• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Planktos Indefinitely Postpones Ocean Iron Fertilization Project

Posted on: Wednesday, 13 February 2008, 15:00 CST

The board of directors of Planktos Corp. (Pink Sheets:PLKT) today announced that the company has been forced to indefinitely postpone its ocean fertilization efforts once intended to restore marine plant life and generate ecological offsets for the global carbon credit market.

A highly effective disinformation campaign waged by anti-offset crusaders has provoked widespread opposition to plankton restoration in the environmental world, and has caused the company to encounter serious difficulty in raising the capital needed to fund its planned series of ocean research trials.

The company's wholly-owned research vessel Weatherbird II and crew have been called back from the Portuguese island of Madeira where the ship had been docked awaiting the resources necessary to initiate and monitor its first research plankton blooms.

Management has also radically downsized the company's staffing while the board of directors has formed a new committee to explore all options currently available. Options include a possible re-launch of planned marine operations, pending additional financing or new partnerships, as well as the possible pursuit of other promising business opportunities in the environmental sphere.

The board of directors continues to believe in the urgent ecological necessity of its ocean restoration plans and the scientific speciousness of objections voiced to date. However, ideological hostility to and misrepresentations of this work will continue to stymie progress until the true gravity of our climatic and ocean crises is more widely understood.

Planktos is a public company; its common shares trade on the Pink Sheets LLC. under the ticker symbol "PLKT".

Forward Looking Statements:

A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A(b). These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, uncertainties related to the development of Planktos' business plan, and the ability to secure additional sources of financing. The actual results that Planktos may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Planktos encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Planktos' public filings may be viewed at www.sec.gov.

Source: Business Wire

More News in this Category