/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Sept. 25, 2023 /CNW/ – Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Firm”), a frontrunner in creating CleanTech options for the planet, proclaims it has filed consolidated monetary statements and associated administration’s dialogue and evaluation (“MD&A”) for the fiscal quarter ending July 31, 2023 on SEDAR+. These paperwork are additionally out there on the Firm’s web site.
“Progressive Planet changed the ultra-low margin enterprise strategically discontinued in fiscal 2023 from giant retail prospects and is making extra for a similar efforts,” says Progressive Planet CEO Steve Harpur.
Added Harpur: “With two unused credit score amenities totalling $3.21 million at quarter ended July 31, 2023, we’re in place to bridge any short-term working money constraints and fund progress within the short-term with out elevating new fairness as we transfer ahead into traditionally stronger quarters.”
- Income decreased by 1.8% from $5.03 million for the quarter ended July 31, 2022, to $4.93 million within the quarter ended July 31, 2023
- Elevated gross margin1 of the bottom enterprise by 3.1% from the quarter ended July 31, 2022 (23.5%) to the quarter ended July 31, 2023 (26.6%)
- Price of gross sales and promoting bills decreased by 5.8% and 27.2% respectively, because of operational enhancements made in fiscal 2023, together with strategically discontinuing low margin income enterprise and shifting away from delivered pricing
- Working money move elevated from detrimental $0.71 million for the quarter ended July 31, 2022 to optimistic $0.13 million within the quarter ended July 31, 2023 – a rise of $0.84 million
- Internet lack of $0.49 million within the quarter ended July 31, 2023 – consists of $0.23 million in analysis and growth expenditures in addition to $0.23 million in share-based compensation
- Current credit score amenities stay unused with $3.21 million in out there credit score on the quarter ended July 31, 2023
- Funding in analysis and growth of $0.23 million associated to the event of low carbon and carbon sequestering cement and agriculture merchandise anticipated to place the Firm for long run income progress and profitability
- June 2023 – Lowered fertilizer use by an estimated 50% on 617 acres with new, proprietary pure fertilizer below the model CARBON PK™
- June 2023 – Progressive Planet introduced it had finalized a gross sales off-take settlement with Lafarge Canada for all of the anticipated manufacturing from its deliberate PozGlass™ pilot plant. Progressive Planet expects development of the pilot plant to start within the present fiscal 12 months and is focusing on to fund constructing and gear prices with non-dilutive financing
- July 2023 – Acquired a reorder of pet model, Wundercat®, which is anticipated so as to add $1.2 million in new annual revenues
Progressive Planet offers common info for buyers on its web site: progressiveplanet.com/buyers/. This consists of press releases and different details about monetary efficiency, patents filed, and knowledge on company governance.
Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) settle for duty for the adequacy or accuracy of this launch.
We’re a CleanTech and manufacturing firm with confirmed product traces primarily based in Kamloops, British Columbia. Our experience lies in creating vital low-carbon and carbon sequestering options utilizing our owned mineral property and recycled supplies to create planet-friendly merchandise that battle local weather change and shield our planet’s well being.
Our merchandise are in 10,000+ retail shops throughout North America. Our improvements, created at our C-Quester™ Centre of Sustainable Innovation, deliver optimistic disruption to the cement, agricultural and animal-care sectors by creating merchandise that assist scale back carbon footprints and restore ecosystems.
Sure statements on this launch are forward-looking statements, which replicate the expectations of administration relating to the issues described herein. Ahead-looking statements encompass statements that aren’t purely historic, together with any statements relating to beliefs, plans, expectations, or intentions relating to the long run. Such statements are topic to dangers and uncertainties which will trigger precise outcomes, efficiency, or developments to vary materially from these contained within the statements. No assurance will be on condition that any of the occasions anticipated by the forward-looking statements will happen or, in the event that they do happen, what advantages the Firm will acquire from them. These forward-looking statements replicate administration’s present views and are primarily based on sure expectations, estimates and assumptions which can show to be incorrect. Numerous dangers and uncertainties might trigger our precise outcomes to vary materially from these expressed or implied by the forward-looking statements, together with elements past the Firm’s management. These forward-looking statements are made as of the date of this information launch.
This information launch, required by Canadian legal guidelines, doesn’t represent a proposal of securities and isn’t for distribution or dissemination outdoors Canada.
SOURCE Progressive Planet Options
For additional info: or investor relations inquiries, please contact: Steve Harpur, CEO, 1 (800) 910-3072,