VANCOUVER, Jan. 27, 2012 /CNW/ - Crimson Bioenergy Ltd. (TSXV: CSN) through its wholly owned subsidiary CSQ Environmental Technologies Ltd., is pleased to announce the sale and delivery of 129,545 Verified Emission Reductions ("VERs") to ERA Carbon Offsets Ltd. (TSX‐V: ESR). The VERs, defined as one tonne of CO2 equivalent emissions reductions, resulted from the successful completion of Crimson's first afforestation project. The project was independently validated and verified as ISO 14064-2 compliant.
The project is located near Fort St. John, BC and involved the afforestation of over 200 hectares of under-utilized land with a combination of white spruce and hybrid poplar. CSQ and ERA have amended the amount of VERs to be delivered under their agreement to the 129,545 VERs being transferred, with CSQ retaining full rights to the additional VER's that will be resulting from the project. In addition to the business reasons for the project, this undertaking will also enhance watershed protection in the area and provide increased habitat for native species of birds and animals.
William W. Carr, President and CEO of Crimson stated, "We are excited to complete the validation on the Flatrock project and the transfer of VERs to ERA. We view the Flatrock project as a critical step to bringing this under-utilized land back to working forest. The Flatrock lands are a great initial acquisition for the Company."
Duncan Manson, CEO of ERA states, "We are pleased to see this important pilot carbon project achieve this milestone and deliver its first tonnes [or 'VERs.'] We'd like to congratulate Crimson for their diligent work in envisioning the project and bringing it to life. The Flatrock project demonstrates the efficacy of using carbon finance as a mechanism to help address the forest restoration needs of British Columbia."
ERA Carbon Offsets Ltd. - A pioneer in forest restoration and conservation carbon offset projects, ERA has delivered over two million tonnes of carbon offsets to the voluntary market. ERA's clients and product users include Air Canada, Catalyst Paper, Rolling Stone Magazine, Entega, Forest Carbon Group, and Shell Canada. ERA's carbon offset products are validated and verified to ISO-14064 and VCS standards.
Crimson Bioenergy Ltd.- has extensive management expertise in the areas of forest management, forest ecosystem restoration, energy crops and greenhouse gas offsets (carbon credits). Crimson is pursuing the development of longer-term wood fibre/carbon credit plantations that meet the terms of "Afforestation" under forest carbon offset programs. It also is developing reforestation projects on under-utilized agricultural lands for the expanding biomass energy market that involve short rotation, high density hybrid poplar plantations, called "Energy Crops", with a 3-to-5 year growth cycle.
William W. Carr, President
For further information:
Peter Fentiman, Investor Relations
Crimson Bioenergy Ltd.
Suite 202 - 5752 176th Street
Surrey, BC V3S 4C8
Phone: (604) 210-0899, or
Toll free: 1 (855) 225-4844