The payment is the first of five bi-monthly payments specified under the VERSA in which ERA is required to deliver 300,000 tonnes of validated and verified emission reductions (“VERs”) in the third and fourth quarter of 2009, and 200,000 tonnes of VERs in the first quarter of 2010, at an average price of $8.00 USD per tonne.

The VERs sold will be validated and verified to the ISO 14064-2 and Climate, Community and Biodiversity Alliance (“CCBA”) standards. ISO 14064-2 is the proposed requirement for verification under the Canadian Federal Offset System for Greenhouse Gases (as published on June 10, 2009). CCBA is the leading voluntary international standard for projects that simultaneously minimize climate change, support sustainable development and conserve biodiversity.

The VERs sold, are generated through ERA’s Community Ecosystem Restoration Program (“CERP”) which has been operational in the Lower Fraser Valley of British Columbia since September 2005. CERP is a large scale urban forest restoration program that began in the District of Maple Ridge in 2006, which now includes projects in the District of Mission, the City and Township of Langley, and within Metro Vancouver.

The CERP program is supported by the sale of VERs generated through ERA’s ecosystem restoration and reforestation endeavors in degraded riparian areas. The VER’s will be registered on Markit Environmental Registry, an international carbon offsets registry which supports transactions in high quality voluntary carbon offsets through a credible, externally audited retirement facility. VERs are utilized by ethical organizations looking to reduce their carbon footprint, support climate mitigation, and advance their sustainability endeavors.