Progressive Planet Solutions Inc. Announces LOI with ZS2 Technologies
July 15, 2021 - Progressive Planet Solutions Inc. (TSXV: PLAN) ("PLAN") and ZS2 Technologies Ltd. ("ZS2") are pleased to announce a signed Letter of Intent (LOI) between ZS2 and Progressive Planet Alberta Inc. (wholly owned subsidiary of PLAN). The collaboration will accelerate the development of eco-friendly products for the cement, concrete, and building products industries. ZS2 is a Calgary, Alberta based developer of innovative building technologies, which are safer, healthier, stronger, more resilient, and sustainable versus conventional building products, materials and coatings.
PLAN is developing technologies and materials to reduce the carbon footprint of Portland Cement and create stronger and more sustainable concrete. PLAN's applied research efforts since January 2021 have focused on sequestering CO2 in concrete applications. Highlights of the LOI include:
- PLAN will commence supplying commercial amounts in Q4 2021, ramping up to 10,000 tons annually of Z1 Natural Pozzolan from PLAN's Z1 Natural Pozzolan Quarry.
- Combine applied research efforts to permanently sequester CO2 in magnesium-based cements.
In addition, PLAN has agreed to invest up to $300,000 in units of a private placement in ZS2 Technologies. Each unit consists of one share at a price of $1 per share and a full warrant to purchase an additional share at $2 for period of 18 months from date of closing. The private placement is for up to $1 million and multiple accredited investors will also participate in this private placement.
PLAN's investment will be used for accelerated collaborative R&D investment by ZS2. Investment in the private placement by PLAN is subject to approval of the TSX Venture Exchange.
In conjunction with this LOI, PLAN has established a concrete research lab at the ZS2 TechCenter in Calgary, Alberta, which will be run by Dr. Roger Mah.
"This move to Calgary fulfils our objective to concentrate our applied research efforts in Calgary, where PLAN's VP of Research and Development, Dr. Roger Mah, and PLAN's contracted Scientific Advisor, Dr. Doug Brown both reside. Dr. Brown is also Chief Technology Officer and Co-Founder of ZS2. Dr. Mah and Dr. Brown completed their Ph.D.'s concurrently at the University of Calgary and both have experience in working with CO2" stated Steve Harpur, CEO of PLAN.
"The technical collaboration between PLAN and ZS2 continues to grow," commented Scott Jenkins, CEO of ZS2 and Director of PLAN. "The potential to reduce the carbon footprint of innovative cement products is significant with the combination of our mutual research and commercialization to date. ZS2's growing portfolio of high performance, fire-resistant and sustainable building technologies will be greatly enhanced by our expanding partnership, and we are extremely excited about our shared future potential."
ABOUT PROGRESSIVE PLANET
Progressive Planet is an emerging leader in supplying solutions for a livable planet by developing low carbon, pozzolan-based, cementing products which replace equivalent amounts of Portland Cement and fly ash in concrete. The production of Portland Cement is the second largest global generator of CO2 emissions.
Progressive Planet operates its flagship Z1 Natural Pozzolan Quarry in Cache Creek, British Columbia and is earning a 100% interest in the Z2 Natural Pozzolan Property near Falkland, BC and earning a 100% interest in the Heffley Creek Metals and Natural Pozzolan Property. All three properties are within a one-hour drive of Kamloops, BC, an industrial hub with rail access to Canadian and US markets.
ABOUT ZS2 TECHNOLOGIES
ZS2 Technologies develops and manufactures proprietary advanced building technologies including proprietary fire-rated, non-toxic, low-carbon cementitious building materials and prefabricated structural panels. ZS2 markets and delivers high performance building solutions for the residential, commercial, industrial, healthcare and assisted living industry verticals in Canada and the United States both directly and through a growing network of TechPartners (distribution partners).
ZS2 is advancing construction solutions for building a better planet.
www.ZS2technologies.com
Forward-Looking 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
Contact
For further information or investor relations inquiries, please contact us: 1-800-910-3072, Investors@progressiveplanet.ca, www.progressiveplanet.ca or Jeff Walker, Vice President, The Howard Group, 403-221-0915, 888-221-0915, jeff@howardgroupinc.com; Matt Stuart, Director, Communications, ZS2 Technologies, 403-975-4040, matt.stuart@zs2technologies.com
