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PyroGenesis $PYR Announces 2020 Results: Revenues $17.8MM; Net Earnings and Comprehensive Income $41.8MM Gross Margin 58%; Current Backlog $30MM; Basic EPS $0.28

Posted by AGORACOM-JC at 10:45 PM on Wednesday, March 31st, 2021
  • Revenues of $17,775,029, an increase of 269% over $4,813,978 posted in the prior year,
  • Net earnings and comprehensive income of $41,768,404 an increase of $50,939,521 over 2019,
  • Net earnings and comprehensive income from operations (before share-based expenses) of $2.9MM during fiscal year 2020 vs ($7.9MM) posted over the same period in 2019,
  • Gross margin of 58%, an increase of 21% year over year,
  • Cash and cash equivalents at December 31, 2020 of $18,104,899 (December 31, 2019: $34,431),
  • Backlog of signed contracts of $30MM,
  • Basic Earnings per Share (EPS) of $0.28 for 2020 as compared to ($0.07) in 2019,
  • Total Assets at December 31, 2020 of $74.5MM (December 31, 2019: $9.6MM),
  • Shareholders’ Equity at December 31, 2020 of $59.4MM (December 31, 2019: ($6.1MM)).

MONTREAL, March 31, 2021 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA:8PY), a high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, environmentally friendly plasma waste-to-energy systems and clean plasma torch products, is pleased to announce today its financial and operational results for the fourth quarter and fiscal year ended December 31 st , 2020.

“We are happy to announce Q4, and fiscal year end, results for the period ending December 31 st , 2020, which continue the historical trends began earlier in the year. Our full year revenues of $18MM reflects the successful processing of backlog from signed contracts previously disclosed. The Board’s choice of strategy has been validated with the reporting of the second profitable quarter in a row. Further validating this strategy, net income from operations (before share-based expenses) was $3.3MM for the year which is quite significant given the uncertain environment that 2020 was, and during which the Company not only retired virtually all of its debt, but also uplisted to the Toronto Stock Exchange and positioned itself for a NASDAQ listing in Q1 2021,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “The successes of 2020, when combined with the results from our strategic investment, have contributed to a basic EPS of $0.16 for the quarter, and $0.28 for the year, both of which have exceeded previous guidance. With a strong balance sheet and approx. $27MM of cash-on-hand as at this writing, the Company is well positioned to execute on its strategy of growth and solidify its position as an emerging leader in the reduction of greenhouse gas emissions, and as such, we expect these trends established in 2020 to continue.”

2020 results reflect the following highlights:

  • Revenues of $17,775,029, an increase of 269% over $4,813,978 posted in the prior year,
  • Net earnings and comprehensive income of $41,768,404 an increase of $50,939,521 over 2019,
  • Net earnings and comprehensive income from operations (before share-based expenses) of $2.9MM during fiscal year 2020 vs ($7.9MM) posted over the same period in 2019,
  • Gross margin of 58%, an increase of 21% year over year,
  • Cash and cash equivalents at December 31, 2020 of $18,104,899 (December 31, 2019: $34,431),
  • Backlog of signed contracts of $30MM,
  • Basic Earnings per Share (EPS) of $0.28 for 2020 as compared to ($0.07) in 2019,
  • Total Assets at December 31, 2020 of $74.5MM (December 31, 2019: $9.6MM),
  • Shareholders’ Equity at December 31, 2020 of $59.4MM (December 31, 2019: ($6.1MM)).

OUTLOOK

Given the success over the last 18 months, PyroGenesis is well positioned, with a clean balance sheet, and approx. $27 million cash-on-hand (as of this writing), to execute on all its organic growth strategies as well as actively pursuing growth through synergistic merger and acquisitions.

PyroGenesis has recently focused, and repositioned its offerings, to highlight the GHG emissions reduction benefits associated with the majority of its products. Interestingly enough, PyroGenesis’ product lines do not generally need to incorporate GHG/environmental benefits to make sense economically. In other words, they do not require GHG/environmental incentives (tax credits GHG certificates, environmental subsidies) to make sense from a business perspective. We believe these incentives will be a tailwind that will add directly to shareholder value.

We consider this repositioning to be timely as many governments around the world are considering stimulating their respective economies by promoting environmental technologies. As such, Management expects that this repositioning will result in increased revenues.

Organic Growth:

Organic growth will be spurred on by (i) the natural growth of our existing offerings which can now be accelerated given our strong balance sheet and (ii) leveraging off our “Golden Ticket” advantage.

We have described in the past our Golden Ticket advantage as one which occurs when one sells directly, or is engaged directly, with the end user and, as a result, is “inside the fence”. A Golden Ticket affords the opportunity to either, (i) cross sell other products or, ideally, (ii) identify new areas of concern that can be addressed uniquely by PyroGenesis. We call the latter our Coffee and Donuts strategy (if you are selling coffee you could generate additional revenues, with little additional effort, by adding on donuts).

Over the past several years, PyroGenesis has successfully positioned each of its business lines for rapid growth by strategically partnering with multi-billion-dollar entities. These entities have identified PyroGenesis’ offerings to be unique, in demand, and of such a commercial nature as to warrant such unique relationships. We expect that these relationships are now positioned to transition into significant revenue streams.

DROSRITE™

Within the DROSRITE™ offering, the Company is aggressively exploring horizontal growth opportunities. The Company is currently bidding on an RFQ, valued at approx. $40MM (estimated award date: within 4 months; estimated time to completion: approx. 15 months). Management notes that it has been very successful in the selection process to date, but does not yet consider it to be a high-probability outcome at this stage, and provides such as an example of its commitment to this strategy.

Additive Manufacturing

With respect to our Additive manufacturing offering, we expect to see significant year over year improvements in our 3D metal powders offering as our production kicks into gear by incorporating all the previously disclosed benefits (increased production rates, lower capex, lower opex) locked into our production line. There are major top tier aerospace companies and OEMs in both Europe and North America eagerly awaiting powders from this new state of the art production line. Whereas in the past we have been primarily targeting the very demanding Aerospace industry, we have recently expanded the target market to also address the unique needs of the electric vehicles marketplace who have recently approached us with their powder needs.

Plasma Torches

With respect to the Company’s plasma torch offerings, we expect this offering to be significantly impacted by continued developments in the iron ore pelletization industry, where serious consideration is being given to replacing the fossil fuel burners, currently being used throughout the industry, with PyroGenesis’ proprietary plasma torches, in an effort to reduce their carbon footprint.

To date, everything is proceeding as expected. Initial discussions have evolved into confirmation stages which typically consist of a computer simulation followed by a small torch order. These confirmation stages are expected, if successful, to result with a roll-out program to replace fossil fuel burners with PyroGenesis’ plasma torches in the iron ore pelletization industry, in which PyroGenesis is patent protected.

PyroGenesis is proactively targeting other industries which are experiencing significant pressure to reduce GHGs, and which utilize fossil fuel burners as well.

Separately, the Company also offers plasma torches to niche markets where there is a high probability of on-going sales from successful implementation. One such example is the previously announced contract with a small company to produce a plasma torch ideal for tunnelling. PyroGenesis is currently re-evaluating its relationship with respect to this opportunity as there may be evidence that the real plasma-based tunnelling opportunity could lie outside of the scope of the current agreement.

As sales of PyroGenesis’ plasma torches increase, the Company will also benefit from providing proprietary spare parts from which the Company expects to generate significant recurring revenue, thus complementing the Company’s long-term strategy to build upon a recuring revenue model.

HPQ/PUREVAP™

With respect to HPQ, the goal is expanding our role as HPQ technology provider for the game changing PUREVAP™ family of silicon processes which we are developing exclusively for HPQ and its wholly owned subsidiary HPQ Nano Silicon Powders Inc, namely:

  • The PUREVAP™ “Quartz Reduction Reactors” (QRR), an innovative process (patent pending), which should permit the one step transformation of lower purity quartz (SiO2) than any traditional processes can handle into a silicon (Si) of a higher purity level (2N-4N) that can be produced by any traditional smelter, at reduced costs, energy input, and carbon footprint. The unique capabilities of this process could position HPQ as a leading provider of the specialized silicon material needed to propagate its considerable renewable energy potential; and
  • The PUREVAP™ Nano Silicon Reactor (NSiR), which, if successful, could position itself as a new proprietary low-cost process that can transform the silicon (Si) made by the PUREVAP™ QRR into the nano-silicon materials (spherical silicon powders and silicon nanowires) sought after by energy storage, batteries, electric vehicle manufactures and clean hydrogen sectors participants. The aim of the ongoing work is to position HPQ NANO as the first to market with a commercial scale low-cost nanoparticle production system.

We expect 2021 to be a year in which significant development occurs on both these fronts.

Growth through Synergistic Mergers and Acquisitions:

As previously disclosed, the Company would conservatively consider a synergistic M&A strategy to augment its growth, and the Company has been very actively involved in pursuing several opportunities in support of this strategy. In so doing, the focus has been on private companies exclusively which (i) primarily leverage the Company’s Golden Ticket advantage/Coffee & Donuts strategy or (ii) could uniquely benefit from the Company’s engineering advantage and/or international relationships.

The Company expects to be announcing specific details over the next few weeks as these opportunities become more binding on the parties involved.

DROSRITE™

We expect to be able to announce within the next several weeks, the conclusion of a joint venture relationship with an existing and proven technology provider. The technology is geared to uniquely handle the residues resulting from the processing of dross in the aluminum industry. We had previously announced our intention to secure this technology and, if concluded, would not only make our traditional DROSRITE™ offering more appealing but could also be offered as a stand-alone product. We believe that valorizing the residues and producing high end products will further define us as the go-to company for all dross related processing. This is a prime example of our Coffee & Donuts strategy in play. For further clarity, the joint venture will only relate to the new technology and, as such, PyroGenesis will not have to vet in any assets, or IP (specifically not the DROSRITE™ technology).

Plasma Torches

PyroGenesis often considers opportunities to leverage its plasma expertise and has been reviewing a torch technology which could complement PyroGenesis’ existing offerings, and leverage off of our unique relationships. The Company gives this a very low probability of success given the initial valuation, provided by the sole owner, in the context of publicly available data. However, PyroGenesis has identified similar opportunities and will evaluate them in due course.

Complimentary

The Company expects to announce in the next several weeks details regarding its intent to enter the Renewable Natural Gas (RNG) market via acquisition. PyroGenesis believes that it is in a unique position to take advantage of the lack of sufficient players (given anticipated demand) in the RNG marketplace by leveraging its engineering capabilities & existing relationships.

In conclusion, PyroGenesis is well positioned in 2021 to take advantage of its unique position in its four main business offerings to accelerate growth in each, with a particular emphasis on offerings geared to aggressively reducing GHG emissions. Furthermore, we do not expect at this point in time, given our strong balance sheet, a need to raise capital to execute on our growth strategy over the foreseeable future.

Financial Summary

Revenues

PyroGenesis recorded revenues of $17,775,029 for the year ended December 31, 2020, representing an increase of 269% compared to $4,813,978 recorded in 2019.

Revenues recorded in fiscal 2020 were generated primarily from:

 (i)PUREVAP™ related sales of $4,163,059 (2019 – $525,556)
 (ii)DROSRITE™ related sales of $9,976,696 (2019 – $560,916)
 (iii)support services related to systems supplied to the US Military $1,425,883 (2019 – $637,841)
 (iv)torch related sales of $1,452,455 (2019 – $2,323,351)
 (v)other sales and services $756,936 (2019 – $766,314)

PUREVAP™ related sales includes revenue from the sale of technologies in the amount of $3,610,000.

Cost of Sales and Services and Gross Margins

Cost of sales and services before amortization of intangible assets was $7,445,171 in 2020, representing an increase of 113% compared to $3,495,753 in 2019, primarily due to an increase in subcontracting, direct materials, an increase in foreign exchange charge on materials offset by a decrease in employee compensation, and investment tax credits.

In 2020, employee compensation, manufacturing overhead & other decreased to $1,886,854 (2019 – $2,230,361). Of note, the Company in 2020 applied for an amount of $775,967 in wage subsidy from Revenue Canada under the CEWS “Canada Emergency Wage Subsidy” program. From this amount, $118,416 was applied to employee compensation under cost of sales and services. Subcontracting and direct materials increased to $5,429,175 (2019 – $1,471,226), primarily due to the increased amount of contract values.

The gross margin for 2020 was $10,302,668 or 58% of revenue compared to a gross margin of $1,298,092 or 27% of revenue for 2019. As a result of the type of contracts being executed, the nature of the project activity had a significant impact on the gross margin and the overall level of cost of sales and services reported in a period, as well as the composition of the cost of sales and services, as the mix between labour, materials and subcontracts may be significantly different. The cost of sales and services for 2020 and 2019 are in line with Management’s expectations. The gross margin includes the full effect of the sale of intellectual property and royalties of $3,610,000 in 2020. Excluding the effect of this revenue, the gross margin for 2020 would have been 47.2%.

Investment tax credits recorded against cost of sales are related to projects that qualify for tax credits from the provincial government of Quebec. Qualifying tax credits decreased to $18,420 in 2020, compared to $179,670 in 2019. The decrease is primarily related to fewer contracts being eligible for qualifying tax credits.

The amortization of intangible assets of $27,190 in 2020 and $20,133 for 2019 relates to patents and deferred development costs. Of note, these expenses are non-cash items and will be amortized over the duration of the patent lives.

Selling, General and Administrative Expenses

Included within Selling, General and Administrative expenses (“SG&A”) are costs associated with corporate administration, business development, project proposals, operations administration, investor relations and employee training.

SG&A expenses for 2020 excluding the costs associated with share-based compensation (a non-cash item in which options vest principally over a four-year period), were $8,089,945, representing an increase of 34% compared to $6,017,091 reported for 2019.

The increase in SG&A expenses in 2020 over the same period in 2019 is mainly attributable to the net effect of:

 (i)an increase of 79% in employee compensation primarily due to additional head count, an increase in commissions, bonuses, offset by an amount of $504,339 received from Revenue Canada under the CEWS program.
 (ii)an increase of 14% for professional fees, primarily due to an increase in legal fees, public listing fees and patent expenses,
 (iii)an increase of 12% in office and general expenses, is primarily due to computer, internet, and security expenses,
 (iv)travel costs decreased by 71%, due to a decrease in travel abroad,
 (v)depreciation on property and equipment decreased by 63% due to lower amounts of property and equipment being depreciated,
 (vi)depreciation on right of use assets increased by 13% due to higher amounts of right of use assets being depreciated,
 (vii)investment tax credits were almost the same year to year, and include the recognition of investment tax credits in the amount of $30,000,
 (viii)government grants decreased by 4%, due to lower levels of activities supported by such grants,
 (ix)other expenses decreased by 8%, primarily due to an increase in advertising, interest and bank expenses,
 (x)the tax assessment in 2019, represents the amount due from a taxation audit for the period of 2008 to 2011. The Company paid royalties for the use of intangible property prior to the purchase of the asset. The royalties were subject to a 25% withholding tax that was not deducted or withheld by the Company at that time.

Separately, share based payments increased by $4,072,801 in 2020 over the same period in 2019 as a result of the stock options granted on July 16, 2020. This was directly impacted by the vesting structure of the stock option plan with options vesting between 25% and 50% on the grant date requiring an immediate recognition of that cost.

Research and Development (“R&D”) Costs

The Company incurred $775,824 of R&D costs less $1,033,412 of investment tax credits which reduce income taxes payable in current year less $24,605 of investment tax credit refund from previous year, less $83,451 of 2020 eligible investment tax credits, less government grants of $365,433 totaling a net R&D cost of ($731,077), on internal projects in 2020, a decrease of 186% compared to $851,512 in 2019. The decrease in 2020 is primarily related to an increase of labor resources allocated to non research and development contracts.

In addition to internally funded R&D projects, the Company also incurred R&D expenditures during the execution of client funded projects. These expenses are eligible for Scientific Research and experimental Development (“SR&ED”) tax credits. SR&ED tax credits on client funded projects are applied against cost of sales and services (see “Cost of Sales” above).

Net Finance Costs

Finance costs for 2020 totaled $524,074 as compared with $1,237,504 for 2019, representing a decrease of 58% year-over-year. The decrease in finance costs, is primarily attributable to the extinguishment of all term loans, other loans, and convertible debentures in 2020.

Strategic Investments

The adjustment to the fair market value of strategic investments in 2020 resulted in a gain of $44,626,698 compared to a gain in the amount of $176,237 in 2019, representing an increase of $44,450,461. The increase is primarily attributable to the increased market share value of common shares and warrants owned by the Company of HPQ Silicon Resources Inc.

Net Earnings and Comprehensive Income (Loss)

 (i)an increase in product and service-related revenue of $12,961,051 arising in 2020,
 (ii)an increase in cost of sales and services totaling $3,956,475, primarily due to higher subcontract costs, and direct materials as a result of an increase in contracts in 2020,
 (iii)an increase in SG&A expenses not including share-based expenses of $2,072,854 arising in 2020 primarily due an increase in employee commissions and bonuses,
 (iv)a decrease in R&D expenses of $1,582,589 primarily related the recognition of investment tax credits in 2020 and prior years in the amount of $1,141,468 which include amounts that reduce Canadian income taxes payable in 2020 and an amount of $365,433 in government grants,
 (v)a decrease of $1,981,410 in 2020 due to impairment of a Plasma Atomization 2019. The Company commenced construction on a new and improved Plasma Powder Production equipment,
 (vi)a decrease of $386,121 in 2020 due to the write off, of powders and raw materials inventory in 2019,
 (vii)an increase in share-based expense of $4,072,801,
 (viii)an increase in changes in fair market value of strategic investments and net finance costs of $45,163,891,
 (ix)an increase in income taxes of $1,033,412

EBITDA

The EBITDA in 2020 was $43,824,533 compared to an EBITDA loss of $7,384,862 for 2019, representing an increase of 693% year-over-year. The increase in the EBITDA in 2020 compared to 2019 is due to the increase in net earnings and comprehensive income of $50,939,520, offset by a decrease in depreciation on property and equipment of $105,717, an increase in depreciation on right-of-use assets of $48,552, an increase in amortization of intangible assets of $7,057, a decrease in finance charges of $713,431 and an increase in income taxes of $1,033,412.

Adjusted EBITDA in 2020 was $48,069,141 compared to an Adjusted EBITDA loss of $4,845,524 for 2019. The increase of $52,914,665 in the Adjusted EBITDA in 2020 is attributable to an increase in EBITDA of $51,209,395, an increase of $4,072,801 in share-based payments, a decrease in inventory write-off of $386,121, and a decrease in equipment write-off of $1,981,410.

The Modified EBITDA in 2020 was $3,442,443 compared to a Modified EBITDA loss of $5,021,761 for 2019, representing an increase of 169%. The increase in the Modified EBITDA in 2020 is attributable to the increase as mentioned above in the Adjusted EBITDA of $52,914,665 and an increase in chance of fair value of investments of $44,450,461.

Liquidity

As at December 31, 2020, the Company has cash and cash equivalents of $18,104,899. In addition, the accounts payable and accrued liabilities of $4,708,051 are payable within 12 months. The Company expects that its cash position will be able to finance its operations for the foreseeable future.

On November 3, 2020, the Company closed a bought-deal short form prospectus offering of 3,354,550 units at a price of $3.60 per unit for aggregate gross proceeds to the Company of $12,076,380, including the full exercise of the over-allotment option. In connection with the offering, the Company paid $1,934,154 in cash and issued 191,414 compensation options. Each compensation option entitles the holder thereof to purchase one unit at a price of $3.60 until November 10, 2022. Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder to purchase one additional common share at an exercise price of $4.50 for a period of 24 months.

At December 31, 2020, there have not been any material uses of the proceeds received from the offering.

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m 2 and 2,940 m 2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com .

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.sec.gov. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts responsibility for the adequacy or accuracy of this press release.

VIDEO – Watch Our Latest Shareholder Q&A With PyroGenesis

Posted by AGORACOM-JC at 6:25 PM on Tuesday, March 16th, 2021

PyroGenesis $PYR.ca Announces Acceleration of Warrant Expiry Date; Representing $5.2 million in Total Potential Cash Proceeds $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 6:05 PM on Monday, March 15th, 2021
  • Announced that it has elected to exercise its right under the common share purchase warrant indenture dated November 10, 2020, between the Company and AST Trust Company (Canada) (the “Warrant Agent”), to accelerate the expiry date of the common share purchase warrants of the Company (the “Warrants”) issued under the Warrant Indenture.
  • The Warrants were issued on November 10, 2020, in connection with the bought-deal short form prospectus offering of units of the Company, of which each unit was comprised of one common share of the Company and one-half of one Warrant.

MONTREAL, March 15, 2021 — PyroGenesis Canada Inc. ( http://pyrogenesis.com ) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), (the “Company” or “PyroGenesis”), a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, environmentally friendly plasma waste-to-energy systems and clean plasma torch products, today announced that it has elected to exercise its right under the common share purchase warrant indenture (the “Warrant Indenture”) dated November 10, 2020, between the Company and AST Trust Company (Canada) (the “Warrant Agent”), to accelerate the expiry date of the common share purchase warrants of the Company (the “Warrants”) issued under the Warrant Indenture. The Warrants were issued on November 10, 2020, in connection with the bought-deal short form prospectus offering of units of the Company, of which each unit was comprised of one common share of the Company and one-half of one Warrant.

Under the Warrant Indenture, the Company has the right to accelerate the expiry date of the Warrants to the date that is 30 days after delivery of a notice (the “Acceleration Notice”) to the holders of Warrants and the Warrant Agent confirming that the volume weighted average trading price of the Company’s common shares on the Toronto Stock Exchange is greater than $6.75 for 20 consecutive trading days (the “VWAP Requirement”). The VWAP Requirement was met as of close of business March 10, 2021. The Warrants will now expire at 5:00 p.m. (Toronto time) on April 14, 2021 (the “New Expiry Date”). Warrants that have not been exercised prior to the New Expiry Date will expire unexercised and will automatically be void and of no effect whatsoever. The Company has delivered the Acceleration Notice as required by the Warrant Indenture.

Each Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $4.50 prior to the New Expiry Date. If all the Warrants were exercised as of the date hereof, the gross proceeds to the Company would be approximately $5.2 million. As of the date hereof, assuming all the Warrants were exercised, the Company’s cash on hand would be approximately $33.5 million.

For further clarification, 1,677,275 Warrants were issued on December 10, 2020. Since that time, 520,472 Warrants were exercised, leaving a balance of 1,156,803 Warrants outstanding as of today.

Questions concerning acceleration of the Warrant expiry date and the exercise of the Warrants can be directed to AST Trust Company (Canada), 1 Toronto Street, Suite 1200, Toronto, Ontario, M5C 2V6, Canada.

Read More: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/757391-pyrogenesis-announces-acceleration-of-warrant-expiry-date-representing-5-2-million-in-total-potential-cash-proceeds/messages/2308281#message

PyroGenesis $PYR Announces Listing of its Common Shares on #NASDAQ $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 4:44 PM on Wednesday, March 10th, 2021
  • Company’s application to list its common shares on the NASDAQ Capital Market has been approved.
  • Trading will commence tomorrow, Thursday, March 11 th , 2021, at the opening, under the ticker symbol “PYR”.
  • The last day of trading on the OTCQB will be today, Wednesday, March 10 th , 2021, and the Shares will cease trading on the OTCQB at the close today.
  • NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s best technology companies.

MONTREAL, March 10, 2021 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that, further to its Press Releases dated February 18 th , 2021, and that of earlier today, the Company’s application to list its common shares (“Shares”) on the NASDAQ Capital Market (“NASDAQ”) has been approved. Trading will commence tomorrow, Thursday, March 11 th , 2021, at the opening, under the ticker symbol “PYR”. The last day of trading on the OTCQB will be today, Wednesday, March 10 th , 2021, and the Shares will cease trading on the OTCQB at the close today. NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s best technology companies.

“This is an exciting milestone for the Company, and one that we have been considering and working towards for quite some time,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “We are proud to have qualified as a NASDAQ member and we look forward to trading on this prestigious platform. The Company’s Shares will now be listed on two major exchanges, and we expect that this will not only further increase PyroGenesis’ visibility within the financial community but will also increase awareness of our product offerings amongst potential clients.”

In connection with this listing, the Company announces that, in order to maintain the overall independence of the Board of Directors (the “Board”), Mr. Michael Blank tendered his resignation as a Director and member of the Audit Committee effective today in favor of continuing as acting-CFO of the Company. His resignation was accepted by the Chair, on behalf of the Board.

Furthermore, the Company is also pleased to announce that the Board has formed two new committees: (i) a Compensation Committee, that is responsible for overseeing executive compensation, and (ii) a Nominating and Corporate Governance Committee that is responsible for overseeing the director & officer nomination process, as well as developing and monitoring PyroGenesis’ corporate governance.

Both committees are comprised of independent directors. The Compensation Committee is chaired by Mr. Robert Radin, and the Nominating and Corporate Governance Committee is chaired by Dr. Virendra Jha.

In addition, Mr. Ben Naccarato has been appointed by the Board to serve as a member on both the Audit Committee, and the Compensation Committee, effective immediately.

As previously disclosed, no concurrent financings nor a reverse stock split are taking place with this listing.

PyroGenesis maintains the listing of its Shares on the TSX and will now trade on both exchanges under the ticker symbol “PYR.”

Read more: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/757014-pyrogenesis-announces-listing-of-its-common-shares-on-nasdaq/messages/2307465#message

PyroGenesis $PYR.ca Comments on Today’s Trading Activity; All Projects, incl. NASDAQ Listing, On Track; Cash-on-Hand > $27.5M $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 1:43 PM on Tuesday, February 23rd, 2021
  • Company wishes to reassure investors that all projects, including the NASDAQ listing, are all on track and that there are no undisclosed events to warrant this morning’s decline.
  • backlog at historical levels
  • pipeline that is growing exponentially,
  • clean balance sheet which,
  • Cash-on-hand in excess of $27.5M.”

MONTREAL, Feb. 23, 2021 — PyroGenesis Canada Inc. ( http://pyrogenesis.com ) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, issues this press release in response to this morning’s trading activity, and the sudden decline in its stock price. The Company wishes to reassure investors that all projects, including the NASDAQ listing, are all on track and that there are no undisclosed events to warrant this morning’s decline.

The Company prefers not to opine on stock price and trading activity, however, given the recent decline, and inquiries from investors, the Company confirms the following:

Everything material has been disclosed by the Company in either its press releases or financial reports. PyroGenesis further confirms that none of the contracts previously disclosed, nor the NASDAQ listing, are at risk. Last, but not least, the Company wishes to reassure PyroGenesis’ investors that the Company remains on track with current and prospective projects, as well as with the NASDAQ listing.

“I just wanted to take the time to reassure investors that the decline in stock price this morning cannot be explained by any undisclosed developments at the Company, as all material events have been disclosed,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “The Board believes the Company is in the strongest position it has ever been with (i) a backlog at historical levels, (ii) a pipeline that is growing exponentially, and (iii) a clean balance sheet which, as of today, posts cash-on-hand in excess of $27.5M.”

Read More: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/755918-pyrogenesis-comments-on-today-s-trading-activity-all-projects-incl-nasdaq-listing-on-track-cash-on-hand-27-5m/messages/2304997#message

PyroGenesis $PYR.ca CEO to Present at the 7th Annual Gabelli & Company Waste & Environmental Services Symposium on March 18 $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 10:52 AM on Monday, February 22nd, 2021
  • Announced today that Mr. P. Peter Pascali, CEO and Chair of PyroGenesis, has been invited to present at the prestigious 7 th Annual Gabelli & Company Waste Services Symposium being held virtually on Thursday, March 18th. Mr. Pascali will be presenting at 1:45pm ET.

MONTREAL, Feb. 22, 2021 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that Mr. P. Peter Pascali, CEO and Chair of PyroGenesis, has been invited to present at the prestigious 7 th Annual Gabelli & Company Waste Services Symposium being held virtually on Thursday, March 18th. Mr. Pascali will be presenting at 1:45pm ET.

“It is indeed an honor to be asked again to present at this distinguished conference,” said Mr. P. Peter Pascali, CEO & Chair of PyroGenesis. “I look forward to the event, and presenting to both existing and prospective investors, as well as to members of the environmental services industry.”

For anyone interested in attending, please register through the following link: https://gabelli.zoom.us/webinar/register/WN_4EMucHySQOeORDE4Omw8dg .

Read More: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/755801-pyrogenesis-ceo-to-present-at-the-7th-annual-gabelli-company-waste-environmental-services-symposium-on-march-18/messages/2304714#message

PyroGenesis $PYR.ca Provides Update on its Listing Application with #NASDAQ $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 2:45 PM on Thursday, February 18th, 2021
  • Company is pleased to announce that the United States Securities and Exchange Commission (SEC) has recently approved PyroGenesis’ Shares for listing in the US.
  • The only remaining request from the SEC, before rendering the Company’s Shares effective, is that upon final NASDAQ acceptance, the Company provides the SEC with at least 3 days’ prior notice of its intended listing date.

MONTREAL, Feb. 18, 2021 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to provide, further to its Press Release dated February 2 nd , 2021, an update on the Company’s application to list its common shares (“Shares”) on the NASDAQ Stock Exchange (“NASDAQ”). NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s best technology companies.

The Company is pleased to announce that the United States Securities and Exchange Commission (SEC) has recently approved PyroGenesis’ Shares for listing in the US. The only remaining request from the SEC, before rendering the Company’s Shares effective, is that upon final NASDAQ acceptance, the Company provides the SEC with at least 3 days’ prior notice of its intended listing date.

With respect to the NASDAQ application, the Company is pleased to announce that it believes it has responded to all questions to the full satisfaction of the exchange. The last outstanding item at this time, before final NASDAQ acceptance, is to have the Company’s Shares become eligible for electronic clearing and settlement through the Depository Trust Company (DTC). DTC eligibility is required in order to create a seamless electronic process of trading and thereby enhance liquidity of the Company’s Shares. This is currently in process with DTC.

As previously disclosed, there will not be a concurrent financing associated with this listing nor will there be a reverse stock split.

“We are pleased to be in the final moments before a NASDAQ listing,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “We have been extremely satisfied with the increased visibility our recent uplisting to Canada’s premiere exchange, the Toronto Stock Exchange (TSX), has had. We expect this move to NASDAQ will further increase awareness of PyroGenesis and its offerings, both within the financial community and amongst potential clients. Upon final NASDAQ approval, the Board of Directors of PyroGenesis will choose a listing date that will be most beneficial to the Company while taking into consideration other events that are taking place.”

Read More: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/755616-pyrogenesis-provides-update-on-its-listing-application-with-nasdaq/messages/2304266#message

VIDEO – PyroGenesis $PYR.ca Goes Live For Q&A With Shareholders As Market Cap Surpasses $1 BILLION

Posted by AGORACOM-JC at 6:02 PM on Tuesday, February 9th, 2021

To say that PyroGenesis Canada (PYR:TSX) and its CEO, Peter Pascali, share a mutual love and respect with shareholders unlike anything we have ever seen is not an overstatement.  

This is a group (Company, CEO and Shareholders) that have been through the highs and lows of PyroGenesis over the years TOGETHER.  That bond only got tighter when Pascali took to the PYR Verified Forum on AGORACOM to speak with investors directly and openly with his first ever post on June 21, 2017 followed by more than 20 in-depth videos in which he took his engagement with investors even deeper by answering every single question possible to the best of his ability.  

Knowing this, it should not surprise anybody learning about PyroGenesis for the first time that shareholders have coined the rallying call of “In Peter We Trust”.  

Today PyroGenesis, Pascali and shareholders shared another major milestone together in a live Q&A that coincided with PyroGenesis surpassing a $1 BILLION MARKET CAP.  It was an incredibly special event that could not be made clearer than by many of the questions and comments that referred not just to the Company’s bottom – but to its soul and philosophy.    

I’ve never seen it before.  All I can say is that it is a thrill to be witness to and part of something this deeply special in an industry that rarely looks beyond the next quarter.  

Congratulations to Peter, the Pyro team and this incredible group of shareholders.  

George and the AGORACOM team.  

Watch, listen and enjoy today’s interview with CEO Peter Pascali.

PyroGenesis $PYR.ca Files Form 40-F Registration Statement with the SEC $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 4:24 PM on Tuesday, February 2nd, 2021
  • Further to its Press Release dated December 22 nd , 2020, PyroGenesis has filed this afternoon the Form 40-F Registration Statement with the United States Securities and Exchange Commission, in connection with its application to list its common shares on the NASDAQ Stock Exchange
  • NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s best technology companies.

MONTREAL, Feb. 02, 2021 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce that, further to its Press Release dated December 22 nd , 2020, PyroGenesis has filed this afternoon the Form 40-F Registration Statement with the United States Securities and Exchange Commission (SEC), in connection with its application to list its common shares (“Shares”) on the NASDAQ Stock Exchange (“NASDAQ”). NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s best technology companies.

The listing of the Company’ Shares on NASDAQ still remains subject to the approval of NASDAQ and the satisfaction of all applicable listing and regulatory requirements. The Company now expects to have permission to list its Shares on NASDAQ within the next few weeks. PyroGenesis will continue to maintain the listing of its Shares on the Toronto Stock Exchange (“TSX”), and would trade on both exchanges under the ticker symbol “PYR”.

Read More: https://agoracom.com/ir/PyroGenesisCanada/forums/discussion/topics/754473-pyrogenesis-files-form-40-f-registration-statement-with-the-sec/messages/2301668#message

VIDEO – PyroGenesis $PYR.ca Starts Off 2021 Right Where It Left Off. Discusses First Ever ETF Inclusions, Q4 Guidance NASDAQ Listing And Yes ….. Iron Ore Plasma Torch Burners $RTN $NOC $UTX $DDD.ca $HPQ.ca

Posted by AGORACOM-JC at 8:47 AM on Friday, January 22nd, 2021

PyroGenesis (PYR:TSX) recently uplisted to the TSX from the TSX Venture and immediately announced plans to apply for a NASDAQ listing.  Then, shareholders of PYR discovered the Company’s stock has now been included by the ARK 3D Printing ETF $PRNT …. so it looks like PYR has started off 2021 right where it left off and we sat down with CEO Peter Pascali to talk about some of the bigger topics on the minds of shareholders.

As always, Peter doesn’t disappoint.  Watch this great interview.