The Company Expects to Achieve Net Negative Carbon Emissions via the Retirement of Carbon Credits
Calgary, Canada – May 9, 2022 / CNW / – DeepMarkit Corp., (“DeepMarkit” or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is pleased to announce the Company’s commitment to achieving a net negative level of carbon emissions (“Net Negative”) from its aggregate operations by the end of 2022. The commitment to becoming Net Negative means that DeepMarkit will ultimately offset more carbon than it emits on an annual basis. The Company is planning to become Net Negative by reducing emissions through operational efficiencies and by retiring carbon offsets. The Company expects to acquire the carbon offsets by (i) receiving them as payment for NFT minting services, or (ii) purchasing a necessary amount of carbon offset NFTs minted via MintCarbon.io in the open market, based on certain assumption-driven calculations, and subject to applicable regulations.
In view of similar announcements made by other companies in the industry, as well as in the context of recent climate data, management has deemed it appropriate for DeepMarkit to become Net Negative. Reversing the effects of climate change not only requires that emissions be reduced, but also that companies and governments go beyond carbon neutrality to reduce carbon dioxide from the atmosphere. Given the nature of DeepMarkit's business and its desire to be a catalyst for helping companies decrease their environmental impact by increasing access to carbon offset credits, DeepMarkit considers it important to make the pledge to offset more than 100% of its own emissions.
The MintCarbon.io platform allows project developers or holders of existing carbon credits to gain access to the blockchain by minting carbon credits into NFTs. Each registry verified NFT purchased and retired by a buyer from an online NFT marketplace, such as Opensea.io, represents the offset of one tonne of carbon dioxide from the atmosphere. The achievement of DeepMarkit’s commitment to becoming Net Negative is subject to DeepMarkit being able to obtain a sufficient amount of carbon credits, either through completing NFT minting transactions, or by purchasing available carbon credit NFTs on the open market.
"To create real impact in the global fight against climate change, businesses need to lead the way and push beyond the status quo. By pursuing carbon negativity, we will champion the sustainability goals of our customers and partners and work to leave the world better than we found it. Our team is committed to going beyond just providing global access to carbon offsets by also being an active participant in the market for our NFTs. We want to show our users, clients, partners and shareholders that we are committed to investing in the future of our platform as well as the future of our planet,” said Ranjeet Sundher, Interim CEO of DeepMarkit.
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into NFTs. Its common shares are listed on the TSX Venture Exchange under the “MKT” stock symbol. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC's primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
On behalf of:
Ranjeet Sundher, Interim CEO
For more information, please contact:
Ranjeet Sundher, Interim CEO
Neither the 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 news release.
Statements in this news release may contain forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the expectation that the Company will be able to become Net Negative, within the timeline indicated herein, or ever, the expectation that the Company will be obtain an adequate number of carbon credits in order to become Net Negative, the implied expectation that if the Company will purchase carbon credit NFTs created by MintCarbon.io, that such credits will be available in sufficient quantities, and statements relating to the Company's business and corporate plans. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of DeepMarkit, including, without limitation, the risk that the Company is unable to obtain enough carbon credits to become Net Negative, the risk that such credits or NFTs are unavailable to the Company, the risk that the Company does not have adequate working capital to purchase carbon credit NFTs, if required, and risk that, following evaluation of applicable regulations, the Company is unable to acquire carbon credits or NFTs, or that acquiring carbon credits or NFTs becomes impractical. Various factors can cause the actual results to differ materially from those in forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this news release and DeepMarkit does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
SOURCE: DEEPMARKIT CORP.