Offsetters Announces Third Quarter Results

Offsetters Announces Third Quarter Results
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) - Offsetters Climate Solutions Inc. ("OCS" or the "Company", formerly ERA Carbon Offsets Ltd.) (TSX-VENTURE:COO)(FRANKFURT:9EA) is pleased to announce its financial results for the quarter ended September 30, 2013.

Third Quarter, 2013 Financial Highlights

• Sales Revenue for the three months ended September 30, 2013 was $2,175,590, delivering gross profit of $1,425,541 and net income of $418,385.
• Year to date revenue of $5,362,323 with gross profit of $3,780,060.
• Monetary assets at September 30, 2013 were $1,755,579 to settle monetary liabilities of $761,110.

The Company's third quarter revenues were derived from sales and services supplied to approximately 50 clients over the period, including long term clients such as Forest Carbon Group AG, Aimia, Harbour Air, Viterra and Hemlock Printers. Approximately 16% of third quarter revenues were from new business and/or clients. Reductions in expenses continue to be realized as a result of operating efficiencies following the consolidation of companies post the December 2012 acquisition.

"We continue to meet our projected financial milestones including revenue and profitability and are pleased with our performance to date," commented Dr. James Tansey, CEO of Offsetters. "We remain on target to meet our 2013 guidance, based on the steady growth of our core business lines in carbon offset project development and sales and sustainability consulting services."

All financial information is prepared in accordance with International Financial Reporting Standards and reported in Canadian dollars unless otherwise noted. The unaudited consolidated interim financial statements and associated notes for the three, six and nine months ended September 30, 2013, along with the related Management's Discussion and Analysis are available on SEDAR at www.sedar.com.

James Tansey, Ph.D., President and CEO

Offsetters Climate Solutions Inc.

About Offsetters Climate Solutions Inc.

Offsetters is Canada's largest and most diversified carbon management solutions company. Its team of industry leaders specializes in the origination, development and commercialization of high-quality carbon offset projects, and through a comprehensive offering of sustainability consultancy services Offsetters helps organizations understand, reduce and offset their climate impact. A combination of ERA Carbon Offsets, Offsetters and CCC, Offsetters is based in Vancouver, Canada and has worked with over 150 leading business organizations including Aimia, Vancity, lululemon athletica, Catalyst Paper, Harbour Air, HSE - Entega, and Shell Canada Limited. Offsetters is publicly listed company on the Toronto Venture Exchange (TSX-VENTURE:COO) and in (FRANKFURT:9EA). For more information, please visit us at www.offsetters.ca.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS:

Certain of the statements and information in this news release may constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements. When used in this news release the words "anticipate", "believes", "estimates", "expects", "intends", "may", "project", "plan", "should", "forecast", "outlook", "budget", "anticipated", "future", "potential" and similar words and expressions may identify forward-looking statements or information.

The statements in this news release reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, known and unknown, could cause actual results, performance or achievements to be materially different from results, performance or achievements anticipated by management. The Company's ability to continue as a going concern is dependent upon its ability to maintain profitable operations and/or obtain the necessary financing to repay liabilities and obligations arising from normal business operations and to meet contractual liabilities related to the acquisition of Offsetters and CCC when they come due. The Company has been profitable over the last four quarters but has not achieved sustained, long term profitable operations and may require additional working capital and may seek additional financing through equity or debt and/or increased sales revenue and cash flows in order to remain a going concern. There is material uncertainty related to the Company's ability to secure necessary financing or generate additional sales revenue and cash flows in the amounts required. The Company could be adversely affected by risks and uncertainties as disclosed in the Company's most recent MD&A filing and financial statements as filed at www.sedar.com.

The Company does not intend, and does not assume any obligation to update any forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable securities or other laws.

NEITHER TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Offsetters Climate Solutions Inc.David [e-mail]