/NOT FOR DISTRIBUTION IN THE USA/
- Over $2.5 million cash in bank on
October 31, 2024, the end of Fiscal
Q2
- Underutilized long term industrial lease sold for $1.23 million in October
- 2,735,000 shares repurchased and cancelled from June to
October 2024
- 696,000 shares purchased in October
2024
KAMLOOPS, BC, Nov. 6, 2024
/CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN)
(OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the
"Company") reports on its third month of the normal course
issuer bid (the "NCIB") activity.
On June 3, 2024, Progressive
Planet announced that the TSX Venture Exchange had accepted its
notice to proceed with a normal course issuer bid.
In the month of October, the Company purchased 696,000 shares
for cancellation, at an average purchase price of $ 0.12875
per share, inclusive of commission costs.
"In September, we took a break from buying back shares. In
October, we took advantage of the dip in share price to continue
buying back shares. Since the NCIB commenced in June 2024, we have bought back over 2.7 million
shares," stated Steve Harpur,
CEO.
With the cancellation of all repurchased shares, the total
shares outstanding now stands at 109,761,943.
In October 2024, Progressive
Planet also closed the sale of a long-term lease of an industrial
property, which was previously used for storage. The gross proceeds
of sale were $1.23 million, and
following the payment of commissions, the Company received a net
amount of $1.195 million.
"We are delighted that our bank balance now exceeds $2.5 million, while we continue to buy back
shares. In addition, our interest expense has declined with the
50-basis point decline in prime this quarter as our long-term debt
is priced at prime + 75 basis points," stated Harpur.
With the close of the second fiscal quarter on October 31st, Progressive Planet
intends to release the second quarter financial results early, on
or before December 4, 2024.
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 is 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 industry and is home to our cement lab. Our
second lab on site is geared towards developing products for the
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 are 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.
