Progressive Planet Solutions Inc (TSX-V:PLAN) said it has terminated its option agreement on the Heffley Creek Metals and Pozzolan property as part of its focus on investing in near-term projects.
The cleantech and manufacturing firm said retaining the property required an additional cash payment and there were no short-term prospects of generating cash flow.
"With the legacy investment we made in our cement and AgTech labs in Kamloops, we are scaling back on third party R&D costs," Progressive Planet Solutions CEO Steve Harpur said in a statement.
"By focusing our R&D efforts to one cement and two fertilizer products, paired with other strategic cost cutting efforts, we intend to fund growth in the short-term without raising new equity," he added.
Progressive Planet noted that during the current quarter, it eliminated over $800,000 in annual recurring costs.
The company added that it is narrowing its focus on commercializing three near-term to-market innovations including PozGlass 100G, CARBON Ca, and CARBON PK.
As well, Progressive Planet stated that it has more than $300,000 in the bank and a healthy current ratio, along with an unused operating line of credit with a credit limit of $2.4 million.
Progressive Planet is a well-established cleantech and manufacturing company based in Kamloops, British Columbia, in the heart of some of Canada's richest volcanic fields, which are the prime ingredient of its innovations. Its products are in 10,000-plus retail stores across North America.
Contact Sean at sean@proactiveinvestors.com