TSXV: MKT OTC: MKTDF FRA: DEP
The Company is Working to Provide Access to Public Reviews Completed by Renoster on its MintCarbon.io Platform as an Added Benefit to Users
CALGARY, AB, Oct. 27, 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 carbon offsets onto the blockchain, announces that it has recently entered into a Memorandum of Understanding (the "MOU") with Renoster Systems Inc. ("Renoster"). Renoster is an IT services company based in Austin, Texas that focuses on deep transparency for carbon credit projects. It uses a scientific rubric to provide transparent reviews, for high-quality offset discovery. Via remote sensing, Renoster determines carbon sequestration value for forest offset projects. Their team consists of scientists, conservationists, and data scientists with an unwavering commitment to the earth and focus on providing clarity on the world's nature based offset projects.
The purpose of the MOU is to formalize terms and conditions of a commercial arrangement between the two parties, including but not limited to providing users of the MintCarbon.io platform (the "Platform") with access to Mercury Rubric reviews (the "Reviews") for specific projects within Renoster's public database.
The key terms of the MOU include:
Renoster to share the Reviews from public separate projects with DeepMarkit for use on its Platform;
Renoster to share the results of public reviews conducted using its own evaluation techniques, and to eventually complete early release reviews and pre-reviews to which DeepMarkit will also have access;
DeepMarkit to share access to its Platform dashboard with a certain number of Renoster users; and
DeepMarkit to earn a finder's fee equal to 10% of the initial subscription or consultation value for customers directed to Renoster through the Platform or by DeepMarkit's sales team; and
Both parties mutually market the arrangement to gain exposure via public announcements such as news releases and social media posts.
At the time of writing, four public projects are contemplated in the MOU, namely: the Manoa REDD+ (VCS 1571) project; the Rio Preto-Jacunda REDD+ (VCS 1503) project; the Florestral Santa Maria REDD+ (VCS 875) project; and the Guanare (VCS 959) project.
DeepMarkit hopes to benefit from the MOU and partnerships by gaining exposure to its Platform through Renoster's network, and by adding to the Platform transparency on offset projects through Renoster's innovative review rating system. Furthermore, DeepMarkit hopes to obtain revenue by earning finder's fees from referring subscribers to Renoster. Renoster hopes to achieve greater exposure and to align their product with another innovative partner in the carbon credit space in DeepMarkit.
Mercury Rubric Review Rating System
Renoster evaluates the genuine climate impact of carbon projects and assigns a numeric score based on risk and performance. The number that is assigned to a project is Renoster's best estimate of the tons of CO2 equivalent sequestered. A project is also reviewed by five different criteria to assess its quality. More information about Renoster and its reviews can be found on its website: https://www.renoster.co.
"DeepMarkit is working to improve liquidity and visibility for carbon credits through tokenization, particularly from niche registries — something we are excited to contribute to with our quality assessments. Users of the DeepMarkit platform can see Renoster's public ratings next to relevant projects. We allow customers to request projects on DeepMarkit's platform to be rated by Renoster." said Saif Bhatti, CEO and Founder of Renoster.
"We are always looking to improve our MintCarbon.io platform and form new collaborations with great counterparties like Renoster. These goals help to ensure that our users have the best experience and that our company continues creating value for shareholders," said Ranjeet Sundher, CEO of DeepMarkit. "We look forward to formalizing the MOU and crystalizing the arrangement with Renoster so we can achieve a mutually beneficial outcome from this promising relationship," added Mr. Sundher.
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting offsets into NFTs. Its common shares are listed on the TSX Venture Exchange under the "MKT" stock symbol, on the OTC market in the United States under the "MKTDF" symbol and on the Frankfurt Stock Exchange under the "DEP" symbol. DeepMarkit Corp. is a software infrastructure company operating in the tokenization vertical of the blockchain. Its primary asset, MintCarbon.io, is a web-based platform that facilitates the minting of carbon offsets into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard).
On behalf of:
Ranjeet Sundher, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
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 expected or hopeful benefits from the MOU and partnership with Renoster. 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. Additional information regarding risks and uncertainties of the Company's business are contained under the heading "Business Risks and Uncertainties" in the Company's MD&A in respect of the period ended June 30, 2022 and the Company's other public filings which are available under the Company's profile on SEDAR at www.sedar.com. 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 news 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.
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