VANCOUVER, BC, Aug. 11, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) a company that develops validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets, is pleased to provide an updated roadmap for the Q3 and Q4 of 2023.
Klimat X continues to make very strong progress in the development of nature-based carbon projects across West Africa, Yucatan, Mexico, and Suriname. In the last two quarters of 2023, the company expects to successfully achieve the following milestones:
- Full planting of approximately 1000 hectares of native species under the previously announced pre-purchase agreement with a Fortune 100 company. (Planting work has been underway through the planting season and will be complete by late October 2023.)
- Completion in October of a comprehensive site visit with the pre-purchaser of carbon credits for the West African reforestation project.
- Completion and validation of the full Project Design Document for the company's reforestation project and submission to the Verra Registry.
- Completion of a full PDD (Project Design Development) for the company's first West African mangrove restoration project, with technical activities led by Silvestrum Climate Associates.
- Completion of a draft PDD (Project Design Development) for the company's Suriname mangrove restoration project, including the exciting potential to rapidly reduce methane emissions from degraded mangrove areas. (Methane is a highly potent greenhouse gas and this project, once completed would have a large carbon credit output.)
- Development and launch of a fully integrated technology platform to develop and manage smallholder-based carbon credits across Africa.
- Expansion of the Company's operations to at least one additional West African country to develop terrestrial and blue carbon projects across the region.
CEO, Dr. James Tansey comments, 'Klimat X is achieving outstanding progress across all project jurisdictions, meeting H1 2023 targets, acquiring a major commercial contract for West Africa's initial planting phase, including the securing of funds, a true testament that we can advance our ongoing project pipeline and generate enduring revenue and value for shareholders while underscoring the financial viability of nature-based climate solutions. As we look at the decimation from wildfires around the world, there has never been a more important time to scale all our climate responses.'
About Klimat X
Klimat X is a company that develops validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Klimat X works upstream as a direct owner and operator of projects, addressing a key supply constraint and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company intends to achieve 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. Klimat X will draw on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets.
Klimat X plans to deploy capital at risk under various arrangements (including cooperation, assignment and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
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 upcoming milestones 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 changing market and political conditions for carbon project development 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.
SOURCE KLIMAT X Developments Inc.
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