Progressive Planet Solutions Inc. announced it has signed an Agreement with an Ontario-based pet products manufacturer to continue providing Progressive Planet's approved formulas related to the sale of traditional cat litter products, for which Progressive Planet will receive a continuing royalty equal to 0.75% of the total sales to one of Canada's largest retailers. The Agreement, which was signed on January 31, 2024, is backdated for royalty payments on applicable revenues beginning May 1, 2023. Additionally, Progressive Planet announces it has reached an Equipment Purchase Agreement with CarbonIP Technologies Inc. (CarbonIP) for the purchase and sale of the Company's redundant and unused, 1998 Coreco 1225 Thermal Processing Kiln (the "Kiln") for $70,000.

The Kiln will used by CarbonIP in developing an innovative lignin-based hard carbon (HC) to be utilized in the anodes of lithium-ion batteries (LIBs). CarbonIP's research and early-stage production has shown that renewable lignin-based HC has equivalent or better electrical properties than existing mined or manufactured (natural or synthetic) graphite supplies and can be produced with a lower environmental impact. CarbonIP is owned by Dave Richardson, who owns approximately 25% of the shares of Progressive Planet making this a related party transaction.

The transaction remains subject to the Company receiving any necessary approvals from the TSX Venture Exchange.