PLAN:CC - Progressive Planet Announces Acceleration of Warrants

Canada NewsWire

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 CO ₂ 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.

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.

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

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