PLAN Progressive Planet Solutions Inc

/NOT FOR DISTRIBUTION IN THE USA/

KAMLOOPS, BC, Feb. 1, 2024 /CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company"), a leader in developing CleanTech solutions for the planet, is pleased to provide a corporate update of its activities for its third fiscal quarter ended January 31, 2024.

Progressive Planet has a strategy to create IP and monetize it through product sales and royalties. The Company's patented Activated Barn Fresh (ABF) continues to grow as its top selling product. Progressive Planet has over 9 years left on its US Patent on ABF.

With respect to intellectual property (IP) under development, Progressive Planet is pleased to announce it was selected to receive financial support of up to $42,504 from AccelerateIP¹. The program assists companies in BC, Yukon, Northwest Territories and Nunavut with support and education in accessing professional IP services.

The award funds up to 75% of Fiscal 2024 IP counsel costs associated with Progressive Planet's patent application covering the process for producing Progressive Planet's PozGlass™ 100G product, which received a favourable Written Opinion of the International Searching Authority, and filing a second application directed to an improvement in this PozGlass process.

"Progressive Planet has identified an initial target market consisting of more than 700 existing cement plants globally which could utilize PozGlass technology and has entered its patent application into these countries. Once proven on a pilot plant scale, management expects the licensing and royalties from this technology to be a significant revenue driver for our company," says Stephen Harpur CEO of Progressive Planet.

Added Harpur: "Glass has virtually the same chemical composition worldwide, which lends itself to rapid scalability for cement manufacturers utilizing PozGlass technology."

Progressive Planet has been the recipient of multiple small grants over the last two years and reports these in its quarterly financial statements, as opposed to making public announcements for each small grant. In the case above, Progressive Planet wished to provide an update on the status of PozGlass IP protection as part of the corporate update and acknowledge the valuable assistance by AccelerateIP in helping companies fund costs associated with protecting IP.

Progressive Planet has submitted multiple large grant applications (amounts exceeding $1 million) with both federal and provincial levels of government to support the development of PozGlass. Receipt of funding of this size would be considered material in nature and would be disclosed in news releases.

As previously announced, Progressive Planet implemented a series of costs controls with many of these savings starting in Q3. With Q3 ended, management will again seek to prepare and release the quarterly financial statements early with a goal of releasing this financial information on or before Friday, March 15, 2024.

In Q3, Progressive Planet continued to advance work in the development of regenerative fertilizer and soil conditioner products sought by Canadian farmers. Progressive Planet's CEO made multiple visits to farmers and fertilizer distributors in the Prairies to discuss product formulations of interest with these parties and to conduct due diligence.

In addition, Progressive Planet purchased and received a Roller Compactor in Q3. This machine takes blends of diverse inputs and creates homogeneous pellets using dry ingredients, avoiding the energy use and carbon footprint of drying fertilizers with natural gas.

The machine is expected to produce up to 200 kg per hour of finished product as the backbone of Progressive Planet's efforts to produce small batches of custom fertilizer blends for a series of farmers to test in the 2024 growing season, including further testing with requested formulation tweaks for products in the CARBON™ family of natural fertilizers and soil conditioners. 

While waiting to hear on multiple grant applications to fund the construction of a pilot plant for PozGlass 100G, Progressive Planet has not sat idle.  While the front-end processing of glass is well developed technology and not subject to patent, the sequestration of CO₂ in the back-end processing of PozGlass is novel and is the subject matter of the patent applications referenced above.

In Q3, Progressive Planet continued work in Kamloops related to permanently sequestering CO₂ on a scaled-up version of the work done to date.

As well, Progressive Planet began work on optimizing natural pozzolans for compressive strength on two sources of natural pozzolan: one owned by an international company and one owned by a US company. Progressive Planet sees opportunities to improve third party pozzolans as an area of opportunity for royalty income without the need to invest capital to develop third party mineral deposits. This work is complimentary to IP being developed on materials from Progressive Planet's owned natural pozzolan quarries, of which samples were requested by and provided to two international companies in Q3.

Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

We are a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia. Our expertise lies in developing critical low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect our planet's health.

Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester™ Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.

SOURCE Progressive Planet Solutions