06:06:45 EDT Fri 19 Apr 2024
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Progressive Planet Solutions Inc (2)
Symbol PLAN
Shares Issued 109,925,515
Close 2024-02-07 C$ 0.095
Market Cap C$ 10,442,924
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Progressive Planet signs royalty deal for cat litter IP

2024-02-07 13:02 ET - News Release

Mr. Steve Harpur reports


Progressive Planet Solutions Inc. has signed an agreement with an Ontario-based pet products manufacturer to continue providing Progressive Planet's approved formulas related to the sale of traditional cat litter products, for which Progressive Planet will receive a continuing royalty equal to 0.75 per cent of the total sales to one of Canada's largest retailers. The agreement, which was signed on Jan. 31, 2024, is backdated for royalty payments on applicable revenues beginning May 1, 2023.

Additionally, Progressive Planet announces it has reached an equipment purchase agreement with CarbonIP Technologies Inc. for the purchase and sale of the company's redundant and unused 1998 Coreco 1225 thermal processing kiln for $70,000. The kiln will used by CarbonIP in developing an innovative lignin-based hard carbon (HC) to be utilized in the anodes of lithium-ion batteries (LIBs). CarbonIP's research and early-stage production has shown that renewable lignin-based HC has equivalent or better electrical properties than existing mined or manufactured (natural or synthetic) graphite supplies, and can be produced with a lower environmental impact. CarbonIP is owned by Dave Richardson, who owns approximately 25 per cent of the shares of Progressive Planet, making this a related-party transaction. The transaction remains subject to the company receiving any necessary approvals from the TSX Venture Exchange.

"The purchase of this thermal processing kiln equipment from Progressive Planet will dramatically increase our capacity to process lignin as we scale up our pilot plant production," says Mr. Richardson, CarbonIP's chief executive officer.

Mr. Richardson added, "Lignin hard carbon will be a critical success factor in helping develop and secure Canada's EV [electric vehicle] supply chain capabilities for years to come."

Recently, CarbonIP was awarded a funding amount of $1.8-million by Emissions Reduction Alberta to demonstrate a pilot-scale, continuous manufacturing process using patent-pending technology and renewable biomass feedstock (lignin) to augment or replace the graphite in lithium-ion battery anodes, creating a circular economy opportunity within Canada.

Progressive Planet will receive a 2-per-cent royalty on any resulting sales made from the successful commercialization of the renewable HC technology by CarbonIP (formerly SuperCap Technologies Corp.), as announced in July, 2019.

"Progressive Planet has a strategy to create IP [intellectual property] and monetize it through product sales and royalties, with royalties expected to be a significant revenue driver for our company," says Steve Harpur, Progressive Planet's CEO.

Mr. Harpur added: "Collecting our first royalties on existing IP for cat litter formulations is an important milestone to complement potential royalties for developing technologies such as PozGlass 100G and CarbonIP's renewable hard carbon technology. Our company continues to pursue opportunities to receive royalties on other existing IP, such as patented Activated Barn Fresh."

About Progressive Planet Solutions Inc.

Progressive Planet 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.

Progressive Planet's products are in over 10,000 retail stores across North America. The company'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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