MALACHITE INNOVATIONS LAUNCHES NEW BUSINESS FOCUSED ON MITIGATION BANKING TO RESTORE ENVIRONMENTALLY DEGRADED STREAMS AND WETLANDS
CLEVELAND, OHIO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”), a public company focused on improving the health and wellness of people and the planet, today announced the launch of Pristine Stream Ventures, Inc. (“Pristine Stream”), a new wholly-owned operating business focused on mitigation banking to restore and preserve environmentally degraded streams and wetlands.
A mitigation bank is a stream, wetland or other aquatic resource area that has been restored or preserved for the purpose of providing compensation for environmental impacts to other aquatic resources. A mitigation bank is created to ensure that ecological loss resulting from new development is offset by the restoration and preservation of other nearby natural habitats so there is no net loss to the environment. Regulatory agencies determine the number of mitigation credits that a mitigation bank may earn and sell for each specific restoration project, and likewise, the number of mitigation credits that a developer must purchase to offset the environmental impact of each new development project.
Pristine Stream is planning to establish mitigation banks to restore and preserve damaged rivers, streams and wetlands throughout the Appalachian Region to earn mitigation credits, which Pristine Stream would then sell to developers to offset the impact of development activities in similar geographical areas to accomplish the goal of no net loss to the environment. Pristine Stream plans to identify and select qualifying aquatic sites, work closely with applicable federal and state regulatory agencies, and then use Range Environmental Resources, a wholly-owned subsidiary of Malachite, to repair and restore damaged waterways to earn mitigation credits that can be sold by Pristine Stream.
Michael Cavanaugh, Malachite’s Chief Executive Officer, stated that “Many Appalachian communities find themselves in the middle of a natural tension between the need for new development to generate economic growth, and the desire to preserve the natural beauty of the local environment, including its rivers and streams. Pristine Stream will work to advance both goals by leveraging the regulatory mechanism of mitigation banking to restore damaged streams and facilitate new development, while importantly, ensuring no net loss to the environment.” Cavanaugh added, “Pristine Stream is a perfect complement to our growing family of operating businesses that work together to improve the health and wellness of people and the planet.”
About Malachite Innovations, Inc.
Headquartered in Cleveland, Ohio, Malachite Innovations, Inc. is a public holding company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Malachite owns and operates a balanced portfolio of operating businesses focused on developing long-term solutions to social and environmental challenges, with a particular focus on economically disadvantaged areas. Malachite takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are expected to be highly profitable to maximize its positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.
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