/NOT FOR DISTRIBUTION IN THE USA/
658,500 shares purchased at below book value
in July.
KAMLOOPS, BC, Aug. 7, 2024
/CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN)
(OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the
"Company"), a manufacturer of products for a healthy planet,
announces the results for the second month of actively utilizing
its normal course issuer bid (the "NCIB").
On June 3, 2024, Progressive
Planet announced that the TSX Venture Exchange had accepted its
notice to proceed with a normal course issuer bid.
During the month of July, the Company purchased 658,500 shares
for cancellation. The average purchase price was
$ 0.0916 per share.
"In July, we continued buying back shares using the approved
normal course issuer bid program. We continue to view the ability
to buy back shares from voluntary sellers at below book value per
share as adding value to the remaining shareholders," stated
Steve Harpur, CEO of PLAN.
Corporate Update:
- In July, Progressive Planet was approved by the local natural
gas utility to conduct an energy efficiency study on our raw
material processing and drying, as we strive to reduce our natural
gas consumption and greenhouse gas emissions. The local gas utility
will provide 75% percent of the funding required to have the study
conducted by a third-party engineering firm. The study commenced in
July 2024. Upon completion, by
January 2025, the local gas utility
will review the study for potential efficiency incentives.
Progressive Planet Products (as Absorbent Products) conducted a
similar study with the financial help of the same local gas utility
in 2012. The findings of this report resulted in $375,000 in efficiency incentives based on energy
savings over the next five years.
- In July, we engaged a US engineering firm to conduct the
engineering necessary to procure and install a second fine grinding
circuit at our plant. This will allow us to fine grind
both bentonite and diatomaceous earth concurrently. Our
comminution business (making powders from minerals) continues to
grow. This second circuit is planned to increase powder production
by approximately 300% and will assist in alleviating bottlenecks in
our production process and decrease our growing backlog of powder
orders from multiple customers.
- We currently have one packaging line which uses robotics to
palletize finished packages. Robots reduce physical strain on our
workers and improve efficiency. We have three additional production
lines that remain fully manual. In July, we began procuring quotes
from vendors that specialize in automation of the three distinct
types of packages produced in these three production lines to
increase automation and reduce manual labor associated with lifting
heavy bags.
- In July, we completed a comprehensive study of manual data
collection at our production facilities and signed a contract to go
paperless with an established provider of automated data collection
of production floor data. This program is projected to save over
$70,000 per year in manual data entry
and free up operator time to focus on the production of products
versus data collection.
- In July, we installed production efficiency software that
monitors over 100 metrics associated with daily plant production.
This software has historical metrics associated with increased
production.
- We recently received 20 tonnes of glass samples from the BC
provincial stewardship program. The glass samples came from 3
sources. The first source was a material recycling facility in BC.
The second source was a material recycling facility from
Alberta, and the third source was
source separated glass which is collected at most BC transfer
stations.
In July, we began test processing this glass with existing
equipment for contaminant removal and recovery (plastic, ferrous
metal, aluminum). It remains our intention to build a full pilot
plant for PozGlass and we are evaluating various sources of funding
for this project.
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:
Progressive Planet, a manufacturing company operating out of
Kamloops, British Columbia, is
reimagining what's possible when we prioritize our planet's health.
Our expertise lies in developing products using our owned mineral
assets and recycled materials to create products for a healthy
planet.
Our C-Quester™ Centre of Sustainable Solutions is proudly
disrupting the cement, agricultural and animal care industries. Our
product lines include patented and patent pending products which
are developed with the express intent of promoting a healthy planet
using naturally occurring minerals and the urban mining of recycled
materials. Our products can be found in over 10,000 retail stores
across North America.
Forward-Looking Statements:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the matters described herein including statements regarding the
NCIB and the repurchases thereunder as well as the effect of those
repurchases, statements regarding the future of the Bromley Creek
Zeolite Mine and statements regarding the development of future
products. 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 Inc.