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ERA Carbon Offsets Ltd. Executes Term Sheet With European Power Company for the Purchase of 500,000 Tonnes of Verified Emissions Reductions (VERs) in 2009 and 2010
ERA Carbon Offsets Ltd. Executes Term Sheet With European Power Company for the Purchase of 500,000 Tonnes of Verified Emissions Reductions (VERs) in 2009 and 2010
Published 06-10-09
Submitted by ERA Carbon Offsets Ltd
CSRwire - VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 06/10/09 -- On June 2, 2009, ERA Carbon Offsets Ltd. (ERA) (TSX VENTURE: ESR) executed a Term Sheet with an established European Power Company for the purchase of 500,000 tonnes of Verified Emissions Reductions (VERs).
The transaction, which is subject to due diligence and entering a formal Verified Emissions Reductions Sales Agreement (VERSA), would deliver 300,000 tonnes of validated VERs in 2009, and 200,000 tonnes of VERs in 2010. The VERs being transacted will be validated and verified to the ISO 14064-2.
The VERs are being produced through ERA's Community Ecosystem Restoration Program (CERP) which has been operational in the Lower Fraser Valley of British Columbia since September 2005. CERP is a large scale urban forest restoration program that began in the District of Maple Ridge in 2006, and now includes projects in the District of Mission, the City and Township of Langley, and Metro Vancouver. The CERP program is supported by the sale of carbon offset credits created through ERA's reforestation endeavors in these degraded riparian land bases. The carbon offset credits are being registered with TZ1, an International Carbon Registry, and are being utilized by ethical organizations looking to reduce their carbon footprint and green their brand.
Dr. Robert Falls, CEO of ERA commented, "This transaction with a well established and progressive power company is further recognition of the importance of forest-based climate mitigation programs. We are at a critical juncture in the rapidly growing international carbon market, where carbon offset credits arising from forest restoration and protection are experiencing a groundswell of support and market activity."
Dr. Falls further commented, "Healthy forests are the only viable way known to remove vast tonnages of carbon dioxide from the atmosphere - the world is now awakening to this fact and taking action. Our ability to source and develop international forest projects of high ecological and social value that address this need will ensure ERA remains a leader in forest carbon project development."
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 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.eraecosystems.com or by contacting investor@econeutral.com.
On behalf of the board of ERA CARBON OFFSETS LTD.
Robert W. Falls, PhD, CEO
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.
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.
