KAMLOOPS, BC, Feb. 20,
2024 /CNW/ - Progressive Planet Solutions Inc.
(TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN",
or the "Company"), a leader in developing CleanTech solutions
for the planet, announces it has completed the sale of equipment to
CarbonIP Technologies Inc. ("CarbonIP") previously announced
in a news release dated February 7,
2024 (the "Transaction"). 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 February 5, 2024,
whereby the Company is selling its redundant and unused 1998 Coreco
1225 Thermal Processing Kiln (the "Kiln") to CarbonIP for a
total purchase price of $70,000.
CarbonIP is owned by Dave
Richardson, who owns approximately 25% 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 arms-length to the Company, dated January 19, 2024 (the "Appraisal").
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 MI 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 CEO,
Steve Harpur.
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