Mr. Steve Harpur reports

PROGRESSIVE PLANET IMPROVES CASH POSITION TO OVER $2.5 MILLION, BUYS BACK AN ADDITIONAL 696,000 SHARES

Progressive Planet Solutions Inc. has provided an update on its third month of the normal course issuer bid (NCIB) activity.

On June 3, 2024, Progressive Planet announced that the TSX Venture Exchange had accepted its notice to proceed with a normal course issuer bid.

In the month of October, the company purchased 696,000 shares for cancellation, at an average purchase price of 12.875 cents per share, inclusive of commission costs.

"In September, we took a break from buying back shares. In October, we took advantage of the dip in share price to continue buying back shares. Since the NCIB commenced in June, 2024, we have bought back over 2.7 million shares," stated Steve Harpur, chief executive officer.

With the cancellation of all repurchased shares, the total shares outstanding now stands at 109,761,943.

In October, 2024, Progressive Planet also closed the sale of a long-term lease of an industrial property, which was previously used for storage. The gross proceeds of sale were $1.23-million, and following the payment of commissions, the company received a net amount of $1,195,000.

"We are delighted that our bank balance now exceeds $2.5-million, while we continue to buy back shares. In addition, our interest expense has declined with the 50-basis-point decline in prime this quarter as our long-term debt is priced at prime plus 75 basis points," stated Mr. Harpur.

With the close of the second fiscal quarter on Oct. 31, Progressive Planet intends to release the second quarter financial results early, on or before Dec. 4, 2024.

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, a manufacturing company operating out of Kamloops, B.C., is reimagining what is possible when it prioritizees the planet's health. Its expertise lies in developing products using its owned mineral assets and recycled materials to create Products for a Healthy Planet.

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