Kamloops, August 3, 2022, – Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN”, “Progressive Planet” or the “Company”), a dominant manufacturer of agricultural, household and industrial products whose pioneering blue-sky tech turns post-consumer glass into high-performance cement using CO2 sequestration, is pleased to announce finalization of our amended agreement with International Zeolite Corporation (IZ) to purchase 50% interest in IZ’s Bromley Creek Zeolite Mine. The agreement creates a systematic payment schedule over the next 5 years.
The amended agreement outlines the payment details for the 50% interest for $725,000. $101,933.76 has already been paid to IZ, with PLAN now holding a 7.03% interest in the Bromley Creek Zeolite Mine, located in Princeton, British Columbia. The remaining $623,006.24 is payable in 20 equal quarterly installments to March 2027, for the remaining 42.97% interest. In addition, IZ will receive a net royalty payment of $4.50 per metric tonne of product mined and removed from the mine. Progressive Planet Products remains the operator of the Bromley Creek Mine.
The amended agreement also formalizes the option granted to PLAN by International Zeolite to acquire up to a 50% interest in a separate group of mineral claims known as the “Sun Group” also located in Princeton, British Columbia, for an additional purchase price of $725,000.00, exercisable until July 26, 2027. To date, PLAN has acquired a 2.5% interest by paying $36,250.00. PLAN has operated the Bud Bentonite Mine, also near Princeton, for over 24 years, so Princeton is a major operational hub for PLAN.
“With the Canadian government’s recently announced efforts to reduce greenhouse gas emissions from fertilizer use, zeolite holds massive potential for development of slow-release fertilizers and fertilizer optimization,” says Stephen Harpur, CEO of PLAN.
Prior to 2021, Progressive Planet’s zeolite sales comprised a small portion of our revenue. Since then, sales are increasing and one of PLAN’s top-10 customers now purchases Z-Lite™ Feed Additive in 25-tonne truckloads. Zeolite is also the major component of Hydr8™ Soil Amendment, which PLAN co-packages in partnership with EcoHealth Industries of White Rock, BC.
“The purchase of 50% of the Bromley Creek Zeolite Mine signifies PLAN’s commitment to developing zeolite-based fertilizer and soil-amendment products,” says Ian Grant, COO of PLAN. “We have a world-class development team, which is evaluating the efficacy of the Bromley Creek zeolite as a component of nitrogen, phosphorous and potassium fertilizer blends.”
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.