The Official Accredited Observer Organization of UNFCCC (United Nations Framework Convention on Climate Change) helps mobilize climate action using IoT and Blockchain
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2022) - TraceSafe Inc., (CSE: TSF) ("TraceSafe" or the "Company"), a global leader in location-aware Internet of Things (IoT) platforms for large-scale enterprise operations and managed decarbonization, announced today that it has joined the Climate Chain Coalition (CCC), an open global initiative to support collaboration among members and stakeholders to advance blockchain (distributed ledger technology) and related digital solutions (e.g. IoT, big data) to help mobilize climate finance and enhance MRV (measurement, reporting and verification) to scale climate actions for mitigation and adaptation.
As a member of the organization, TraceSafe, through its recently launched product 'ShiftCarbon' will build solutions that directly support climate action with technology like IoT. With its success in creating connected technology solutions for Fortune 500 companies, TraceSafe will work with other members to create shared learning and development opportunities in climate tech.
"We are excited about becoming part of the prestigious organization and solidify our commitment towards enabling credible climate action. It will be fantastic to learn and share insights with other leaders that are working towards solving the climate crisis with technology," said Wayne Lloyd, TraceSafe CEO. "The membership reinforces our intent to create a credible and intelligent platform for organizations to efficiently measure and remove emissions from their value chain."
The Climate Chain Coalition collaborates with leading organizations to help advance blockchain and digital solutions to enhance climate actions. Since the Coalition was founded in 2017, it has collaborated closely with the United Nations Framework Convention on Climate Change (UNFCCC) as co-chair and the World Bank Group. In January 2020, the Coalition helped to initiate and is co-chair of the Hyperledger Climate Action and Accounting Special Interest Group and likewise the International Association for Trusted Blockchain Applications (INATBA) Climate Action Working Group. In July 2020, the Coalition joined the InterWork Alliance's Sustainability Business Working Group to contribute to the development of climate action token standards.
On September 26, 2022, TraceSafe has entered into Shares for Debt Agreements with directors, consultants, and staff. In total, C$207,003.07 of debt has been settled via shares at a deemed price of C$0.10 per share.
In connection with discussions with our lender Arena Partners, TraceSafe did not make its originally scheduled interest payment under its existing facility due on June 30, 2022. Arena agreed to postpone interest payable on the loan to October 31, 2022. In connection with the postponement the interest rate has been increased to 18%.
TraceSafe provides Internet of Things (IoT) solutions transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and award-winning analytics platform. The Company's hardware solutions, powered by advanced low-power bluetooth beacons, work together with its proprietary software to provide mission-critical data enabling safer, efficient and sustainable enterprise environments. With presence across North America, Asia and Europe, TraceSafe's solutions are trusted by leading organizations in healthcare, hospitality, construction, events, education and government. Recently, the company announced a strategic focus towards 'managed decarbonization' to help organizations take credible climate action using high quality offsets. To this end, TraceSafe acquired an offset marketplace and launched its full suite of carbon management solutions - www.shiftcarbon.io.
For further information, please contact:
Wayne Lloyd, CEO
+1 (604) 629-9975
Mark Leung, CFO
+1 (778) 655-4242
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.
Statements in this news release may contain forward-looking statements that are based on TraceSafe's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of carbon and climate risks and solutions adopted in response to climate change, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments respond to climate change and impact of carbon emissions and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138637