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Progressive Planet Solutions Inc (2)
Symbol PLAN
Shares Issued 109,925,515
Close 2024-02-20 C$ 0.10
Market Cap C$ 10,992,552
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Progressive Planet completes equipment sale to CarbonIP

2024-02-20 13:16 ET - News Release

Mr. Steve Harpur reports

PROGRESSIVE PLANET COMPLETES SALE OF EQUIPMENT TO CARBONIP

Progressive Planet Solutions Inc. has completed the sale of equipment to CarbonIP Technologies Inc. previously announced in a news release dated Feb. 7, 2024. The company has received final approval from the TSX Venture Exchange for the completion of the transaction.

The company entered into an equipment purchase agreement with CarbonIP dated Feb. 5, 2024, whereby the company is selling its redundant and unused 1998 Coreco 1225 thermal processing kiln to CarbonIP for a total purchase price of $70,000.

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 purchase price was agreed upon between the parties pursuant to a formal appraisal of the kiln conducted by Sterling Appraisals Ltd., an appraisal company arm's length to the company, dated Jan. 19, 2024.

The board of directors of the company reviewed the appraisal and, upon determining that the kiln was being sold at or above fair market value, approved the sale of the transaction. As the kiln was unused and redundant, the sale of the kiln is not expected to impact the business of the company.

All disclosure requirements have been met under Multilateral Instrument 61-101 and Policy 5.9 as well; the issuer is relying on the exemption to a formal valuation available pursuant to Paragraph 5.5(a) and the exemption to minority shareholder approval pursuant to Paragraph 5.7(1)(a).

"As we focus on strengthening our balance sheet, we will continue to monitor all assets to ensure they are either working for us or are converted to cash. Two years ago, on Feb 18, 2022, Progressive Planet Solutions purchased Absorbent Products Ltd. (now Progressive Planet Products). Progressive Planet has no short-term debt and has reduced the $10.9-million of long-term debt that it borrowed two years ago to a balance of less than $6.5-million today," stated Steve Harpur, chief executive officer.

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. 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.

We seek Safe Harbor.

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