Mr. Steve Harpur reports

PROGRESSIVE PLANET ANNOUNCES RECORD NET INCOME FOR Q3

Progressive Planet Solutions Inc. has provided its financial results for the third quarter ended Jan. 31, 2024.

Progressive Planet is pleased to release its financial results for the three months ended Jan. 31, 2024, as compared with the three months ended Jan. 31, 2023:

• Revenue increased by 9.5 per cent to $4,812,604;
• Gross profit increased by 54.1 per cent to $1,566,847;
• Gross margin increased to 32.6 per cent, compared with 23.1 per cent in the prior period;
• Income from operations increased to $549,255, compared with a loss of $420,896 in the prior Q3;
• Net income increased to $348,689, compared with a loss of $533,345 for the prior period;
• General and administrative expenses decreased by 17.7 per cent.

Gross margin is a ratio that 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 (international financial reporting standards) measure.

"As discussed in prior news releases, Progressive Planet initiated a series of cost-cutting measures. The Q3 results show the effects of these measures, including reductions in G&A [general and administrative] and R&D [research and development] costs with a corresponding increase in gross margin. I am proud of the team effort it took to accomplish this record quarter and we will continue to focus on conducting high-margin business," stated Steve Harpur, chief executive officer.

"I started with Absorbent Products in 1990 and stayed through the acquisition. It takes time to successfully integrate two separate businesses and we now consider the acquisition of Absorbent Products in February, 2022, to be a fully integrated operation. Our focus going forward will be to grow our core business while using our highly skilled internal team to develop our line of low-carbon cement products," stated Steve Gurney, president.

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.

Progressive Planet is a clean technology and manufacturing company with proven product lines based in Kamloops, B.C. The company's 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.

Progressive Planet's products are in more than 10,000 retail stores across North America. Progressive Planet's 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.

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