Progressive Planet Solutions Inc (TSX-V:PLAN), a leading developer of CleanTech solutions, has finalized the sale of equipment to CarbonIP Technologies Inc.
The transaction, which received final approval from the TSX Venture Exchange, entails the sale of Progressive Planet's redundant and unused 1998 Coreco 1225 Thermal Processing Kiln to CarbonIP for a total purchase price of $70,000.
The purchase price was determined following a formal appraisal conducted by Sterling Appraisals Ltd., an independent appraisal company, affirming that the sale was at or above fair market value.
The board of directors of Progressive Planet reviewed the appraisal and approved the transaction, noting that the sale of the kiln, which was not in use, is not expected to impact the company's operations.
Progressive Planet CEO Steve Harpur emphasized the company's commitment to strengthening its balance sheet, stating, "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."
Progressive Planet Solutions, based in Kamloops, British Columbia, specializes in CleanTech and manufacturing, developing low-carbon and carbon-sequestering solutions using owned mineral assets and recycled materials.
The company's products are currently available in over 10,000 retail stores across North America.