VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/16/10 -- ERA Carbon Offsets Ltd. (TSX VENTURE: ESR), through its wholly owned subsidiary, ERA Ecosystem Restoration Associates Hawaii Inc. ('ERA'), is pleased to announce the signing of a memorandum of understanding (MOU) with McCandless Land & Cattle Co., McCandless Ranch (MCR) for the development of carbon offset projects in Hawaii.
Under the terms of the MOU, both parties agree to cooperate towards preserving and restoring Hawaii's biological carbon sinks, through Improved Forest Management (IFM), Avoided Deforestation (AD) and Avoided Conversion (AC) types of carbon offset projects.
For each project, ERA will provide financing for direct offset project costs and be responsible for preparing a Project Design Document (PDD) in accordance with an approved methodology and standard.
Sales and marketing of the carbon credits generated through co-operative ERA-MCR projects will be initiated by ERA upon formal approval of a PDD. Net revenues derived from the sale of carbon credits will be shared between ERA and MCR.
Dr. Robert Falls, CEO of ERA commented 'We are very pleased to be working in Hawaii with a well established landowner that has demonstrated a long-standing commitment to the conservation and stewardship of the special ecosystems of the Big Island. This project is the first of its kind in Hawaii, and we are confident that it heralds a new era of carbon-financed conservation and restoration in the Hawaiian Islands.'
Mr. Keith Unger, Manager of McCandless Ranch, commented 'The environment is our economy and our way of life in Hawaii. The health of our land and water and our livelihood depend on it. We are looking forward to partnering with ERA to develop a carbon offset project to further benefit conservation on McCandless Ranch and in the state of Hawaii.'
About McCandless Ranch
The McCandless Ranch is a privately owned for-profit organization whose purpose is to provide an inclusive approach to land conservation on the Island of Hawaii. McCandless Ranch represents some of the most intact diverse flora and fauna in Hawai'i. Its habitat supports the Hawaiian Hawk (I'o) and a small but biologically important population of rare native honeycreepers including 'Akiaploa'au, 'Akepa and the Hawaiian Creeper, as well as abundant populations of native 'Elepaio, 'I'iwi, 'Amakihi, and 'Apapane. Also, McCandless Ranch was home to the last known population of Hawaiian Crow, the 'Alala. In addition to birds, the property supports a diversity of native plants, including several rare and endangered species and many of the more common native plants and ferns found in an intact Hawaiian rain forest.
About ERA Carbon Offsets Ltd.
ERA is a Canadian based pioneer in forest-based carbon offset programs and project development. Through its subsidiary, ERA Ecosystem Restoration Associates Inc., ERA produces significant, measurable carbon sequestration benefits that are validated and verified to international standards and sold to purchasers interested in offsetting their greenhouse gas footprints as a means of mitigating the effects of climate change. ERA is producing offsets from the company's 'Community Ecosystem Restoration Program' (CERP) in the Lower Fraser Valley, near Vancouver, British Columbia. ERA is also developing projects in Africa, South America and the United States. ERA has generated ISO-validated and verified Voluntary Emission Reductions (VERs) from the CERP project; to supply clients and offset users that include: HSE-Entega, Rolling Stone Magazine, Shell Canada Ltd., Air Canada, the Motion Pictures Producers Industry Association, and the Globe Foundation.
On behalf of the Board of Directors of ERA CARBON OFFSETS LTD.
Robert Falls, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of forest-based carbon offsets. When used in this document, the words 'anticipate', 'believe', 'estimate', 'expect', 'intent', 'may', 'project', 'plan', 'should' and similar expressions may identify forward-looking statements. Although ERA Carbon Offsets Ltd. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include fluctuations in the marketplace for the sale of carbon credits, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
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