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Carbon Streaming (OTCQB: OFSTF) has appointed Marin Katusa as CEO, effective November 25, 2024, following a comprehensive search. Katusa, one of the company’s largest shareholders, will succeed interim CEO Christian Milau, who will step down from both his executive role and board position by November 30, 2024.
Notably, Katusa has elected to receive only a nominal $1 per annum salary, foregoing standard compensation to help reduce costs. He emphasized that the company’s current portfolio requires further restructuring to maximize shareholder and stakeholder value.
Carbon Streaming (OTCQB: OFSTF) ha nominato Marin Katusa come CEO, con effetto dal 25 novembre 2024, dopo una ricerca approfondita. Katusa, uno dei maggiori azionisti della società, succederà all’amministratore delegato ad interim Christian Milau, che si dimetterà sia dal suo ruolo esecutivo che dalla posizione nel consiglio di amministrazione entro il 30 novembre 2024.
È importante notare che Katusa ha scelto di ricevere solo un salario nominale di 1 dollaro all’anno, rinunciando a una compensazione standard per contribuire a ridurre i costi. Ha sottolineato che l’attuale portafoglio della società richiede un ulteriore ristrutturazione per massimizzare il valore per gli azionisti e gli stakeholder.
Carbon Streaming (OTCQB: OFSTF) ha nombrado a Marin Katusa como CEO, con fecha efectiva el 25 de noviembre de 2024, tras una búsqueda exhaustiva. Katusa, uno de los mayores accionistas de la compañía, sucederá al CEO interino Christian Milau, quien renunciará a su cargo ejecutivo y a su posición en la junta directiva antes del 30 de noviembre de 2024.
Notablemente, Katusa ha optado por recibir solo un salario nominal de 1 dólar al año, renunciando a la compensación estándar para ayudar a reducir costos. Enfatizó que el portafolio actual de la empresa requiere una reestructuración adicional para maximizar el valor para los accionistas y las partes interesadas.
Carbon Streaming (OTCQB: OFSTF)는 Marin Katusa를 CEO로 임명하였으며, 임기는 2024년 11월 25일부터 시작됩니다. Katusa는 회사의 주요 주주 중 한 명으로, 2024년 11월 30일 이전에 중임 CEO인 Christian Milau의 자리를 이어받게 됩니다.
특히, Katusa는 비용 절감을 돕기 위해 연간 1달러의 명목적 급여만을 받기로 결정했습니다. 그는 회사의 현재 포트폴리오가 주주 및 이해관계자의 가치를 극대화하기 위해 추가적인 구조 조정이 필요하다고 강조했습니다.
Carbon Streaming (OTCQB: OFSTF) a nommé Marin Katusa en tant que PDG, avec effet le 25 novembre 2024, à la suite d’une recherche approfondie. Katusa, l’un des plus grands actionnaires de la société, succédera au PDG par intérim Christian Milau, qui démissionnera de son rôle exécutif et de son poste au conseil d’administration d’ici le 30 novembre 2024.
Notamment, Katusa a choisi de ne recevoir qu’un salaire nominal de 1 dollar par an, renonçant à une rémunération normale pour aider à réduire les coûts. Il a souligné que le portefeuille actuel de l’entreprise nécessite une restructuration supplémentaire pour maximiser la valeur pour les actionnaires et les parties prenantes.
Carbon Streaming (OTCQB: OFSTF) hat Marin Katusa zum CEO ernannt, mit Wirkung zum 25. November 2024, nach einer umfassenden Suche. Katusa, einer der größten Aktionäre des Unternehmens, wird interimistischen CEO Christian Milau nachfolgen, der bis zum 30. November 2024 sowohl aus seiner Exekutive als auch aus dem Vorstand zurücktreten wird.
Bemerkenswert ist, dass Katusa sich entschieden hat, nur ein nominales Gehalt von 1 Dollar pro Jahr zu erhalten und auf die übliche Vergütung zu verzichten, um Kosten zu reduzieren. Er betonte, dass das derzeitige Portfolio des Unternehmens eine weitere Umstrukturierung erfordert, um den Wert für die Aktionäre und Stakeholder zu maximieren.
Positive
- New CEO is a major shareholder, aligning interests with other shareholders
- CEO will receive only $1 annual salary, reducing executive compensation expenses
- Clear commitment to cost reduction and portfolio restructuring
Negative
- Current portfolio requires restructuring, indicating potential performance issues
- Management instability with CEO transition
TORONTO, Nov. 21, 2024 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce the appointment of Mr. Marin Katusa as Chief Executive Officer (“CEO”), effective November 25, 2024. Mr. Katusa’s appointment follows a lengthy search that considered both internal and external candidates. Mr. Katusa will succeed Mr. Christian Milau as part of the planned transition from his role as Interim CEO.
Mr. Milau will step down as interim CEO on the same date but remain employed by the Company to facilitate a transition until the end of his contract on November 30, 2024. Mr. Milau will also step down from the Company’s board of directors (the “Board”) effective November 30, 2024.
Mr. Katusa is one of the largest shareholders of Carbon Streaming and has extensive experience in the industry. Mr. Katusa has elected not to receive any form of salary or incentive compensation as full-time CEO other than a nominal $1 per annum.
Continuing as directors are Olivier P. Garret (Chair), Alice Schroeder, Marcel de Groot, and Jeanne Usonis.
“I am pleased to have Marin Katusa accept the role as CEO of Carbon Streaming. He will bring his extensive experience and business acumen to help restructure Carbon Streaming and to maximize shareholder and stakeholder value,” said Mr. Garret.
Mr. Katusa stated, “In my opinion, the current portfolio of Carbon Streaming requires further restructuring, and all avenues will be utilized in order to maximize the shareholder and stakeholder value. I have waived any rights to compensation as CEO of the Company because of my commitment to reduce costs and optimize value.”
The Board would like to thank Christian Milau for his service to the Company and wishes him well in his future endeavours.
Mr. Katusa has been a successful Canadian business executive, investor and financier in the resource and environmental sector for over two decades. Mr. Katusa is the author of two best selling books, including the 2021 #1 Best Seller, ‘The Rise of America’.
About Carbon Streaming
Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale carbon credit projects. The Company’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.
The Company has carbon credit streams and royalties related to over 15 projects around the world, including removal, reduction and avoidance projects from nature-based, agricultural, engineered and community-based methodologies.
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ON BEHALF OF THE COMPANY:
Christian Milau, Interim Chief Executive Officer
Tel: 647.846.7765
info@carbonstreaming.com
www.carbonstreaming.com
Investor Relations
investors@carbonstreaming.com
Media
media@carbonstreaming.com
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the expected execution of Carbon Streaming’s CEO succession plan, including process, timing and outcomes; the resignation of Mr. Milau from the Board and the timing thereof; the anticipated impact of changes to the Company’s Board and management; and the restructuring opportunities of the Company and potential strategies thereof.
When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Forward-looking information should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and ESG initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; risks arising from competition and future acquisition activities; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 27, 2024 filed on SEDAR+ at www.sedarplus.ca.
Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
FAQ
When will Marin Katusa become CEO of Carbon Streaming (OFSTF)?
Marin Katusa will become CEO of Carbon Streaming (OFSTF) effective November 25, 2024.
What is Marin Katusa’s salary as CEO of Carbon Streaming (OFSTF)?
Marin Katusa has elected to receive only a nominal $1 per annum as CEO compensation.
When will Christian Milau step down from Carbon Streaming’s (OFSTF) board?
Christian Milau will step down from Carbon Streaming’s board effective November 30, 2024.
