/NOT FOR DISTRIBUTION IN THE USA/
Focusing investment on near-term projects
KAMLOOPS, BC, Oct. 30,
2023 /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 present the following operational update:
Heffley Creek Metals and Pozzolan Property
As part of the focus on investing in near-term projects, the
Company terminated its option agreement on the Heffley Creek Metals
and Pozzolan Property. Retaining the property required an
additional cash payment and there were no short-term prospects of
generating cash flow from the property.
The company will also write down all the capitalized costs
incurred on exploration of the Heffley Creek Property. This
write-down will occur in the current quarter and is a non-recurring
expense.
Financial Position
Progressive Planet has over $300,000 in the bank and a healthy current ratio.
Furthermore, Progressive Planet has an unused operating line of
credit with a credit limit of $2,400,000
million.
The Company's only long-term debt is the 25-year loan procured
as part of the funding used to purchase Absorbent Products Ltd. in
February 2022. At the time of
purchase, the principal amount of this loan was $6,970,000 as was part of $10,900,000 million in total debt procured to
make the acquisition. The current balance of the 25-year loan is
$6,505,000 and the company has no
other bank debt.
We provide this financial position update in conjunction with
the advisement that Progressive Planet has no current plans to
raise money via private placement.
Cost Cutting Initiative
During the current quarter (ending October 31), Progressive Planet eliminated over
$800,000 in annual recurring costs. A
small amount of severance and other one-time costs were incurred in
the current quarter to achieve these annual costs savings.
Research and Development
"Over the past five years, Progressive Planet has conducted a
wide scope of expensive research and development initiatives
targeted at developing critical low-carbon and carbon sequestering
solutions from owned mineral assets and recycled glass," says
Progressive Planet CEO Steve
Harpur.
Progressive Planet is narrowing its focus on commercializing
three near-term to market innovations including:
- PozGlass™ 100G.
- CARBON™ Ca; and,
- CARBON™ PK.
Added Harpur, "With the legacy investment we made in our cement
and AgTech labs in Kamloops, we
are scaling back on third party R&D costs. By focusing our
R&D efforts to one cement and two fertilizer products, paired
with other strategic cost cutting efforts, we intend to fund growth
in the short-term without raising new equity. We wish to assure our
investors that we take shareholder dilution very seriously."
Financial Reporting
Progressive Planet is required to release its financial results
for the quarter ending October 31,
2023 by January 2, 2024. The
Company intends to release the Q2 results early, and is targeting a
release date of no later than December 15,
2023.
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.
About Progressive
Planet:
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.
Forward-Looking
Statements:
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.
Disclaimer:
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