CARBON STREAMING CORP - OFSTF STOCK NEWS

Carbon Streaming Corporation enters into a streaming agreement with Mast Reforestation for the Feather River Dome Reforestation Project in California, USA.

Carbon Streaming Corporation will provide Microsoft with carbon removal credits from the Waverly Biochar project, which is expected to deliver up to 10,000 tonnes of carbon dioxide removal credits per year. Microsoft's commitment to offtake verified carbon dioxide removal from the project is seen as a positive move for the industry. Biochar is considered a vital piece of the puzzle for corporations with net zero commitments and has the potential to sequester significant amounts of carbon emissions by 2050. Carbon Streaming's approach of providing project capital to developers is beneficial for corporations using carbon credits as part of their climate strategies.

Carbon Streaming Corporation announces expense reductions expected to save over $3 million per annum and strong cash balance

Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) reported strong financial results for Q2 2023, ending the quarter with $59.4 million in cash and no corporate debt. The company recognized a net loss of $9.2 million, but adjusted net loss improved to $0.8 million. Carbon Streaming added a reforestation project to its portfolio and undertook cost-cutting measures, resulting in a non-recurring corporate restructuring charge of $1.6 million. The company also increased its upfront investment in the Waverly Biochar Stream. Financial highlights include $44,000 in revenue from the sale of purchased carbon credits, with a gross profit of $10,000. The company settled 97,184 carbon credits under carbon credit streaming agreements and incurred other operating expenses of $3.4 million.