CARBON STREAMING CORP - OFSTF STOCK NEWS

Carbon Streaming has updated the status of the Rimba Raya project's Verra account and its Forest Utilization Business License. On May 17, 2024, Verra temporarily suspended the registry account of InfiniteEARTH and its Indonesian subsidiary, PT InfiniteEARTH Nusantara, the project proponent of the Rimba Raya project. The suspension follows the Indonesian Government’s revocation of the Concession License. Verra has requested clarification from InfiniteEARTH, which must respond within seven days. On May 16, 2024, the State Administrative Court of Jakarta temporarily suspended the revocation, allowing project activities to continue until a final decision expected in June 2024. Carbon Streaming valued the Rimba Raya Stream at nil for the quarter ending March 31, 2024, due to the revocation. The company is exploring legal avenues to protect its investment and working with InfiniteEARTH and local partners to maintain the project.

Carbon Streaming provided an update on the Forest Utilization Business License for the Rimba Raya project. The Indonesian Ministry of Environment and Forestry (MOEF) revoked the Concession License held by PT Rimba Raya Conservation, the local partner. The revocation is based on allegations of unauthorized transfer, exceeding land area limits, and non-payment of taxes. PT Rimba has challenged this in the State Administrative Court of Jakarta. Carbon Streaming is assessing the situation, engaging with partners, and exploring legal options to protect its investments. A ruling is expected in June 2024.

Carbon Streaming announced its financial results for Q1 2024, highlighting key developments and figures.

The company posted a net loss of $35.8 million, a significant increase from a $1.0 million loss in Q1 2023, primarily due to a $33.1 million loss on revaluation of carbon credit streaming and royalty agreements.

Revenue from carbon credit sales increased to $0.4 million from $4 thousand in Q1 2023. The company ended the quarter with $49.0 million in cash and no debt.

Corporate restructuring efforts continued, resulting in a $1.4 million restructuring charge but also reducing ongoing operating expenses.

The revocation of the concession license at the Rimba Raya project led to a complete write-down of its value to $nil.

Despite setbacks, Carbon Streaming is focused on enhancing cash flow, cost-saving, and strategic investments in new projects like the Baccala Ranch Reforestation Stream.

Looking forward, the company aims to increase cash flow generation and continue its restructuring efforts to optimize operations.

Carbon Streaming has formed an independent committee in response to public allegations made by Nickel 28 Capital Corp. regarding the termination of certain executives. The Board has initiated a review process to confirm compliance with corporate governance policies and laws.

Carbon Streaming provides an update on the Rimba Raya Project following reports of the revocation of the Forest Utilization Business License held by PT Rimba Raya Conservation. The Company is working to validate these claims and preserve its carbon rights. InfiniteEARTH, the project proponent, is disputing the revocation and seeking clarification from the Indonesian Government. The Company will continue to update shareholders on further developments.

Carbon Streaming (OFSTF) reports financial results for 2023 with a focus on reduced operating costs and strong cash balance. The company ended the year with $51.4 million in cash, no corporate debt, and a restructuring plan resulting in $7.5 million in expense reductions. Despite a net loss of $35.5 million for the year, adjusted net loss improved to $7.6 million. Quarterly highlights show a net loss of $26.1 million with $2.1 million in upfront deposits for carbon credit agreements.

Carbon Streaming Corporation announces a new streaming agreement with Mast for the Baccala Ranch Reforestation Project in California, USA. The project aims to restore 523 acres damaged by the Dixie Fire, generating 91,500 tCO2e and carbon credits. The company will make upfront payments and receive proceeds from carbon credit sales. The Sheep Creek Reforestation Project is expanded, and Indonesian regulatory updates are discussed.

Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) has announced a reduction in the size of its Board of Directors from eight to five members. Three directors have voluntarily resigned, and the Board is now comprised of five directors, three of whom are independent. The company's Chair stated that the move is part of a restructuring plan to enhance efficiency and maintain the independence and experience needed for success.

Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) announced the initiation of a strategic review process as part of its ongoing corporate restructuring to ensure competitiveness and long-term sustainability. The company has made significant progress in reducing operating expenses and is actively reviewing its carbon credit stream and royalty portfolio. The Board of Directors and a Special Committee will evaluate various options to maximize shareholder value, including acquisitions, divestments, financings, and strategic partnerships.