ShiftCabon Inc said it has formally changed its legal name from TraceSafe Inc. (CSE:TSF) and, as part of the name change, the ticker symbol of the company's common shares on the Canadian Securities Exchange (CSE) will also change from TSF to SHFT.
"This is an exciting new chapter for the company," said Wayne Lloyd, ShiftCarbon CEO in a statement. "The Taskforce on Scaling Voluntary Carbon Markets has estimated that demand for carbon credits could increase by a factor of 15 or more by 2030 and be worth upward of $50 billion in 2030."
“We believe that our unique approach to decarbonization will propel the trading of carbon credits and help enterprises-and the world-reach our ambitious goals for reaching net zero," he added.
READ: Tracesafe is playing a key role in reopening economies in a post-coronavirus world with its wearable safety technology
The company's common shares are expected to begin trading on the CSE under the new name and new ticker symbol with a new CUSIP number at the market open on or around December 20, 2022.
The company said it will continue using the Tracesafe brand for its suite of IoT and Real Time Location Services cloud platform, as it continues to drive revenue.
The name change reflects the company's new strategic focus on sustainability products that help customers meet stakeholder and regulatory climate disclosure requirements while also providing innovative ways to embed carbon offsets into customers' business operations, it added.
Along with the name change, the company said it will adopt a new logo and has launched a new website which can be accessed at www.shiftcarbon.io.
Shiftcarbon provides an innovative platform for carbon accounting, offsets, and Measurement, Reporting and Verification (MRV) automation. Shiftcarbon Offset provides enterprises with powerful APIs that allow customers to embed carbon offsets into their business.
ShiftCarbon also operates Tracesafe, a leading IoT cloud platform that uses sensor technology to deliver precise and timely information, powering safer and smarter enterprise environments.
Contact the author at jon.hopkins@proactiveinvestors.com