C-Lock Technology, Inc., a subsidiary of Evergreen Energy Inc. (NYSE Arca: EEE), has completed the acquisition of British Columbia-based Carbon Credit Corp. (CCC) in a cash and share swap valued at approximately US$1.8 million.
CCC will be renamed C-Lock Technology-Canada, a subsidiary of C-Lock Technology, Inc. of Denver, and will continue its two lines of business: a greenhouse gas (GHG) strategic consulting practice using the CarbonSmartÔ process and a carbon dioxide (CO2) measurement and monetization business that uses the Carbon Credit Asset Management SystemÔ (CCAMS) measurement tool. C-Lock Technology Inc.’s current software products, GreenCert™-Agriculture and GreenCert-Energy, as well as newly developed products, will be marketed in Canada.
Vince Cook, chairman and CEO of C-Lock Technology, Inc., said “This acquisition expands C-Lock’s™ international reach by adding the burgeoning Canadian carbon market to C-Lock’s portfolio. The solutions that C-Lock has ready for market offer an unprecedented set of capabilities for Canadian customers to obtain a new level of highly accurate and precise carbon measurement and enterprise-level carbon information management. With a comprehensive suite of IBM tools that includes the IBM framework platform, software solutions for real-time data communications and collection, data correlation, and integration of large-scale models, Canadian customers will be able to continue their leadership in the challenging task of GHG management.”
CCC specializes in defining CO2 measurement and sustainable management strategies for a wide range of applications, including forest conservation, sustainable agriculture, and enterprise carbon footprint reporting. Among its multiple contracts is a long-term contract with Viterra Corporation, Canada’s leading agri-business, which uses CCC software to amass carbon credits from farmers in Alberta under the Alberta Offset System. Viterra has access to 20,000 Canadian farmers for the aggregation of soil sequestration credits under the Alberta system. More than 480,000 acres of a potential 16 million acres have been measured and registered to date.
Shawn Burns, CCC founder, and now president and CEO of C-Lock Technology-Canada, said, “This addition of C-Lock GreenCert-Agriculture and GreenCert-Energy software products, set against the backdrop of IBM technology, sales, and support, will position us for rapid North American growth in the accelerating GHG market.
“The carbon offset market in North America is about to take off,” added Burns. “Canada and its provinces are moving quickly ahead with regulatory carbon offset programs, and there is much anticipation regarding the introduction of new federal carbon regulation in the United States. We are now ideally poised to realize the potential of this rapid growth market opportunity.”
C-Lock recently announced the general availability status of its GreenCert software products for the accurate and precise measurement of GHG emissions in the energy and agriculture sectors. In mid-December, C-Lock announced an agreement for the deployment of its technology in Eastern Europe, starting in Poland.
According to The World Bank, global trade in carbon credits was valued at US$64 billion in 2007 compared to US$31 billion in 2006. According to Point Carbon, global trade in carbon credits reached nearly US$100 billion in 2008. The Montreal Climate Exchange began trading carbon credits in May 2008, approximately 19 months before Canada’s GHG emissions trading scheme, dubbed “Turning the Corner,” is expected to start.
About C-LockÔTechnology, Inc.
C-Lock Technology Inc., a subsidiary of Evergreen Energy Inc. (NYSE Arca: EEE),
is developing GreenCert™, a web-based carbon information management tool for agriculture and industry, including the energy industry. GreenCertÔ is a combined solution set that integrates IBM software products and tools with customized C-Lock Technology Inc. software processes for the complex task of precise and accurate GHG measurements. The IBM framework platform is based on a service-oriented architecture (SOA) that merges a comprehensive software set that includes real-time communications, through an Enterprise Service Bus, data collection, extensive correlation processes and integration of large-scale models. The architecture meets current GHG processing Demands and is scalable for worldwide and large enterprise applications. On the Web at www.c-locktech.com.
About Carbon Credit Corp.
Carbon Credit Corp, now C-Lock Canada Inc., is a values- greenhouse gas management company that leads its clients to sustainable profitability in a GHG regulated world by aligning their social, environmental and financial goals. The company is carbon neutral and a founding reporter of The Climate Registry. www.carboncreditcorp.biz
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