Carbon Streaming Announces Settlement Agreements Related to Rimba Raya and Marvivo Projects
TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") announces that it has entered into two settlement agreements resolving disputes related to the Rimba Raya Biodiversity Reserve Project (the "Rimba Raya Project") and the MarVivo Blue Carbon Conservation Project (the "MarVivo Project").
Rimba Raya Project Settlement
Carbon Streaming has reached a settlement with Infinite-Earth Limited ("IE"), PT Infinite Earth Nusantara ("PT IE"), certain of IE's principals and related entities (collectively, the "IE Parties") to resolve their dispute related to the Rimba Raya Project and the Company's allegations of breach of the purchase and sale agreement between the Company and Infinite-Earth dated July 30, 2021, as amended on February 28, 2023 (the "Rimba Raya PSA"), the strategic alliance agreement between the Company and the shareholders of Infinite-Earth Limited dated July 30, 2021, as amended on November 17, 2021 (the "SAA") and related agreements.
Key terms of the settlement include:
Payment of US$650,000 by the IE Parties to Carbon Streaming.
The IE Parties will surrender for cancellation, 4,539,180 common shares in the capital of Carbon Streaming issued in connection with the SAA, to Carbon Streaming. These shares were previously issued to certain of the IE Parties.
Termination of all existing contracts and legal relationships between Carbon Streaming and the IE Parties.
Resolution of disputes between Carbon Streaming and the IE Parties without any admission of liability including:
Termination of an arbitration proceeding between Carbon Streaming and IE and PT IE, in accordance with the purchase and sale agreement between Carbon Streaming and the operators of the Rimba Raya Project dated July 30, 2021, as amended on February 28, 2023.
Termination of an arbitration proceeding between Carbon Streaming and IE and certain of IE's principals and related entities in accordance with a strategic alliance agreement between Carbon Streaming and the shareholders of IE dated July 30, 2021, as amended on November 17, 2021.
Dismissal of an Ontario court proceeding involving a claim and counterclaim between Carbon Streaming and certain of IE's principals and related entities.
The parties have agreed to a mutual release.
The terms of the settlement agreement are expected to be implemented within 10 days.
Carbon Streaming continues to pursue its damages related to the Rimba Raya Project against Justin Cochrane in a court proceeding filed April 14, 2025.
For additional information about the Notice of Arbitration to IE and PT IE, the operators of the Rimba Raya Project in accordance with the Rimba Raya PSA; the Notice of Arbitration to the shareholders of IE in accordance with the SAA; and the Notice of Action in the Ontario Superior Court of Justice seeking declaratory relief against the principals of IE and their related entities, see the Company's press release entitled "Carbon Streaming Initiates Claims in Connection With the Rimba ...
