News
Update on Negotiations
Dublin, Ireland - December 3, 2007
Further to the statements made in the announcement of its Half Year Results on 27 September 2007 (the "Half Year Results"), AgCert International plc ("AgCert" or the "Company") today informs the market that it is no longer in negotiations with a major European trading company (the "Trading Counterparty") for the assumption of customer delivery obligations.
As stated in the Half Year Results, the offsets generated through the Company's operational activities will not be sufficient to allow the Company to meet its 2008 delivery obligations of approximately 7.2 million CERs. The Company is continuing its negotiations with its secured creditors and customers regarding its delivery commitments. The outcome of these negotiations and their effect on the financial position of the Company remains uncertain. A further announcement will be made in due course.
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About AgCert ™
AgCert International plc was founded in 2002 to produce and sell reductions in greenhouse gas emissions (referred to as "offsets") from agricultural sources on an industrial scale. These offsets are intended to satisfy the requirements of the Kyoto Protocol and be capable of being traded on the European cap and trade system, the European Union Emissions Trading Scheme ("EU-ETS").
AgCert ™ has identified agriculture as one of the largest commercial opportunities for Offset production and expects to be a leading supplier of offsets from this sector. Agriculture is responsible for around 20 per cent of the world's annual greenhouse gas emissions. Under the Kyoto Protocol, any reductions in greenhouse gas emissions derived from this sector qualify as CERs provided they are derived from projects that have been validated by a DOE and Registered by the UN Executive Board and are properly verified and certified according to the stringent requirements laid down by the UN.
The Group's strategy is to expand rapidly its offset production and resultant sales capacity by commencing the modification of Animal Waste Management Systems ('AWMS') on farms where it has already entered into arrangements with farmers and by rolling out its turnkey AWMS modification methods both geographically and across additional livestock species beyond its current focus on swine through the entry into contracts with additional farms.
More information about AgCert™'s greenhouse gas reduction projects can be found at www.agcert.com.
The shares of AgCert International plc (the “Shares”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act"). The Shares may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons as such term is defined in Regulation S under the Securities Act except (1) in a transaction meeting the requirements of Regulation S under the Securities Act, (2) pursuant to an effective registration statement under the Securities Act, or (3) pursuant to an available exemption from the registration requirements of the Securities Act, in each case in accordance with all applicable securities laws, including applicable state securities laws of the United States.