Land and Economic Reconciliation: Cambium Inc. and Cambium Indigenous Professional Services Forge Groundbreaking Agreement
PETERBOROUGH, Ontario, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cambium Inc. (Cambium) and Cambium Indigenous Professional Services (CIPS) are thrilled to announce a transformative agreement emphasizing land and economic reconciliation with Indigenous Peoples.
In a significant step towards fostering full Indigenous ownership, Cambium, a shareholder in CIPS, and CIPS have committed to a share repurchase at fair market value. This facilitates CIPS' evolution into an independent 100% First Nation -owned, -operated, and -employed entity.
The share repurchase coincides with a newly formalized Reconciliation Agreement to replace ownership in CIPS. The Reconciliation Agreement outlines joint efforts to develop project strategies that contribute to enhanced land outcomes while pursuing mutual prosperity. The collaboration seeks project-based partnerships that respect the right to self-determination in business growth and align with the minimum standard of Free, Prior Informed Consent per the United Nations Declaration on the Rights of Indigenous Peoples. Both companies are dedicated to sustainable practices prioritizing environmental conservation and respecting Indigenous land rights.
Michael Jacobs, a Member of the Curve Lake First Nation and CEO at CIPS, stated, "We appreciate the support we have received from Cambium as shareholders for the past nine years. We're excited about our innovative approach to maintaining a vision of reconciliation and partnership with Indigenous Peoples without non-Indigenous ownership. This collaboration will provide corporate Canada with a mechanism to work with First Nation businesses and not assume equity positions."
John Desbiens, President, and CEO at Cambium, expressed, "We believe in the responsibility of corporations to contribute to the communities in which they operate. The evolution of our partnership with CIPS signifies our commitment to meaningful engagement with Indigenous Peoples, acknowledging their unique perspectives and contributions."
| Contacts: | |
| Cambium | CIPS |
| John Desbiens | Michael Jacobs |
| President and CEO | CEO |
| [email protected] | [email protected] |
| 866-217-7900 | 705-657-1126 |
About Cambium: Cambium, an engineering and consulting company, enhances project management experiences by empowering clients with the knowledge to make informed decisions.
About Cambium Indigenous Professional Services (CIPS): CIPS is headquartered at the Curve Lake First Nation in Ontario. A First Nation owned and operated engineering and consulting company, CIPS is dedicated to making a positive difference in the communities it serves. It offers a range of services from Environmental to Indigenous Awareness Training to Meeting Facilitation, Planning and Hosting.
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