaming 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 and
avoidance projects from nature-based, agricultural, engineered and
community-based methodologies.
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Advisories
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 regarding the Company’s expected expense reductions and
the savings expected with implementing such measures; sales
strategy; statements related to the Company’s carbon streaming and
royalty partners; statements with respect to the carbon credit
markets and the Company’s positioning; and statements with respect
to execution of the Company’s portfolio and partnership
strategy.
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 28, 2023 filed on SEDAR+
at 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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version on businesswire.com: https://www.businesswire.com/news/home/20230905052932/en/
ON BEHALF OF THE COMPANY: Justin Cochrane, Founder and
CEO Tel: 647.846.7765 info@carbonstreaming.com
www.carbonstreaming.com
Investor Relations investors@carbonstreaming.com
Media media@carbonstreaming.com
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