KAMLOOPS, BC, July 27,
2022 /CNW/ - Progressive Planet Solutions Inc.
(TSXV: PLAN) ("PLAN", "Progressive Planet" or the
"Company"), a dominant manufacturer of agricultural,
household, and industrial products introducing blue-sky tech that
turns post-consumer glass into high-performance cement using
CO2 sequestration, announces that is providing notice by
way of press release to the holders of warrants issued under the
Company's private placement of units which closed on January 20, 2021, exercisable at $0.15 per share. The expiry date of such Warrants
has now been accelerated, such that such Warrants will expire at
5:00PM (Pacific Standard time) on
August 26, 2022, being that date,
which is thirty (30) days from today's date of July 27, 2022.
The shares of Progressive Planet Solutions have closed at a
price higher than $0.25 per share as
quoted on the TSX Venture Exchange (the "Exchange") and also
on all other securities exchanges, quotation systems and markets on
which the common shares are listed and where a majority of the
trading volume of such common shares occurs) for a period of ten
(10) consecutive trading days from today's date. In accordance with
the terms of the Warrants, PLAN is accelerating the expiry date of
aforementioned Warrants, which was originally January 20, 2023.
Funds received from warrant holders who chose to exercise their
warrants before their accelerated expiry will be used to fund the
purchase of industrial scale equipment used to produce PozDE™ SCM
as well as additional equipment used to make non-chemical
fertilizers and soil amenders and for general working capital.
PLAN ordered an industrial scale disk pelletizer in May 2022 and is expecting receipt of this new
piece of equipment in August 2022.
The disk pelletizer will be used to make non-chemical fertilizer
and soil amender pellets.
Since announcing our first order to blend a non-chemical soil
amender for Eco Health Industries Ltd. ("Eco Health") on
July 5, 2022, PLAN has received two
additional orders from Eco Health to blend Hydr8™ Soil Amendment -
a combination of biochar, zeolite sourced from the Bromley Creek
Mine, and humates. The addition of Hydr8 to native soils increases
the viability of transplants and improves plant resistance to
drought and stress. The first additional order is for a BC
municipality in the Lower Mainland for use in urban forestry. The
second additional order is for a well-known winery located in the
Naramata Bench.
"With the current heat domes experienced right now in BC, PLAN
is pleased to be making a product for Eco Health Industries which
is designed to address soil compaction and to improve water use,"
stated Steve Harpur, CEO of
PLAN.
About Progressive Planet
Progressive Planet is a dominant manufacturer of agricultural,
household, and industrial products with two new cement products
under development including PozGlass 100G and PozDE™ SCM. PozGlass
100G is made from post-consumer glass diverted from landfills and
PozDE is made from waste rock powder generated during the
production of PLAN's core products.
PLAN also has 32 products listed with OMRI and is building
capacity to produce non-chemical fertilizers and soil amenders. The
current fertilizer market in North
America is approximately $60 billion
USD with the chemical fertilizer industry growing at
approximately 2.9% per annum and the organic fertilizer industry
growing at 12.1% per annum.
The dominant theme of PLAN's new product offerings is minimizing
the carbon footprint of these products.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements:
This news release contains forward-looking information within
the meaning of Canadian securities laws. Although the Company
believes that such information is reasonable, it can give no
assurance that such expectations will prove to be correct.
Forward looking information is typically identified by such
words as "believe," "expect," "anticipate," "intend," and similar
expressions, or are those that, by their nature, refer to future
events. The Company cautions investors that any forward-looking
information provided by the Company are not guarantees of future
results or performance, and that actual results may differ
materially from those in forward looking information as a result of
various factors, including but not limited to: the Company's use of
proceeds received from exercise of the accelerated share purchase
warrants; the Company's acquisition of new equipment as described;
the general state of the industry in which the Company operates;
the state of financial markets generally; and other risks and
factors that the Company is not aware of at this time.
SOURCE Progressive Planet Solutions