Progressive Planet provides shareholder update and announces entry into lightweight litter market

KAMLOOPS, BC, July 10, 2025 /CNW/ - Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company") is proud to provide a shareholder update.

Deal signed with international sorbent company to license lightweight litter recipe

Progressive Planet has signed a deal with a publicly traded international sorbent company to license its recipe to produce a lightweight cat litter. The recipe enables our Red Lake Earth diatomaceous earth to clump.

Progressive Planet will pay a 3% royalty on net sales of lightweight cat litter which it produces using this recipe.

"Progressive Planet has produced clumping cat litter for decades using our own source of bentonite clay. Due to a shift in consumer demand, we are delighted to now use this patented recipe to also make lightweight clumping cat litter using our own diatomaceous earth which is half the weight of our bentonite clay. This allows for more product per truckload and reduces the fuel used per unit delivered which is consistent with our company values," stated Steve Harpur, CEO.

Paid down long-term debt and locked in lower rate with new bank

Progressive Planet recently paid down over $400,000 of its long-term debt just prior to switching to another Canadian bank. Progressive Planet reduced its long-term debt from approximately $6.1 million to less than $5.7 million. With the switch, Progressive Planet locked in a five-year rate of 5.05% amortized over 22 years. It did not pay any pre-payment penalties for the paydown or for the switch. Before the switch, Progressive Planet was paying 5.75% on a floating rate basis.

"The reduction in our long-term debt in less than 3.5 years to its current level is a testimony to the team effort to reduce costs and improve gross margins. When Progressive Planet acquired Absorbent Products Ltd. on Feb 18, 2022, it borrowed a total of $10.9 million from a Canadian bank with the bulk of this debt borrowed in three tranches with terms of 5 years, 6 years, and 25 years. To owe less than $6 million in long term debt just 3.5 years later is an achievement that we celebrate," stated Steve Gurney, President.

Signed 5-year supply agreement for geothermal grout from waste fines

Progressive Planet recently signed a contract to supply geothermal grout to a user of this product under an exclusive arrangement. Geothermal grout is used in the installation of ground source heat pump systems. It provides thermal enhancement to boreholes, which means that it better enables the transfer of heat to and from the ground.

The terms of the supply agreement include the following:

• Exclusive supply arrangement,
• Five-year term where the customer may terminate early (90 days notice), but must pay for all private label packaging held in inventory by Progressive Planet Products at the time of early termination,
• Automatic one-year renewals,
• Customer can only use Progressive Planet geothermal grout in all of its formulations registered under registration NSF-60.

Progressive Planet spent over a year working to obtain the industry classification of NSF-60. NSF/ANSI Standard 60 is a certification standard developed by NSF International that regulates chemicals and materials used in drinking water treatment.

Any product certified to NSF-60 has been tested to confirm that id does not contribute contaminants to drinking water at levels that exceed US EPA or Health Canada guidelines.

"We are proud to have put in the legwork to get our geothermal grout certified under NSF-60," stated Andrew Towsley, VP Operations at Progressive Planet Products.

The development of a market for the bentonite fines created as a waste stream from the production of clumping cat litter is another example of how Progressive Planet has developed a revenue stream from a material that was formerly considered waste. In addition, the fact that it is used as a component of ground source heat pump systems is synergistic to our company goal of producing "Products for a Healthy Planet."

Commencement of sales of White Lake Earth

In the Fall of 2023, Progressive Planet lost access to sales of White Lake Earth when ownership of the White Lake Earth Quarry changed hands in eastern Oregon. Sales of White Lake Earth were a significant source of revenue that was replaced with other sources of revenue.

Progressive Planet recently received access to this material again and is working with a third-party company to package our trademarked, branded product, White Lake Earth", and then ship full truck loads to our Kamloops warehouse. When our customers order full truck loads, these trucks are shipped directly from eastern Oregon to our customers. Progressive Planet has recorded sales of multiple truckloads of White Lake Earth in the current fiscal quarter.

Under the current arrangement, Progressive Planet has not secured long-term access to this material. Efforts are being made to procure long-term access and if and when such access is procured, Progressive Planet will issue further details.

About Progressive Planet:

Progressive Planet, based in Kamloops, British Columbia, is redefining sustainability with our Products for a Healthy Planet^™. By leveraging owned mineral assets and recycled materials, we develop patented and patent-pending innovations that promote a healthier planet.

Our C-Quester^™ Centre of Sustainable Solutions leads advancements in low-carbon cement technologies. Progressive Planet's products are proudly available in over 10,000 retail locations across North America. For more information, visit progressiveplanet.com.

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.

Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein including statements regarding the development of future products. 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.

Disclaimer:
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 Inc.

For further information or investor relations inquiries, please contact: Steve Harpur, CEO, 1 [phone], [email protected]