Base Carbon Reports First-Quarter 2023 Financial Results

TORONTO, May 15, 2023 (GLOBE NEWSWIRE) -- Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) (“Base Carbon”, or the “Company”) is pleased to announce its first-quarter 2023 consolidated financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.

Financial Highlights for the First-Quarter ended March 31, 2023:

• As at March 31, 2023, the Company had total assets of $43.1 million, mainly comprising of:
  • $8.6 million in cash and cash equivalents,
  • $0.2 million in related party loan receivable,
  • $0.4 million in prepaid and other assets,
  • $27.5 million in investments in carbon credit projects,
  • $1.4 million equity investment in ACX Holdings Ltd. (AirCarbon), and
  • $4.9 million in investment in associate company Hardwick Climate Business Limited.
    
• As at March 31, 2023, the Company had $0.3 million in current liabilities, which represented the total liabilities for the Company.
  
• During the first-quarter ended March 31, 2023, the Company incurred a net loss of $1.1 million. The Company incurred operating expenses of $1.3 million, which are mainly attributable to salaries and wages, share-based compensation, consulting, and professional fees.
  

About Base Carbon

Base Carbon provides capital, development expertise and management operating resources to projects involved in the voluntary carbon markets. The Company seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.

Media and Investor Inquiries

Base Carbon Inc.
Investor Relations
Tel: [phone]
E-mail: [e-mail] 

Media Inquiries
E-mail: [e-mail] 

Michael Costa, Chief Executive Officer, and Andrew Fedak, Chief Strategy Officer are responsible for this press release.

Cautionary Statement Regarding Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the focus of Base Carbon’s business and the financial results of the Company. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. These statements should not be read as guarantees of future performance, results, or achievements.