Top Energy to Introduce and Onboard Carbon Credits Derived From Clean Energy Projects to the MintCarbon.io Platform of DeepMarkit's Wholly Owned Subsidiary First Carbon Corp.
CALGARY, AB, March 23, 2022 /CNW/ - DeepMarkit Corp., ("DeepMarkit" or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a technology company focused on creating new tools and technologies to aid businesses in sales development and increasing profitability, is pleased to announce that it has signed a letter of intent ("LOI") with Top Energy USA ("Top Energy"). DeepMarkit and Top Energy are currently working to crystalize the LOI into a definitive agreement in order to form a carbon offset arrangement pursuant to which Top Energy will introduce and onboard carbon credit projects onto the blockchain through MintCarbon.io, which is the platform developed by DeepMarkit's wholly owned subsidiary, First Carbon Corp.
By way of the arrangement, DeepMarkit expects to benefit from extensive and diverse exposure to numerous alternative electricity-based carbon projects. Under the terms of the LOI, DeepMarkit and Top Energy will conduct necessary due diligence and negotiate the terms of a definitive agreement to govern the terms of the arrangement. The ultimate structure of the arrangement will be subject to applicable regulations as well as applicable securities, corporate and tax laws. The definitive agreement, and any transaction completed in connection therewith, may be subject to TSX Venture Exchange approval.
Based in the United States, Top Energy is a company focused on eco-friendly energy solutions in Mexico and Spain. Top Energy has specialized in clean energy technology in Spain since 2003 and expanded into Mexico in 2013. Top Energy has installed more than 41.8 megawatts ("MW") of clean energy across 23 states of the Mexican Republic representing more than 100 institutional clients.
"Top Energy foresees incredible potential in this strategic alliance with First Carbon, bringing transparency and validation to an obscure market. We seek to take the 'wild west' out of the carbon trading world by marrying our clean energy credits with blockchain technology. This will offer an additional layer of assurance to our buyers, as well as making Top Energy credits internationally accessible. This sector is in severe need of additional green financing mechanisms to help the mass adoption of renewable energy in developing nations, especially in parts of the world without proper carbon markets. Through our partnership with the First Carbon platform, Top Energy seeks to realize liquidity through providing tokenized access to carbon projects," said Jonathan Gonzalez, CEO of Top Energy.
"Top Energy is an exciting business that we are looking forward to becoming our newest counterparty. Their group shares DeepMarkit's commitment to the environment, specifically by providing ecological solutions to modern day energy mandates. We are excited to bring a diverse array of technology-based offset credits to the MintCarbon.io platform. Once formalized, this arrangement will provide liquidity to Top Energy's carbon credits, while delivering DeepMarkit important and valuable transaction volume," said Ranjeet Sundher, Interim CEO of DeepMarkit.
DeepMarkit Corp. is a technology company focused on creating new tools and technologies to aid businesses in sales development and increasing profitability. 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 non-fungible tokens. MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in 2022.
On behalf of:
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 press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements with respect to DeepMarkit entering into a definitive agreement with Top Energy and completing the transactions described hereunder, statements with respect to the benefits expected to be received from DeepMarkit from the arrangement with Top Energy (and the quantum of such benefit), and statements regarding the launch of MintCarbon.io. 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, failure to enter into a definitive agreement, failure to obtain necessary final regulatory approvals for the transactions described hereunder, failure to enter into a definitive agreement, the decision by Top Energy or DeepMarkit to not complete the transactions as a result of due diligence investigations or as a result of regulatory or other legal considerations. 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 press 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.
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