/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Sept. 1, 2023 /CNW/ – Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”), a frontrunner in growing CleanTech options for the planet, declares it has filed audited consolidated monetary statements and associated administration’s dialogue and evaluation (“MD&A”) for the fiscal yr ending April 30, 2023 on SEDAR+. These paperwork are additionally accessible on the Company’s website.
“Fiscal 2023 was a foundational yr for advancing Progressive Planet alongside its development technique,” says Progressive Planet CEO Steve Harpur.
Added Harpur: “We delivered 4 main milestones previously fiscal yr: (i) efficiently built-in a powerful base business with 50 staff to speed up commercialization of our improvements, (ii) elevated gross margin1 of the bottom business by 13.6% whereas rising revenues, (iii) established $3.6 million in accessible debt amenities that may be strategically used to fund development, and (iv) developed main partnerships for commercializing our applied sciences – together with the most important cement firm in Canada and main agricultural gamers.”
Fiscal 2023 highlights
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Revenue elevated by 410% from $3.83 million in F2022 to $19.54 million in F2023
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Operating money move elevated by $3.80 million from $2.19 million utilized in F2022 to $1.61 million generated from operations in F2023
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Gross margin1 elevated from 12.6% in F2022 to 26.2% in F2023
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Net lack of $1.16 million in F2023 – contains $0.87 million in analysis and improvement expenditures
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Repayment in filled with the road of credit score steadiness of $1.48 million in F2023
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Repayment in filled with two variable rate of interest financial institution loans in F2023, associated to the acquisition of our base business, of $0.97 million and $0.71 million, respectively
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Cash readily available was $0.70 million on April 30, 2023
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Investment of $0.87 million in analysis and improvement expenditures and $1.31 million in property, plant, and tools each associated to the event of industry-disrupting low carbon and carbon sequestering cement and agriculture merchandise anticipated to place Progressive Planet for long run income development and profitability
Subsequent to F2023
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June 2023 – Reduced fertilizer use by an estimated 50% on 617 acres with new, proprietary pure fertilizer beneath the model CARBON PK™
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June 2023 – Finalized PozGlass™ 100G gross sales and buy settlement with Lafarge Canada for a pilot plant anticipated to begin operations in 2024
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July 2023 – Received a reorder of pet model, Wundercat®, which is anticipated so as to add $1.2 million in new annual revenues
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Gross margin is a non-IFRS monetary measure. This ratio expresses gross revenue as a share of income for a given interval. It assists in explaining the Company’s outcomes from interval to interval and measuring profitability. This ratio is calculated by dividing gross revenue for a interval by the corresponding income for the interval. There is not any instantly comparable IFRS measure. |
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Progressive Planet offers common info for buyers on its web site: progressiveplanet.com/investors/. This contains press releases and different details about monetary efficiency, patents filed, and knowledge on company governance.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSX Venture Exchange) settle for accountability for the adequacy or accuracy of this launch.
About Progressive Planet:
We are a CleanTech and manufacturing firm with confirmed product traces based mostly in Kamloops, British Columbia. Our experience lies in growing important low-carbon and carbon sequestering options utilizing our owned mineral belongings 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, convey constructive disruption to the cement, agricultural and animal-care sectors by creating merchandise that assist cut back carbon footprints and restore ecosystems.
Forward-Looking Statements:
Certain statements on this launch are forward-looking statements, which mirror the expectations of administration relating to the issues described herein. Forward-looking statements include statements that aren’t purely historic, together with any statements relating to beliefs, plans, expectations, or intentions relating to the longer term. 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 provided that any of the occasions anticipated by the forward-looking statements will happen or, in the event that they do happen, what advantages the Company will get hold of from them. These forward-looking statements mirror administration’s present views and are based mostly on sure expectations, estimates and assumptions which can show to be incorrect. Various dangers and uncertainties may trigger our precise outcomes to vary materially from these expressed or implied by the forward-looking statements, together with elements past the Company’s management. These forward-looking statements are made as of the date of this information launch.
Disclaimer:
This information launch, required by Canadian legal guidelines, doesn’t represent a suggestion of securities and isn’t for distribution or dissemination exterior Canada.
SOURCE Progressive Planet Solutions
