- Malaysia-based Radiance, an
Investment Holding Company, has Earmarked up to CAD 20 Million of Buy-Side Support for Carbon
Credit NFTs Minted via DeepMarkit's Platform
- Three Scenarios of Retiring, Claiming and Holding a Carbon
Credit NFT Were Successfully Tested via the Company's MintCarbon.io
Platform
- DeepMarkit Has Committed to Being Net Carbon Negative by the
End of 2022
CALGARY,
AB, May 18, 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 highlight
its most significant recent corporate milestones. First, DeepMarkit
recently entered into CAD 20 million
buy-side liquidity support agreement with leading Malaysian
investment holding company and private equity firm, Radiance Assets
Berhad. Second, the Company recently underwent and successfully
completed three different scenario-based tests to mint carbon
credits into NFTs via its MintCarbon.io platform. The Minting Tests
were conducted in order to confirm the core functionality of the
MintCarbon.io platform, which is nearing commercial launch. Third,
DeepMarkit announced its commitment to become net negative from a
carbon footprint perspective ("Net Negative") by the end of
2022, by reducing emissions through operational efficiencies and by
retiring carbon offsets.
Radiance Buy-Side Agreement
Pursuant to the Agreement, Radiance has agreed to use best
efforts over a two-year term to purchase up to CAD 20,000,000 worth of NFTs or other secure
tokens minted on the Company's proprietary MintCarbon.io platform
Under the terms of the Agreement, Radiance has agreed to maintain,
in readily available funds, a minimum of CAD
5,000,000 towards the purchase of carbon credits that have
been minted into NFTs or other secure tokens via the Platform.
Based in Malaysia, Radiance is
a diverse investment holding company with a focus on innovative and
technologically driven businesses in the areas of Cleantech,
Meditech and Fintech. Radiance also has a focus on the environment
and solutions that better peoples' lives. Radiance has several
classes of funds including a new Agritech fund being launched with
an asset value of USD 250 million. As
previously announced, Radiance is currently a shareholder of
DeepMarkit via recent private placements.
Successful Test of Carbon Credit NFTs on
MintCarbon.io
DeepMarkit recently completed three successful minting tests,
marking a significant step toward launching the MintCarbon.io
platform on a commercial scale. These successful trials included
carbon credits from the following projects which were selected to
be minted into NFTs:
- Fulton County Mud Road Landfill Carbon Project in the United States;
- Wind Power Project in Karnataka, India by OMWPL; and
- VTRM Renewable Energy Project in Minas Gerais, Brazil.
The Minting Tests consisted of three different scenarios –
retirement, claim and hold – and involved the Gold Standard and
Verra registries. The Minting Tests, utilizing Polygon's
carbon-neutral blockchain, were also designed to evaluate the
versatility and ease of use of the MinCarbon.io platform, as well
as the compatibility of the MintCarbon.io platform's software with
the registries and the blockchain. Once minted, the carbon credit
NFTs were then placed for sale on OpenSea.io and Rarible. In each
test case, the Company's wholly owned subsidiary, First Carbon
Corp. ("FCC"), obtained the underlying carbon credit in its
account at the respective registry, with beneficial ownership
remaining with each respective owner.
DeepMarkit Commits to Being Net Negative by 2023
DeepMarkit has recently made a commitment to become Net
Negative. 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 by receiving carbon credits as payment for
completing NFT minting transactions, or by purchasing available
carbon credit NFTs on the open market.
ABOUT 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, 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:
DEEPMARKIT CORP.
"Ranjeet Sundher"
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.
CAUTIONARY STATEMENT
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
ability of Radiance to complete its obligations under the liquidity
support agreement, the availability of NFTs for purchase by
Radiance (implied or explicitly stated), and the completion of
purchase transactions amounting to the full commitment amount, or
any part of it, by Radiance, the expected timing for launch of the
MintCarbon.io platform, the expectation that the business of FCC
will operate in the same manner as the tests described herein were
conducted, 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 Radiance will be
unable to purchase NFTs acceptable for its portfolio companies, or
the inability of Radiance to complete any NFT purchase
transactions, and the possible delay in launching the Mintcarbon.io
platform for commercial use. 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.