September 21, 2016, Vancouver, British Columbia: Naturebank Asset Management Inc. (“Naturebank” or the “Company”) (TSX-V: COO) would like to announce that it has entered into an agreement (“Amendment Agreement No.4”) to postpone certain payments due under its agreement (the “Acquisition Agreement”), announced November 8, 2012 whereby Naturebank acquired its subsidiaries, Offsetters Clean Technology Inc. and Carbon Credit Corporation from a third party Seller (the “Seller”).
Under the terms of Amendment Agreement No.4, the Seller has agreed to extend payments in the amount of $500,000 due July 31, 2016 as required under the terms of the Acquisition Agreement and subsequently the Amending Agreement No. 3, until October 31, 2016.
The Company is paying interest at a rate of 10% per annum to the Seller while these amounts remain outstanding. Applicable interest is paid monthly in advance and not upon payment of the payments themselves.
James Tansey, Ph.D.
President and CEO
NatureBank Asset Management Inc.
About NatureBank Asset Management Inc.
NatureBank specializes in advisory, technology and project investment services applied to sustainable commodities and ecological assets, with a primary focus on cocoa, timber and carbon. We provide our customers with a multidisciplinary approach to investing, managing risk, enhancing asset performance and securing commercial returns. While managing climate change risk, we improve livelihoods and sustainability in project regions. Through our advisory services team and our subsidiary companies, Offsetters and CO2OL, we help organizations understand, reduce and offset their climate impact. With offices in Vancouver, British Columbia; Portland, Oregon; Zurich, Switzerland and Bonn, Germany, our team has a global reach. Our team has worked with over 200 leading business organizations including Aimia, Vancity, lululemon athletica, Catalyst Paper, Harbour Air, HSE – Entega, and Shell Canada Limited. NatureBank is publicly listed company on the Toronto Venture Exchange (TSX-V:COO) and in Frankfurt:9EA. Please visit www.naturebank.com.
For further information, please contact:
NatureBank Asset Management Inc.
Suite 1000 – 675 West Hastings Street,
Vancouver BC, V6B 1M8
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 in the past 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.
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