euro adhoc: Precious Woods Holding AG, Zug
other
Over 0.5 Million CERs
Issued to Precious Woods Renewable Energy Project
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
18.09.2006
On September 15th, 2006 the UNFCCC administration issued 512.385 CERs (Certified Emission Reductions) to the Precious Woods Group for its BK Energia renewable power generation project located in the Amazon region of Brazil resulting from the offset and avoidance of carbon and methane emissions between November 2002 and April 2006. This marks the first ever issuance of emission rights to a CDM project based on forests managed in accordance with the strict social and environmental criteria of the Forest Stewardship Council (FSC) and the largest issuance to date to any CDM project operated in the Americas.
With this issuance, Precious Woods has completed a major milestone in its endeavor to systematically monetize the non timber forest assets of its sustainably managed tropical forests. The gross market value of the CERs issued is approximately USD 10 million at current market prices. The future sale of these emission rights will contribute significantly to the profitability and cash position of the Group. Expected proceeds (of about USD 7 million) net of cost and minority interest will be employed to support the ongoing expansion of Precious Wood's sustainable forest management in tropical regions of the Americas and Africa.
Precious Woods (SWX: PRWN) is active in the reforestation and sustainable management of tropical forests, downstream wood processing and trading of FSC certified timber and non timber forest products. The shares of Precious Woods have been listed on the SWX Swiss Exchange since March 2002. More information about the Company and its activities may be found on the website www.preciouswoods.com.
end of announcement euro adhoc 18.09.2006 06:00:00
Kontakt:
Precious Woods Holding AG, Zug
Dr. Theodor Scheidegger, CFO / MD Carbon & Energy
Tel. 41 1 245 80 10
mailto:office@preciouswoods.ch
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing