Progressive Planet Obtains up to $0.37M in Funding from NGEN for PozGlasstm 100G Pilot Plant

/NOT FOR DISTRIBUTION IN THE USA/

PozGlass 100G, a made-in-Canada breakthrough, is designed to dramatically reduce the carbon footprint of the cement industry

KAMLOOPS, BC, Feb. 8, 2024 /CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company"), a leader in developing CleanTech solutions for the planet, announces it has obtained up to $0.37 million of funding from Next Generation Manufacturing Canada (NGen) for the construction of its PozGlasstm 100G ("PozGlass") pilot plant.

This funding from NGEN and the Minister of Innovation, Science, and Economic Development is the first confirmed funding obtained for the PozGlass pilot plant and is actively being used towards finalizing plant design.

The funding is part of a combined commitment of $2.76 million awarded to Progressive Planet, ZS2 Technologies Ltd. ("ZS2"), LithiumBank Resources Corp. (TSXV: LBNK), Occam's Technologies Inc., and Falkbuilt Ltd. by NGen within its Advanced Manufacturing Projects program that aims at de-risking, commercializing, and scaling-up innovative manufacturing capabilities in Canada.

The funding supports a collaborative project by these five companies which aims to disrupt the construction industry by developing an advanced manufacturing solution to address the pressing global need for affordable, climate-adaptive, energy-efficient, and sustainable housing both by capturing and storing carbon into magnesium cement board and by utilizing waste streams. Progressive Planet will be supplying materials such as zeolite from its owned quarries to the project, as well as a stream of ground glass and paper waste from the PozGlass pilot plant.

"Our government is working hard to ensure that Canadians have access to a safe and affordable place to call home. Innovative projects like this, that create sustainable, affordable and durable building materials, take us one step closer to achieving that goal. We will continue to be there to make life more affordable for Canadians, like on housing," says The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.

Made with 100% post-consumer glass, PozGlass is a scalable cement replacement technology that offers further environmental benefits through carbon sequestration and storage. While a production stream will be utilized by ZS2 for magnesium cement boards, PozGlass produced in the pilot plant will be purchased by Canada's largest cement producer Lafarge Canada Inc. through a confirmed purchase agreement. Post-consumer glass for the pilot plant will be supplied by Recycle BC.

"We are excited to work with NGen and for the financial support provided by the Minister of Innovation, Science, and Economic Development towards our PozGlass pilot plant. The pilot plant will be a major milestone for Progressive Planet and our innovative technology as we continue to work with government and stakeholders to make it a reality," says Progressive Planet CEO Steve Harpur.

Progressive Planet is targeting to fund building and equipment costs with non-dilutive financing, with multiple funding applications still pending.

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.

We are a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia. Our expertise lies in developing critical low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect our planet's health.

Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Questertm 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 Canada.

SOURCE Progressive Planet Solutions