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TORONTO, Nov. 14, 2022 (GLOBE NEWSWIRE) — Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) (“Base Carbon”, or the “Company”) is pleased to announce its third quarter 2022 financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.
In Q3 2022, the Company remained focused on the execution of its carbon development projects, including the Company’s Vietnam project involving the purchase and distribution of 850,000 fuel-efficient cookstoves and 364,000 water purifiers (the “Devices”). As of October 31, 2022, 710,975 Devices have been distributed to Vietnam households, representing 59% of the total project Devices. Relative to the initial project plan, distribution of Devices is currently ahead of schedule with anticipated completion in early 2023. As previously disclosed, Base Carbon has facilitated a contractual project offtake agreement applicable to the initial 7.4 million carbon credits generated from the project, with first deliveries into the offtake anticipated in late H1 2022.
Distribution of cookstoves associated with the Company’s initial carbon reduction project in Rwanda is currently on schedule. 240,308 fuel-efficient cookstoves have been distributed as of October 31, 2022, representing 96% of the total devices underlying the Rwanda project. Full deployment of cookstoves is anticipated by the end of 2022.
Third-Quarter Corporate and Financial Highlights as of September 30, 2022
On August 18, 2022, Base Carbon obtained approval to commence trading of its common shares on the OTCQX Best Market, under the ticker symbol “BCBNF”.Distribution of Vietnam Devices is currently 155,975 units ahead of initial project plan. Full distribution of Vietnam Devices is expected to be completed approximately four months earlier than originally contemplated.First issuance of carbon credits associated with the Vietnam Household Devices Project anticipated in late H1 2023.As of October 31, 2022, the Company…..
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