- Further to its press release of November 16, 2017 announced the receipt of the amount of US$ 400,000 (Can $508,000) as a down payment for the sale of a second commercial DROSRITE™ furnace system to a North American automobile parts manufacturer
MONTREAL, Nov. 27, 2017 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR) (OTCQB:PYRNF), a high-tech company (the “Company†or “PyroGenesisâ€) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today, further to its press release of November 16, 2017,  the receipt of the amount of US$ 400,000 (Can $508,000) as a down payment for the sale of a second commercial DROSRITE™ furnace system (the “System”) to a North American automobile parts manufacturer (the “Client”) which System is scheduled to be delivered in Q2-2018. The name of the Client has been withheld and will remain confidential for competitive reasons.
“This is an important order because it is the second commercial System sold to date and is the first re-order of a DROSRITE™ system from an existing client, and incidentally this order is a carbon copy of the first,†said Mr. Peter Pascali, President and CEO of PyroGenesis Canada Inc. “More importantly, our ability to have secured a higher price for this System (Can $1.02 Million) over the first System (Can $600,000) from the same Client, underscores what we have said all along, which is that PyroGenesis’ DROSRITE™ system provides significant value to end-users.â€
PyroGenesis‘ DROSRITE™ system is a salt-free, cost-effective, sustainable process for maximizing metal recovery from dross, a waste generated in the metallurgical industry. PyroGenesis’ patented process avoids costly loss of metal while reducing a smelter’s carbon footprint and energy consumption, providing an impressive return on investment.
“With aluminum manufacturers being subjected to increased pressure from regulatory authorities to eliminate landfilling of hazardous salt cakes from traditional recovery operations, combined with tight operating margins, PyroGenesis’ DROSRITE™ system is able to (i) increase metal recovery from waste, without producing any hazardous by-products, while at the same time (ii) reducing operating costs,†said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis.
“We expect DROSRITE™ to start becoming a significant contributor to our non-additive business segment in 2018,†said Mr. Pascali. “Not only does our existing Client have a need for an additional three Systems, which we expect will be ordered/delivered in 2018, but as previously disclosed, negotiations for the purchase of several DROSRITE™ systems continue with a client in the Middle East and, separately, a pilot demonstration of the DROSRITE™ system is scheduled for Q1-2018 in India. Amongst all this activity we recently hired a fulltime business development Account Manager whose role is exclusively to secure DROSRITE™ system sales. We are aggressively targeting both primary aluminum smelters in Asia and the Middle East where the market is estimated to be in excess of 1 million tonnes of dross1, as well as tertiary casting producers worldwide. These two markets alone represent a potential market for DROSRITE™ systems numbering in the hundreds of units. 2018 is shaping up to be a good year for DROSRITE™ system sales.â€
Separately, PyroGenesis is pleased to announce today that Mtre Ilario Antonio Gualtieri has joined the Company as Senior Legal Counsel and Corporate Secretary of the Board of Directors effective November 22nd, 2017. Mtre Gualtieri was admitted to the Quebec Bar in 1984 and has over 30 years of experience in corporate and commercial law including, amongst other things, mergers and acquisitions, share purchase agreements, letters of intent, joint venture agreements and commercial litigation.
It is with regret that the Company also announces the departure, effective December 8th, 2017, of Mtre Vanessa Romano who will be leaving PyroGenesis to pursue other opportunities. We thank Mtre Romano for her contributions, and wish her well in her future endeavors.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (3D printing), oil and gas, and environmental industries. PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization with a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility. Its 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. Its operations are ISO 9001:2008 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). 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 Company’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 Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’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 Company 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 OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
For further information: Rodayna Kafal, VP, Investor Relations and Communications, Phone: (514) 937-0002, E-mail: [email protected] or [email protected]
