TraceSafe Inc. (CSE:TSF) said it has joined the Climate Chain Coalition, an open global initiative to support collaboration advancing blockchain and related digital solutions to help mobilize climate finance and enhance measurement, reporting and verification.
TraceSafe, through its recently launched product ShiftCarbon, will build solutions that directly support climate action with technology like the Internet of things.
"We are excited about becoming part of the prestigious organization and solidify our commitment towards enabling credible climate action. It will be fantastic to learn and share insights with other leaders that are working towards solving the climate crisis with technology," Wayne Lloyd, TraceSafe CEO said in a statement.
READ: TraceSafe partners with Green Marine to strengthen decarbonization offerings for marine industry
"The membership reinforces our intent to create a credible and intelligent platform for organizations to efficiently measure and remove emissions from their value chain," he added.
Debt settlement
The company said that on September 26, 2022, it entered into shares-for-debt agreements with directors, consultants and staff. In total, $207,003.07 of debt has been settled by shares at a deemed price of 10 cents each.
Additionally, the company said it did not make its scheduled interest payment, due on June 30, 2022, to lender Arena Partners under its existing facility.
Arena has agreed to postpone interest payable on the loan to October 31, 2022, but the interest rate has been increased to 18%, it added.
TraceSafe provides Internet of things solutions, transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and an award-winning analytic platform. The company's hardware solutions, powered by advanced low-power Bluetooth beacons, work together with its proprietary software to provide mission-critical data, enabling safer, efficient and sustainable enterprise environments.
Contact the author at jon.hopkins@proactiveinvestors.com