/NOT FOR DISTRIBUTION IN THE
Focusing investment on near-term projects
Heffley Creek Metals and Pozzolan Property
As part of the focus on investing in near-term projects, the Company terminated its option agreement on the Heffley Creek Metals and Pozzolan Property. Retaining the property required an additional cash payment and there were no short-term prospects of generating cash flow from the property.
The company will also write down all the capitalized costs incurred on exploration of the Heffley Creek Property. This write-down will occur in the current quarter and is a non-recurring expense.
Financial Position
Progressive Planet has over
The Company's only long-term debt is the 25-year loan procured as part of the funding used to purchase
We provide this financial position update in conjunction with the advisement that Progressive Planet has no current plans to raise money via private placement.
Cost Cutting Initiative
During the current quarter (ending
Research and Development
"Over the past five years, Progressive Planet has conducted a wide scope of expensive research and development initiatives targeted at developing critical low-carbon and carbon sequestering solutions from owned mineral assets and recycled glass," says Progressive Planet CEO
Progressive Planet is narrowing its focus on commercializing three near-term to market innovations including:
- PozGlass™ 100G.
- CARBON™ Ca; and,
- CARBON™ PK.
Added Harpur, "With the legacy investment we made in our cement and AgTech labs in
Financial Reporting
Progressive Planet is required to release its financial results for the quarter ending
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
We are a
Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester™ Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. 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.
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside
SOURCE
© Canada Newswire, source