PyroGenesis Announces Receipt of Can$900,000 (Approx.) Down Payment Towards Previously Announced Order for Two DROSRITE™ Furnaces
MONTREAL, Oct. 04, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. ( http://pyrogenesis.com ) (TSX-V: PYR), a TSX Venture 50® high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce today that, further to the press release of September 18, 2018, it has received a down payment of US$699,985 (approx. Can$897,919) towards the previously announced order for two (2) DROSRITE™ furnace systems (the “Systems”) from an Asian client (the “Client”); the name, and value of the contract, remain confidential for competitive reasons.
The order was for two (2) DROSRITE™ Furnace Systems, each with a capacity of 5,000 tons/yr. The Systems are the third and fourth commercial systems sold to date, and the first order from this Client. Delivery of the Systems is expected to be in Q2 2019. The procurement process has already begun.
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. The system has been designed to process and recover valuable metal such as aluminum, zinc and copper from dross.
Separately, further to its Press Release issued July 26, 2018, the Company confirms that the second DROSRITE™ furnace system has been delivered to its client’s facility in North America, and is now complete.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. 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 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@example.com
RELATED LINKS: http://www.pyrogenesis.com/
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1267b55e-216e-4b0c-ba70-6a97679b40d9