Mr. Steve Harpur reports

PROGRESSIVE PLANET REPORTS 2023 YEAR END FINANCIAL RESULTS

Progressive Planet Solutions Inc. has filed audited consolidated financial statements and related management's discussion and analysis for the fiscal year ended April 30, 2023, on SEDAR+. These documents are also available on the company's website.

"Fiscal 2023 was a foundational year for advancing Progressive Planet along its growth strategy," said Progressive Planet chief executive officer Steve Harpur.

Added Mr. Harpur: "We delivered four major milestones in the past fiscal year: (i) successfully integrated a strong base business with 50 employees to accelerate commercialization of our innovations; (ii) increased gross margin (1) of the base business by 13.6 per cent while growing revenues; (iii) established $3.6-million in available debt facilities that can be strategically used to fund growth; and (iv) developed major partnerships for commercializing our technologies -- including the biggest cement company in Canada and major agricultural players."

Fiscal 2023 highlights:

• Revenue increased by 410 per cent from $3.83-million in fiscal 2022 to $19.54-million in fiscal 2023.
• Operating cash flow increased by $3.80-million from $2.19-million used in fiscal 2022 to $1.61-million generated from operations in fiscal 2023.
• Gross margin (1) increased from 12.6 per cent in fiscal 2022 to 26.2 per cent in fiscal 2020.
• Net loss of $1.16-million in fiscal 2023 includes $870,000 in research and development expenditures.
• The repayment in full of the line of credit balance of $1.48-million was made in fiscal 2023.
• Repayment in full of two variable interest rate bank loans was made in fiscal 2023, related to the acquisition of its base business, of $970,000 and $710,000, respectively.
• Cash on hand was $700,000 on April 30, 2023.
• Investment of $870,000 in research and development expenditures and $1.31-million in property, plant and equipment both related to the development of industry-disrupting low-carbon and carbon sequestering cement and agriculture products expected to position Progressive Planet for long-term revenue growth and profitability.

Subsequent to fiscal 2023:

• June, 2023: reduced fertilizer use by an estimated 50 per cent on 617 acres with new, proprietary natural fertilizer under the brand Carbon PK;
• June, 2023: finalized PozGlass 100G sales and purchase agreement with Lafarge Canada for a pilot plant anticipated to begin operations in 2024;
• July, 2023: received a reorder of pet brand, Wundercat, which is expected to add $1.2-million in new annual revenues.

(1) Gross margin is a non-international financial reporting standard measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the company's results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.

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

About Progressive Planet Solutions Inc.

The company is a cleantech and manufacturing company with proven product lines based in Kamloops, B.C. Its expertise lies in developing critical low-carbon and carbon sequestering solutions using its owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect the planet's health.

Its products are in 10,000-plus retail stores across North America. Its innovations, created at its 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.

We seek Safe Harbor.