19 December 2013
Offsetters Climate Solutions Inc. ("OCS" or the "Company") (tsx venture:COO)(frankfurt:9EA) is pleased to announce that its subsidiary, ERA Ecosystem Restoration Associates Inc. ("ERA"), has completed the sale of its interest in the Mai Ndombe Joint Venture Project (the "JV Project") to Wildlife Works Carbon, LLC ("WWC"), as detailed in the Company's news release dated October 31, 2013. Prior to this Agreement, ERA and Wildlife Works were 50/50 joint venture partners in the Mai Ndombe REDD+ (Reducing Emissions from Deforestation and Degradation) project in the Democratic Republic of Congo.
The assets sold to WWC comprising the JV Project include all of ERA's shares in its DRC subsidiary, ERA Congo SPRL, and the Company's shares of its Hawaiian subsidiary together with all rights, title and interest in forest concession rights, community agreements and other contracts relating to the JV Project. WWC has remitted its first payment towards a total consideration of USD$1,800,000 under the terms of the sales agreement.
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