Progressive Planet Divests of Lithium IP
PROGRESSIVE PLANET SOLUTIONS INC. (TSXV:PLAN) (“Progressive Planet” or the “Company”)announces that it has sold its interest in early stage intellectual property relating to sulfur lithium battery research to SuperCap Technologies Corp. (SuperCap).
The selling price was $97,500 and includes a 2% royalty on any resulting sales made by SuperCap if they are successful in commercializing this intellectual property. The selling price enables Progressive Planet to recoup its first-year financial expenditures on the project, while also providing potential upside through the royalty agreement, without any additional investment by the Company.
Since the technology is not yet proven on a commercial basis, Progressive Planet was faced with two more years of financial commitments to InnoTech Alberta, the entity completing the research. The research is currently early stage and additional capital would have been required to commercialize and protect this intellectual property on top of the financial commitments to InnoTech Alberta.
The sale represents the divesture by Progressive Planet of its last remaining lithium interest, and reflects the Company’s continued focus on its zeolite operations. In addition, Progressive Planet informs that it has completed the sale of its interest in the Thompson Brothers Lithium Property previously reported in November 2018, in consideration for 10,500,000 shares of Snow Lake Resources. As a result, the Company no longer owns any direct interest in lithium properties.
SuperCap Technologies is owned by Mr. David Richardson, who owns approximately 16% 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.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in British Columbia, and a 100% interest in the Buckingham Graphite Project in Quebec. Progressive Planet is committed to using mineral resources to provide solutions for a livable planet.
ON BEHALF OF THE BOARD
Signed “Stephen Harpur”
Stephen Harpur, CPA, CGA
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Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Progressive Planet Solutions Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Progressive Planet Solutions Inc.