- Further to the Press Release dated April 29th, 2019, that it has been awarded a contract of approximately $20M (first year revenues), plus a net present value (using a 5% discount rate) of all subsequent year’s revenues of $35M, giving the Contract a total value of over $55M.
- For competitive reasons, the client and the business line cannot be disclosed at this time, other than to say it is not military-related. However, we except that both will be announced once the Contract is signed.
MONTREAL, June 03, 2019 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: 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, today announced, further to the Press Release dated April 29th, 2019, that it has been awarded a contract (“Contractâ€) of approximately $20M (first year revenues), plus a net present value (using a 5% discount rate) of all subsequent year’s revenues of $35M, giving the Contract a total value of over $55M. For competitive reasons, the client and the business line cannot be disclosed at this time, other than to say it is not military-related. However, we except that both will be announced once the Contract is signed.
What now remains is a site visit under normal due diligence, which the Company has passed on numerous occasions with other very discerning clients. Management expects this to be completed shortly.
“This is indeed a watershed moment in PyroGenesis’ history. It is the single largest contract that the Company has been awarded,†commented Mr. P. Peter Pascali, President and CEO of PyroGenesis. “With the revenues from this Contract, we do not foresee raising capital for working capital purposes in the foreseeable future as the Company, with this Contract, which is cash flow positive from the start, will be profitable.â€
As previously disclosed, the Company does not need additional infrastructure or personnel to complete this Contract.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is the world leader in
the design, development, manufacture and commercialization of advanced
plasma processes and products. We provide engineering and manufacturing
expertise, cutting-edge contract research, as well as turnkey process
equipment packages to the defense, metallurgical, mining, advanced
materials (including 3D printing), oil & gas, and environmental
industries. With a team of experienced engineers, scientists and
technicians working out of our Montreal office and our 3,800 m2
manufacturing facility, PyroGenesis maintains its competitive advantage
by remaining at the forefront of technology development and
commercialization. Our core competencies allow PyroGenesis to lead the
way in providing innovative plasma torches, plasma waste processes,
high-temperature metallurgical processes, and engineering services to
the global marketplace. Our operations are ISO 9001:2015 and AS9100D
certified, and have been since 1997. PyroGenesis is a publicly-traded
Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR)
and on the OTCQB Marketplace. 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.otcmarkets.com. 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 TSX Venture Exchange, its
Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) nor the OTCQB accepts responsibility for the
adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Clémence Bertrand-Bourlaud, Marketing Manager/Investor Relations, Phone: (514) 937-0002, E-mail: [email protected]
RELATED LINKS: http://www.pyrogenesis.com/
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