/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.
