/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Sept. 1,
2023 /CNW/ - Progressive Planet (TSXV: PLAN) (OTCQB:
ASHXF) ("Progressive Planet", "PLAN", or the
"Company"), a leader in developing CleanTech solutions for the
planet, announces it has filed audited consolidated financial
statements and related management's discussion and analysis
("MD&A") for the fiscal year ending 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," says Progressive Planet CEO
Steve Harpur.
Added 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 margin1 of the base
business by 13.6% 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% from $3.83
million in F2022 to $19.54
million in F2023
- Operating cash flow increased by $3.80
million from $2.19 million
used in F2022 to $1.61 million
generated from operations in F2023
- Gross margin1 increased from 12.6% in F2022 to 26.2%
in F2023
- Net loss of $1.16 million in
F2023 – includes $0.87 million in
research and development expenditures
- Repayment in full of the line of credit balance of $1.48 million in F2023
- Repayment in full of two variable interest rate bank loans in
F2023, related to the acquisition of our base business, of
$0.97 million and $0.71 million, respectively
- Cash on hand was $0.70 million on
April 30, 2023
- Investment of $0.87 million 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 F2023
- June 2023 - Reduced fertilizer
use by an estimated 50% 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
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1.
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Gross margin is a
non-IFRS financial 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.
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Progressive Planet provides regular information for investors on
its website: progressiveplanet.com/investors/. This includes press
releases and other information about financial performance, patents
filed, and information on corporate governance.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Progressive Planet:
We are a CleanTech and
manufacturing company with proven product lines based
in Kamloops, British
Columbia. Our expertise lies in developing critical
low-carbon and carbon sequestering solutions using our owned
mineral assets and recycled materials to create planet-friendly
products that fight climate change and protect our planet's
health.
Our products are in 10,000+ retail stores across North
America. Our innovations, created at our 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.
Forward-Looking Statements:
Certain statements in this
release are forward-looking statements, which reflect the
expectations of management regarding the matters described herein.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations, or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance, or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including factors beyond the
Company's control. These forward-looking statements are made as of
the date of this news release.
Disclaimer:
This news release, required by Canadian
laws, does not constitute an offer of securities and is not for
distribution or dissemination outside Canada.
SOURCE Progressive Planet Solutions