Progressive Planet Completes Sale of Equipment to CarbonIP Technologies
In a major stride toward enhancing its financial health and commitment to CleanTech innovation, Progressive Planet Solutions Inc. (hereafter referred to as “Progressive Planet” or “the Company”) has proudly announced the successful sale of a key piece of equipment to CarbonIP Technologies Inc. (“CarbonIP”). This transaction marks a significant step in the company’s ongoing efforts to streamline its operations and focus on its core mission of developing environmentally friendly solutions.
This development follows a news release on February 7, 2024, which initially announced the sale. The transaction ultimately received the green light from the TSX Venture Exchange, marking it a significant milestone in Progressive Planet’s operational progress.
The asset in question, a 1998 Coreco 1225 Thermal Processing Kiln—deemed redundant and unused by Progressive Planet—was sold to CarbonIP for a total of $70,000. This strategic divestment is part of Progressive Planet’s broader initiative to ensure all assets are either actively contributing to the company’s goals or are liquidated to enhance financial flexibility.
It is noteworthy that CarbonIP is partly owned by Dave Richardson, who holds approximately 25% of Progressive Planet’s shares, designating this transaction as a related party deal. However, both parties arrived at the purchase price following a formal appraisal conducted by Sterling Appraisals Ltd. This independent appraisal confirmed that the selling price was at or above the market value, ensuring fairness and transparency in the transaction. The decision to sell the equipment was made by the company’s board, who determined the kiln’s sale would not detract from the company’s business activities or future prospects.
Steve Harpur, CEO of Progressive Planet, reflected on the company’s financial discipline, stating, “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.” He proudly highlighted the company’s achievements over the past two years, including the acquisition of Absorbent Products Ltd. (now Progressive Planet Products), and the significant reduction of its long-term debt from $10.9 million to less than $6.5 million.
Founded in Kamloops, British Columbia, Progressive Planet operates at the forefront of the CleanTech and manufacturing sectors. The company’s proprietary products, available in over 10,000 retail stores across North America, embody the company’s commitment to climate change combat and planetary health preservation. Through its C-Quester™ Centre of Sustainable Innovation, Progressive Planet continues to disrupt traditional industries with low-carbon and carbon sequestering solutions that significantly contribute to carbon footprint reduction and ecosystem restoration.
However, the company also acknowledges the forward-looking nature of specific statements within this announcement, highlighting that actual results, performance, or developments could differ materially from those projected. These statements represent management’s views as of the date of this release, based on current expectations, estimates, and assumptions that may prove inaccurate. As such, they come with the usual risks and uncertainties inherent in forward-looking statements.
In closing, this news release serves as a reminder of Progressive Planet’s steadfast dedication to its CleanTech initiatives and its careful strategic management aimed at financial stability and operational efficiency. As the company moves forward on its mission, it looks set to continue making strides in sustainability and innovation.
This news release does not constitute an offer of securities and is for informational purposes only, not for distribution outside of Canada.
