C02 solutions update on carbon capture program with global leader in energy infrastructure


Source: CO2 Solutions inc.

Quebec City, QC -- CO2 Solutions Inc. updated today the status of its exclusive collaboration with a global leader in energy infrastructure projects with over 5 billion dollars in annual sales (the 'Global Leader') covering the development and pilot scale testing of CO2 Solutions' carbon capture technology (the 'Technology') to reduce carbon dioxide pollution from coal and other fossil-fired power plants, one of the world's largest sources of greenhouse gas emissions.

The Collaboration Agreement and related Memorandum of Understanding, originally announced December 3, 2010, included an option for the Global Leader to transition the carbon capture program to certain other solvent systems it is developing based on its assessment of the relative potential of the Technology for these systems and upon mutual agreement between the parties (the 'Program'). As such, the Global Leader had elected to cease work on the original solvent system and at that time provided CO2 Solutions with the requisite notice to redirect the work to the other solvent systems and of its intent to negotiate a separate definitive collaboration agreement for these certain other solvent systems.
Negotiations on the separate definitive collaboration agreement were well advanced, however, CO2 Solutions recently received notice that the Global Leader has decided to stop the negotiations for an unlimited period of time. The Global Leader specifically indicated that their decision is not based upon a judgment of the business potential of the technology.

'Based on our past internal evaluations and supplemented by the recent technical findings from the program, we always believed the intended transition to the other solvent systems would be a positive move representing significant economic potential. Unfortunately, with the world economy in a potential slowdown, many companies are taking a second look at their investments in development programs and are cutting back. This is one example.' stated Glenn Kelly, President and Chief Executive Officer of CO2 Solutions Inc. 'This decision by the Global Leader does not reflect on the strength of CO2 Solutions' technology but rather on the state of the world economic affairs in this time of high uncertainty in the European and North American markets. Given the positive technical results achieved, we are well positioned to seek out new partners in the power generation sector, while at the same time continuing to scale-up the technology internally in order to capitalize on better global economic conditions moving forward.  We will continue developing our other scale-up opportunities in sectors.

About CO2 Solutions Inc.
C02 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for power plants and other large stationary sources of carbon pollution. In the process, C03 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low-energy aqueous solvents. Further information about CO2 Solutions can be found at www.co2solutions.com.

CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operations described herein. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

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