- Klimat X Developments Inc.
KLIMAT X DEVELOPMENTS INC. PROVIDES OUTLOOK FOR EXPANDING MARKETS AND GROWING PIPELINE IN 2023
/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Feb. 1, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) is pleased to provide details on its development strategy and key milestones for 2023. Klimat X finished 2022 in a strong position by rapidly advancing its forest and mangrove restoration projects. The combination of jurisdictional scalability and success in establishing key relationships and support within the countries and states it operates will allow the company to build on last year's performance over the next 12 months. Klimat X will continue to expand the scale of its projects by unlocking operational efficiencies at its two flagship assets in Sierra Leone & Yucatán as it works towards initial carbon credit validation. As one of the only publicly traded large scale nature-based carbon credit developers, Klimat X is ideally situated to capitalize on the strong corporate demand for high quality offsets over the coming decade.
Klimat X CEO, Dr. James Tansey commented 'The scale of demand for carbon credits has remained robust despite the economic headwinds of 2022. Across the sector, companies are seeing strong demand from final buyers looking for long term contracts to secure carbon credits. Large scale restoration projects of the type we develop command a price premium. We look forward to further commercial validation of our development model in the coming year and to building a foundation for future growth.'
Looking forward to 2023, the company has set the following goals for the coming year;
In Sierra Leone, expanding on the 400 hectares planted to date, by completing up to a further 1,000 hectares of reforestation with native species and building additional nurseries to expand planting capacity. Visit for video
Lease and survey up to 10,000 hectares of critical coastal mangroves for restoration and conservation in Sierra Leone. Mangroves store 10-15 tonnes of carbon dioxide per hectare and the protection of mangrove areas can prevent more than 400 tonnes CO2 per hectare from being released to the atmosphere.
Initiate the first mangrove restoration project within an area of up to 25,000 hectares in Yucatán, Mexico with the state government as a local partner.
Complete at least two Project Design Documents (feasibility studies), that establish the full carbon credit reserves at the projects.
Secure additional reforestation and conservation projects in West Africa and Latin America.
Continue marketing future carbon credits to potential buyers.
Klimat X carries on the business of developing 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. In contrast to streaming and royalty companies, Klimat X works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Corporation 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 land- owners and governments in various suitable jurisdictions around the world. SEE VIDEO
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 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 Klimat X's ability attract and retain a new Chief Financial Officer. 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. 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, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
This news 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.
For further information: Klimat X Developments Inc., James Tansey, Suite 390, 1050 Homer Street, Vancouver, British Columbia V6B 2W9, Phone: 1-604-562-4546