VANCOUVER, Sept. 26, 2012 /CNW/ - Crimson Bioenergy Ltd. (TSXV: CSN) is pleased to announce that the Company, through its 100% owned subsidiary, CSQ Environmental Technologies Ltd. ("CSQ"), has signed a contract with Pacific Carbon Trust ("PCT") for the afforestation of non-productive farmland near Fort St. John, BC to develop a permanent mixed-wood forest. Under the contract PCT will purchase up to 56,000 of the greenhouse gas offsets expected to result from the project over a 10-year period beginning in 2013. PCT will also have a right of first refusal to purchase any amounts over and above the 56,000 offsets that may accrue from the project. The performance of the contract is subject to Crimson obtaining financing for the project on or before December 31, 2012. Crimson is working to secure financing for the project.
"This project is a continuation of our approach to using carbon offsets to promote the creation of new forests. We are pleased to work with PCT as a part of British Columbia's climate change mitigation strategy" stated Crimson Bioenergy's President, Dr. Will Carr.
"The CSQ project is the first afforestation project to be added to our portfolio, and is an example of how offset projects provide both long-term environmental benefits and impressive economic value for the province of BC."
-Scott MacDonald, CEO, Pacific Carbon Trust.
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 forests that meet the terms of "afforestation" under 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 poplars, called 'energy crops', with 3-to-10 year growth cycles.
Pacific Carbon Trust is a Crown corporation established in 2008 to deliver BC-based greenhouse gas offsets, to help clients meet their carbon reduction goals and to support the growth of BC's low-carbon economy. For more information, please visit www.pacificcarbontrust.com.
William W. Carr, President
FORWARD LOOKING STATEMENTS: This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crimson to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks relating to Crimson's ability to raise sufficient financing to fund its business plan, development and expansion activities, dependence on existing management, financial activities, domestic and global economic conditions, changes in federal or provincial income tax laws, and market competition factors.
Although Crimson has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Crimson does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable
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SOURCE: Crimson Bioenergy Ltd.
For further information:
Crimson Bioenergy Ltd.
Suite 202 - 5752 176th Street
Surrey, BC V3S 4C8
Phone: (604) 574-3100