Progressive Planet completes sale of equipment to CarbonIP
by CM Staff
CarbonIP is owned by Dave Richardson, who owns approximately 25% of the shares of Progressive Planet making this a related party transaction.
KAMLOOPS — Progressive Planet Solutions Inc., a developer of CleanTech solutions for the planet, announces it has completed the sale of equipment to CarbonIP Technologies Inc. The Company has received final approval from the TSX Venture Exchange for the completion of the Transaction.
The Company entered into an equipment purchase agreement with CarbonIP dated February 5, 2024, whereby the Company is selling its redundant and unused 1998 Coreco 1225 Thermal Processing Kiln to CarbonIP for a total purchase price of $70,000.
CarbonIP is owned by Dave Richardson, who owns approximately 25% of the shares of Progressive Planet making this a related party transaction. The purchase price was agreed upon between the parties pursuant to a formal appraisal of the Kiln conducted by Sterling Appraisals Ltd., an appraisal company arms-length to the Company, dated January 19, 2024.
The board of directors of the Company reviewed the Appraisal and upon determining that the Kiln was being sold at or above fair market value, approved the sale of the Transaction. As the Kiln was unused and redundant, the sale of the Kiln is not expected to impact the business of the Company.
“As we focus on strengthening our balance sheet, we will continue to monitor all assets to ensure they are either working for us or are converted to cash. Two years ago, on Feb 18, 2022, Progressive Planet Solutions purchased Absorbent Products Ltd. (now Progressive Planet Products). Progressive Planet has no short-term debt and has reduced the $10.9 million of long-term debt that it borrowed two years ago to a balance of less than $6.5 million today,” stated CEO, Steve Harpur.
