DevvStream Holdings Inc. (“
DevvStream” or the
“
Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0),
a leading carbon credit project co-development and generation firm
specializing in technology-based solutions, today announced a
general corporate update related to the advancement of its business
strategy, including several business agreements, strategic
partnerships, and programs that demonstrate accelerating growth and
wider adoption of its technology-based carbon offset programs.
DevvStream recently announced the
following additional signed agreements, strategic partnerships, and
programs further demonstrating the company’s rapid growth and
business momentum.
- EV
Charging – On December 5, 2023, DevvStream announced a
partnership with Go-Station, Inc. (“Go-Station”), an electric
vehicle (“EV”) charging company, through which DevvStream will seek
to leverage Go-Station’s network of EV charging stations in the
United States for carbon credit generation. In exchange for
services related to the development and monetization of carbon
credits from Go-Station’s EV charging stations, DevvStream will
retain a portion of any carbon credits generated.
- Carbon
Credit Offtake Agreement – On October 3, 2023, DevvStream
signed a new offtake agreement with the BC Road Builders and Heavy
Construction Association (“BCRB”), centered on BCRB’s greenhouse
gas reduction program, a revolutionary carbon offset project poised
to make a substantial impact on global carbon emissions in the
transportation sector. DevvStream has committed to the purchase of
high-quality, verified carbon credits generated through the
program, beginning in late 2024. This agreement is emblematic of
the unique opportunity DevvStream offers for organizations to gain
access to carbon markets while driving revenue streams stemming
from decarbonization activities.
- Carbon
Offset Program Platform – On October 10, 2023, DevvStream
officially launched its Carbon Offset Program Platform (“COPP”)™, a
first-of-its-kind blockchain-powered environmental project
management platform. The COPP platform will aim to leverage the
power of blockchain technology to provide a comprehensive and
unalterable record of the company’s carbon offset projects, setting
a new standard of transparency, integrity, and accessibility to
carbon offset projects in DevvStream’s portfolio.
COP28 Engagement
DevvStream representatives recently traveled to
Dubai, United Arab Emirates to participate in the 28th Conference
of the Parties (“COP28”) to the United Nations Framework Convention
on Climate Change. DevvStream leaders presented at and led a number
of panel and roundtable events, at venues ranging from the COP28
Blue Zone and the YOUNGA COP28 pavilion to the CC Forum: Global
Investment in Sustainable Development, for discussions of the
current and future state of carbon markets.
Form S-4 Filing
As previously announced on September 13,
2023, DevvStream entered a definitive business combination
agreement with Focus Impact Acquisition Corp (“Focus Impact”). On
December 11, 2023, DevvStream announced the filing of a
registration statement on Form S-4 with the U.S. Securities and
Exchange Commission, which contains a preliminary proxy
statement/prospectus in connection with the proposed business
combination between DevvStream and Focus Impact (the “Business
Combination”). Upon closing, the Business Combination is expected
to result in DevvStream being the first publicly traded carbon
credit company on a major U.S. stock exchange.
About DevvStream
Founded in 2021, DevvStream is a leading
authority in the use of technology in carbon project development.
The Company’s mission is to create alignment between sustainability
and profitability, helping organizations achieve their climate
initiatives while directly improving their financial health. With a
pipeline of over 140 technology-based projects worldwide,
DevvStream makes it simple for corporations and governments to
address their net-zero goals while generating premium carbon
credits in the process. DevvStream takes a programmatic approach to
evaluating project opportunities, and co-develops projects spanning
energy-efficient buildings, facilities and homes, industrial
facilities, LED systems, EV charging stations, and technologies to
seal oil wells. The Company’s end-to-end proprietary solution
removes the risk and complexity from every step, allowing
organizations to move from project ideation to credit monetization
with ease. The result is a multi-year stream of carbon credit
revenue that transforms sustainability into a financial investment.
In addition, for organizations that need help to offset their most
difficult-to-reduce emissions, we also provide premium carbon
credits for purchase.
On September 13, 2023, DevvStream and Focus Impact (Nasdaq:
FIAC) announced that they have entered into a definitive business
combination agreement for a business combination that would result
in the combined company (DevvStream) to be listed on the Nasdaq
Stock Market under the ticker symbol “DEVS”.
About Focus Impact Acquisition Corp.
Focus Impact Acquisition Corp. is a newly organized blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses.
Disclaimer
Certain statements in this news release may be considered
forward-looking statements. Forward-looking statements are
statements that are not historical facts and generally relate to
future events or DevvStream’s future financial or other performance
metrics. In some cases, you can identify forward-looking statements
by terminology such as “may”, “should”, “expect”, “intend”, “will”,
“estimate”, “anticipate”, “believe”, “predict”, “potential” or
“continue”, or the negatives of these terms or variations of them
or similar terminology. These forward-looking statements,
including, without limitation DevvStream’s expectations with
respect to future performance and anticipated financial impacts of
the proposed transaction, the satisfaction of the closing
conditions to the proposed transaction and the timing of the
completion of the proposed transaction, are subject to risks and
uncertainties, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are based upon
estimates and assumptions that, while considered reasonable by
DevvStream and its management, are inherently uncertain and subject
to material change. New risks and uncertainties may emerge from
time to time, and it is not possible to predict all risks and
uncertainties. certain other risks are identified and discussed in.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: (1) the
ability of Go-Station’s EV charging stations and BCRB’s greenhouse
gas reduction program to generate monetizable carbon credits; (2)
the anticipated impact of BCRB’s greenhouse gas reduction program;
(3) the ability of the COPP platform to leverage the power of
blockchain technology to provide a comprehensive and unalterable
record of the company’s carbon offset projects; (4) the occurrence
of any event, change or other circumstances that could give rise to
the termination of negotiations and any subsequent definitive
agreements with respect to the proposed transaction; (5) the
outcome of any legal proceedings that may be instituted against
Focus Impact, DevvStream, the combined company or others; (6) the
inability to complete the proposed transaction due to the failure
to obtain approval of the stockholders of Focus Impact and
DevvStream or to satisfy other conditions to closing; (7) changes
to the proposed structure of the proposed transaction that may be
required or appropriate as a result of applicable laws or
regulations; (8) the ability to meet Nasdaq’s or another stock
exchange’s listing standards following the consummation of the
proposed transaction; (9) the risk that the proposed transaction
disrupts current plans and operations of Focus Impact or DevvStream
as a result of the announcement and consummation of the proposed
transaction; (10) the ability to recognize the anticipated benefits
of the proposed transactions, which may be affected by, among other
things, competition, the ability of the combined company to grow
and manage growth profitably, maintain relationships with customers
and retain its management and key employees; (11) costs related to
the proposed transaction; (12) changes in applicable laws or
regulations; (13) the possibility that Focus Impact, DevvStream or
the combined company may be adversely affected by other economic,
business, and/or competitive factors; (14) estimates of expenses
and profitability and underlying assumptions with respect to
stockholder redemptions and purchase price and other adjustments;
(15) various factors beyond management’s control, including general
economic conditions and other risks, uncertainties and factors set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Registration Statement
on Form S-4 that includes a proxy statement and prospectus of Focus
Impact (the “Registration Statement”), filed with the SEC on
December 4, 2023, and other filings with the SEC; and (16) certain
other risks identified and discussed in DevvStream’s Annual
Information Form for the year ended July 31, 2023, and DevvStream’s
other public filings with Canadian securities regulatory
authorities, available on DevvStream’s profile on SEDAR at
www.sedarplus.ca.
These forward-looking statements are expressed in good faith,
and DevvStream believes there is a reasonable basis for them.
However, there can be no assurance that the events, results or
trends identified in these forward-looking statements will occur or
be achieved. Forward-looking statements speak only as of the date
they are made, and DevvStream is not under any obligation, and
expressly disclaims any obligation, to update, alter or otherwise
revise any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by law.
Readers should carefully review the statements set forth in
DevvStream’s public filings with Canadian securities regulatory
authorities. This news release is not intended to be all-inclusive
or to contain all the information that a person may desire in
considering an investment in DevvStream and is not intended to form
the basis of an investment decision in DevvStream. All subsequent
written and oral forward-looking statements concerning DevvStream,
the proposed transaction or other matters and attributable to
DevvStream or any person acting on DevvStream’s behalf are
expressly qualified in their entirety by the cautionary statements
above.
Additional Information and Where to Find It
In connection with the Business Combination, Focus Impact and
DevvStream have prepared, and Focus Impact has filed with the SEC,
the Registration Statement containing the proxy
statement/prospectus with respect to the combined company’s
securities to be issued in connection with the Business
Combination, a proxy statement with respect to the stockholders’
meeting of Focus Impact to vote on the Business Combination and
certain other related documents. Investors, securityholders and
other interested persons are urged to read the preliminary proxy
statement/prospectus in connection with Focus Impact’s solicitation
of proxies for its special meeting of stockholders to be held to
approve the Business Combination (and related matters) and general
amendments thereto and the definitive proxy statement/prospectus,
when available, because the proxy statement/prospectus contains
important information about Focus Impact, DevvStream and the
Business Combination. Once the Registration Statement is declared
effective, Focus Impact will mail the definitive proxy
statement/prospectus and other relevant documents to its
stockholders as of a record date to be established for voting on
the Business Combination. This communication is not a substitute
for the Registration Statement, the definitive proxy
statement/prospectus or any other document that Focus Impact will
send to its stockholders in connection with the Business
Combination. Once the Registration Statement is declared effective,
copies of the Registration Statement, including the definitive
proxy statement/prospectus and other documents filed by Focus
Impact or DevvStream with the SEC, may be obtained, free of charge,
by directing a request to Focus Impact Acquisition Corp., 250 Park
Avenue, Suite 911, New York, New York 10177. The preliminary and
definitive proxy statement/prospectus to be included in the
Registration Statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov). Additional
details relating to the proposed Business Combination will also be
available in the management information circular to be provided to
shareholders of DevvStream to seek approval of the proposed
Business Combination. Once mailed to the shareholders of DevvStream
it will also be filed under DevvStream’s profile on SEDAR at
www.sedarplus.ca.
Participants in the Solicitation
Focus Impact and its directors, executive officers, other
members of management, and employees, may be deemed to be
participants in the solicitation of proxies of Focus Impact's
stockholders in connection with the Business Combination under SEC
rules. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of Focus Impact's
stockholders in connection with the Business Combination is
available in the Registration Statement and the proxy
statement/prospectus included therein. To the extent that holdings
of Focus Impact's securities have changed since the amounts printed
in Focus Impact's registration statement on Form S-1 relating to
its initial public offering, such changes have been or will be
reflected on Statements of Change in Ownership on Form 4 filed with
the SEC. Investors and security holders may obtain more detailed
information regarding the names and interests in the Business
Combination of Focus Impact's directors and officers in Focus
Impact's filings with the SEC and in the Registration Statement,
which includes the proxy statement/prospectus of Focus Impact for
the Business Combination.
DevvStream and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Focus Impact in connection with the Business
Combination. A list of the names of such directors and executive
officers and information regarding their interests in the Business
Combination are included in the proxy statement/prospectus of Focus
Impact for the Business Combination. You may obtain free copies of
these documents as described above.
No Offer or Solicitation
This news release is for informational purposes only and does
not constitute a solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the transactions
described herein. This news release shall also not constitute an
offer to sell or the solicitation of an offer to buy the securities
of Focus Impact, DevvStream or the combined company following
consummation of the Business Combination, nor shall there be any
sale of securities in any states or jurisdictions in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, or an exemption therefrom.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
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