/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Feb. 1, 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, is pleased to provide a corporate update of its activities
for its third fiscal quarter ended January
31, 2024.
Intellectual Property
Update
Progressive Planet has a strategy to create IP and monetize it
through product sales and royalties. The Company's patented
Activated Barn Fresh (ABF) continues to grow as its top selling
product. Progressive Planet has over 9 years left on its US Patent
on ABF.
With respect to intellectual property (IP) under
development, Progressive Planet is pleased to announce it was
selected to receive financial support of up to $42,504 from AccelerateIP1. The
program assists companies in BC, Yukon, Northwest
Territories and Nunavut
with support and education in accessing professional IP
services.
The award funds up to 75% of Fiscal 2024 IP counsel costs
associated with Progressive Planet's patent application covering
the process for producing Progressive Planet's PozGlass™ 100G
product, which received a favourable Written Opinion of the
International Searching Authority, and filing a second application
directed to an improvement in this PozGlass process.
"Progressive Planet has identified an initial target market
consisting of more than 700 existing cement plants globally which
could utilize PozGlass technology and has entered its patent
application into these countries. Once proven on a pilot plant
scale, management expects the licensing and royalties from this
technology to be a significant revenue driver for our company,"
says Stephen Harpur CEO of Progressive Planet.
Added Harpur: "Glass has virtually the same chemical composition
worldwide, which lends itself to rapid scalability for cement
manufacturers utilizing PozGlass technology."
Grant Applications
Progressive Planet has been the recipient of multiple small
grants over the last two years and reports these in its quarterly
financial statements, as opposed to making public announcements for
each small grant. In the case above, Progressive Planet wished to
provide an update on the status of PozGlass IP protection as part
of the corporate update and acknowledge the valuable assistance by
AccelerateIP in helping companies fund costs associated with
protecting IP.
Progressive Planet has submitted multiple large grant
applications (amounts exceeding $1
million) with both federal and provincial levels of
government to support the development of PozGlass. Receipt of
funding of this size would be considered material in nature and
would be disclosed in news releases.
Continued Focus on Cost Controls
in Q3 While Advancing Intellectual Property
As previously announced, Progressive Planet implemented a series
of costs controls with many of these savings starting in Q3. With
Q3 ended, management will again seek to prepare and release the
quarterly financial statements early with a goal of releasing this
financial information on or before Friday,
March 15, 2024.
Continued Work on Regenerative
Fertilizers in Q3
In Q3, Progressive Planet continued to advance work in the
development of regenerative fertilizer and soil conditioner
products sought by Canadian farmers. Progressive Planet's CEO made
multiple visits to farmers and fertilizer distributors in the
Prairies to discuss product formulations of interest with these
parties and to conduct due diligence.
In addition, Progressive Planet purchased and received a Roller
Compactor in Q3. This machine takes blends of diverse inputs and
creates homogeneous pellets using dry ingredients, avoiding the
energy use and carbon footprint of drying fertilizers with natural
gas.
The machine is expected to produce up to 200 kg per hour of
finished product as the backbone of Progressive Planet's efforts to
produce small batches of custom fertilizer blends for a series of
farmers to test in the 2024 growing season, including further
testing with requested formulation tweaks for products in the
CARBON™ family of natural fertilizers and soil
conditioners.
Continued Work on Supplementary
Cementitious Materials in Q3
While waiting to hear on multiple grant applications to fund the
construction of a pilot plant for PozGlass 100G, Progressive Planet
has not sat idle. While the front-end processing of glass is
well developed technology and not subject to patent, the
sequestration of CO2 in the back-end processing of
PozGlass is novel and is the subject matter of the patent
applications referenced above.
In Q3, Progressive Planet continued work in Kamloops related to permanently sequestering
CO2 on a scaled-up version of the work done to date.
As well, Progressive Planet began work on optimizing natural
pozzolans for compressive strength on two sources of natural
pozzolan: one owned by an international company and one owned by a
US company. Progressive Planet sees opportunities to improve third
party pozzolans as an area of opportunity for royalty income
without the need to invest capital to develop third party mineral
deposits. This work is complimentary to IP being developed on
materials from Progressive Planet's owned natural pozzolan
quarries, of which samples were requested by and provided to two
international companies in Q3.
1AccelerateIP is an ElevateIP
recipient, funded by Innovation, Science, and Economic Development
Canada (ISED). The program is administered by New Ventures BC,
along with prime collaborator Innovate BC, alongside a network of
delivery partners.
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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