Loading, Please Wait...
HONOLULU, Aug. 28, 2019 (GLOBE NEWSWIRE) -- After thirty months of litigation in both the courts and in arbitration, HLH and its land lessor, Kukaiau Ranch, LLC, reached a settlement allowing both parties to move forward amicably and with more certainty in their respective businesses. Of particular importance is that HLH will be fencing and planting all its remaining lands, including the critical 40-acre corridor, which was the subject of this arbitration.
In addition, as part of the parties’ agreement, Kukaiau Ranch released any and all possible claims, rights, and interest in carbon rights, carbon credits, carbon tax credits, eco-assets, eco assets, shade credits, greenhouse gas rights/credits, carbon benefits, carbon-related benefits, carbon offsets, carbon sequestration, GHG rights/credits, carbon-market rights/credits, unverified and/or verified carbon credits, unvalidated and/or validated carbon credits, global warming benefits, greenhouse gas mitigation benefits, carbon rights and/or benefits and/or credits associated with carbon sequestered by the tree branches, leaf litter and/or root systems, carbon emission reduction tons, atmospheric greenhouse gas rights, nitrogen rights, phosphorous rights, mitigation banking or other environmental commodities or derivatives created via pollution reduction, forest carbon offsets, forest carbon credits, forest carbon tax credits, and/or forest carbon tax offsets, tax credits, tax benefits, tax offsets, other tax credits, and/or any variations of these terms (collectively “Carbon Credits”) in and/or to any trees grown, growing, or to be grown on the leased premises belonging to HLH and/or any investor, and in and/or to any Carbon Credits arising from HLH’s past, present, and/or future operations. The total value of all Carbon Credits is expected to be in the millions of dollars.
HLH will continue to plant investment trees and has agreed to modify its Legacy Tree project to include a sustainable timber contingency model to comport with Kukaiau Ranch’s interpretation of the Lease. HLH will not be conducting eco-tours on the leased ranch lands but will continue conduct its eco-tours on its adjacent lands. Finally, both HLH and Kukaiau Ranch have agreed to negotiate in good faith toward the possible sale of the fee interest in the leased land to HLH LLC.
“We are very pleased with the negotiated resolution of the many pending issues between Kukaiau Ranch and HLH. We have secured all land lease and carbon rights once and for all. Without the distraction of litigation and the uncertainties inherent in it, we can now focus on the continued success of our business of reforestation,” said Jeffrey Dunster, HLH CEO.
About HLH: HLH uses state-of-the-art technology backed by decades of experience to preserve thousands of years of history, culture and natural resources. HLH is one of a select group of companies worldwide to be named a Certified B Corporation, using the power of business to solve social and environmental issues. For more, visit www.HLH.co. For more on Legacy Carbon, visit LegacyCarbon.com.