PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR)
(TSX: PYR) (FRA: 8PY), a high-tech Company (hereinafter referred to
as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes and
sustainable solutions to reduce greenhouse gases (GHG), is pleased
to announce today its financial and operational results for the
second quarter ended June 30th, 2021.
“We are happy to be announcing financial results
for Q2 2021 and, once again, they are historical. As can be seen
from the table below, net income from operations (not including
share-based expenses) was profitable at $850K, on record quarterly
revenues of $8.3MM (a 32% increase Q1 over Q2 2021). This is the
fourth quarter in a row that PyroGenesis has posted more revenues
in each quarter than for all of 2019, and the Company is on track
to exceed the record revenues of 2020,” said Mr. P. Peter Pascali,
CEO and Chair of PyroGenesis. “Not only is PyroGenesis posting
record revenues, with an overall gross margin of 59.6%, but the
Company’s backlog of signed contracts is increasing at the same
time, which bodes well for the future. We expect this trend to
continue.”
|
|
Three months
ended June 30, |
|
%
Change |
|
Six months
ended June 30, |
|
|
%
Change |
|
|
2021 |
|
2020 |
|
2021vs2020 |
|
2021 |
|
|
2020 |
|
|
2021vs2020 |
Revenues |
$ |
8,280,572 |
$ |
2,128,454 |
|
289% |
$ |
14,545,075 |
|
$ |
2,847,362 |
|
|
411% |
Cost of sales and services |
|
3,347,091 |
|
861,862 |
|
288% |
|
7,468,584 |
|
|
1,313,356 |
|
|
469% |
Gross
margin |
|
4,933,481 |
|
1,266,592 |
|
290% |
|
7,076,491 |
|
|
1,534,006 |
|
|
361% |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative (not including share-based
expenses) |
|
3,371,888 |
|
1,641,336 |
|
105% |
|
6,174,984 |
|
|
2,847,061 |
|
|
117% |
Research and development |
|
710,734 |
|
(3,867 |
) |
18,479% |
|
997,041 |
|
|
19,221 |
|
|
5,087% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (not including share-based expenses) |
|
4,082,622 |
|
1,637,469 |
|
149% |
|
7,172,025 |
|
|
2,866,282 |
|
|
150% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from operations (not including share-based
expenses) |
|
850,859 |
|
(370,879 |
) |
329% |
|
(95,534 |
) |
|
(1,332,278 |
) |
|
-93% |
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2021 results reflect the following
highlights:
- Revenues of $8,280,572, an increase
of 289% from $2,128,454 in Q2 2020,
- Gross margin profit of $4,933,481
an increase of 290% from $1,266,592 in Q2 2020,
- Net income from operations (not
including share-based expenses) of $850,859, an increase of 329% as
compared to Q2 2020,
- Modified EBITDA gain of $1,090,915
compared to a loss of $265,804 in Q2 2020,
- Cash and cash equivalents at June
30, 2021 of $18,076,539 (December 31, 2020: $18,104,899),
- Backlog of signed contracts, at
August 16, 2021, of $32.1MM,
OUTLOOK
PyroGenesis continues to be well positioned,
with a clean balance sheet, to execute on all its organic growth
strategies as well as to continue actively pursuing growth through
synergistic mergers & acquisitions.
The Company has recently focused its offerings
to highlight their greenhouse gases (“GHG”) emissions reduction
benefits. Most of PyroGenesis’ product lines do not depend on
environmental incentives (tax credits GHG certificates,
environmental subsidies, etc.) to be economically viable.
We consider this strategy to be timely as many
governments are stimulating their respective economies by promoting
and funding both environmental technologies and infrastructure
projects. As such, although management expects that this will be a
tailwind into an already strong pipeline (which would further
increase revenues and add directly to shareholder value), there may
be some delays before the full effect is recognized as companies
will likely take additional time to submit the necessary government
paperwork to qualify for such incentives.
The Company is not immune to the negative impact
Covid-19 has had on businesses, specifically related to the work
force and, more importantly, the supply chain. Management believes
that the Company is better situated than most and is doing
everything to mitigate these challenges. It does not expect any
improvements from the impact of Covid-19 before Q2 2022.
A. ORGANIC
GROWTHOrganic 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 (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
particularly in iron ore pelletization & DROSRITE™ (short term)
and 3D printing (mid to long term).
1. DROSRITE™Within
the DROSRITE™ offering, the Company continues to aggressively
explore horizontal growth opportunities. The Company is currently
bidding on an up-stream opportunity valued at approximately $40MM.
This process is plasma based, and not only reduces GHG, but seems
to be cheaper than alternate technologies. This project is located
in the Middle East and is currently experiencing delays to allow
the processing of government documentation to catch up with the
bidding process. Management notes that it has been very successful
in the selection process to date and continues to believe that it
has a better than average probability of success. Building on this
development the Company is also in discussions with a second
opportunity to provide a similar upstream process for approximately
the same consideration. Both opportunities are examples of the
success the Company is having with this strategy.
2. Additive
ManufacturingWith respect to additive manufacturing, we
continue to expect to see significant year over year improvements
in our 3D metal powders offering as our NexGen™ facility, which
incorporates all the previously disclosed benefits (increased
production rates, lower capex, lower opex), is now on-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, and we are
currently in the process of supplying sample powders to them for
analysis. Of note, a major tier one global aerospace company
entered into an agreement with the Company to qualify its powder,
at considerable expense to the global aerospace company, with a
view towards having the Company become a supplier. The Company
expects that such developments will continue and will translate
into significant improvements in contributions to revenue by this
segment in the mid-long term.
3. Plasma
TorchesWith 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 expects that the previously
mentioned government initiatives, geared to stimulating their
respective economies by promoting and funding environmental
technologies and infrastructure projects, will only serve to
increase interest in PyroGenesis’ plasma torch offerings. However,
this could delay the onset of contracts as potential clients seek
government support for large initiatives.
To date, all computer simulations have been
successful, and Client A has ordered 1 torch and has requested a
cost estimate for 36 more. We expect that in short order a long
overdue torch order for between 1-5 torches from Client B will be
forthcoming with strong visibility on the next series of torch
orders from them. All indications to date are that the iron ore
pelletization industry will be a large user of PyroGenesis plasma
torches.
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 very small
company to produce a plasma torch ideal for tunneling. PyroGenesis
has reason to believe that the real plasma-based tunneling
opportunity may lie outside of the scope of the current agreement.
PyroGenesis is in discussion with the client to determine the best
way to terminate this arrangement. For all intents and purposes,
from the readers perspective, this project with the client has
ended. PyroGenesis is evaluating, and intends to pursue, plasma
based tunneling opportunities, specifically those identified to be
outside of the scope of the current agreement.
Another niche market where the Company is
offering its plasma torch, and where there is a high probability of
on-going sales is in land-based waste destruction applications, and
more specifically medical waste. The Company is currently in
discussions for a small contract to provide plasma torches to
destroy medical waste in Southeast Asia. If successful, this could
usher in another interesting application of our plasma expertise to
a rather large market with an unaddressed need.
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.
4. HPQ/PUREVAP™With
respect to HPQ, the goal is to continue to expand our role as HPQ’s
technology provider for the game changing family of silicon
processes which we are developing exclusively for HPQ and its
wholly owned subsidiaries HPQ Nano Silicon Powders Inc and HPQ
Silica Polvere 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 (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.
- A new plasma-based process that
could convert Silica (Quartz, SiO2) into fumed silica (Pyrogenic
Silica) in one step. This new process could be a low-cost and
environmentally friendly option that combines HPQ Silicon High
Purity Quartz initiatives with PyroGenesis’ industry leading
know-how in the development of commercial plasma processes.
It is envisioned that the process will eliminate harmful chemicals
presently generated by traditional methods. This new process
could revolutionize the manufacturing of fumed silica, while
repatriating production back to North America.
Government participation in a $5.3MM funding of the fumed silica
project confirms our expectation that 2021 should be a year in
which significant developments occur on all these fronts.
5. Land
Based Units/EnvironmentalUntil this writing, plasma
land-based/environmental solutions were not aggressively targeted
by the Company in favor of lower-hanging fruit represented by the
Company’s other offerings, such as iron ore pelletization &
DROSRITE™.
The Company took an opportunistic approach to
these opportunities and there now seems to be significant early
interest in the Company’s capabilities in this arena. Besides the
interest in niche torch applications mentioned above (ex. medical
waste) PyroGenesis’ plasma-based solutions have generated interest
in processing a waste stream that has recently been classified as
hazardous. Management believes that, in a current bidding process,
its solution is the technology of choice. If successful, this will
represent a significant positioning of PyroGenesis plasma-based
solutions not only for this specific product line but, when taken
in conjunction with the historic success with its offering on US
Aircraft carriers, the land based/environmental segment in
general.
B. GROWTH
TRHOUGH SYNERGESTIC MERGERS & ACQUISITIONS:As
previously disclosed, the Company is conservatively considering
synergistic M&A strategies 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 & Donut
strategy or (ii) could uniquely benefit from the Company’s
engineering advantage and/or international relationships.
PyroGenesis recently announced the acquisition
of AirScience Technologies Inc. (“AST”), a company with experience
in biogas upgrading, for an amended cash purchase price of $4.4MM.
PyroGenesis believes that AST’s experience in biogas upgrading,
combined with PyroGenesis’ engineering and multidisciplinary
skills, as well as its proven record of meeting the exacting
demands of multibillion-dollar companies and the US military,
positions the combination well to address the opportunities arising
from this growing need to generate renewable natural gas.
The acquisition of AirScience also provides
potential synergies with PyroGenesis’ land-based waste destruction
offerings which, if successful, will significantly increase their
value to the market. AST’s technology complements PyroGenesis’
existing offerings and further strengthens PyroGenesis’ position as
an emerging leader in GHG solutions for sustainable long-term
growth.
Our expectation is to, over the next 12-18
months, strengthen AST’s operations and quality control systems,
while at the same time increasing the backlog of signed contracts
and successfully delivering on existing contracts thus positioning
AST as a significant and credible player in the marketplace. Once
established, we will evaluate our options to accelerate the rollout
of these solutions.
Separately, the Company has been evaluating the
following opportunities:
1. DROSRITE™After
experiencing some unforeseen last minute contract
clarifications/interpretations the Company expects to be able to
announce, within the next few 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).
2. Plasma
TorchesPyroGenesis often considers opportunities to
leverage its plasma expertise and they continue to review torch
technologies which could complement existing offerings and leverage
off of their unique relationships. There is nothing currently being
discussed that, at this time, has a material probability of being
concluded.
CONCLUSION
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 revenue of $8,280,572 in
the second quarter of 2021 (“Q2, 2021”), representing an increase
of 289% compared with $2,128,454 recorded in the second quarter of
2020 (“Q2, 2020”), Revenue for the six months of fiscal 2021 was
$14,545,075 an increase of 411% over revenue of $2,847,362 during
the same period in 2020.
Revenues recorded in the three and six months
ended June 30, 2021 were generated from:
|
(i) |
DROSRITE™
related sales of $1,648,882, $4,389,606 (2020 Q2 - $1,319,904,
$1,794,336) |
|
(ii) |
PUREVAP™ related sales of $3,896,453, $4,521,539 (2020 Q2 -
$25,093, $43,058) |
|
(iii) |
torch related sales of $557,613, $752,835 (2020 - $617,077,
$705,022) |
|
(iv) |
support services related to PAWDS-Marine systems supplied to
the US Navy $2,133,187, $4,719,208 (2020 - $37,143, $61,039) |
|
(v) |
other sales and services of $44,437, $161,887 (2020 - $129,237,
$243,907) |
Cost of Sales and Services and Gross
Margins
Cost of sales and services before amortization
of intangible assets was $3,340,312 in Q2 2021, representing an
increase of 291% compared with $855,049 in Q2 2020, primarily due
to an increase in employee compensation $544,725 (Q2 2020 -
$103,957), direct materials $2,547,913 (Q2 2020 - $528,584) and
manufacturing overhead and other $246,770 (Q2 2020 - $95,667).
In Q2 2021, subcontracting, and foreign exchange
charge on materials decreased to $37,219 (Q2 2020 - $145,599). The
gross margin for Q2 2021 was $4,933,481 or 59.6% of revenue
compared to a gross margin of $1,266,592 or 59.5% of revenue for Q2
2020. As a result of the type of contracts being executed, the
nature of the project activity, as well as the composition of the
cost of sales and services, as the mix between labour, materials
and subcontracts may be significantly different.
Investment tax credits related to qualifying
projects from the provincial government against cost of sales were
$36,315 (2020 - $18,758) and $Nil (2020 $1,058,017) of investment
tax credits earned in prior years that met the criteria for
recognition. The Company also recorded for the six months ended
June 30, 2021 $37,498 (2020 - $18,420) of the investment tax
credits against cost of sales and services, $23,880 (2020 -
$1,141,468) against research and development expenses and $15,979
(2020 - $30,000) against selling general and administrative
expenses.
The amortization of intangible assets of $6,779
in Q2 2021 and $6,813 for Q2 2020 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 Q2 2021 excluding the
costs associated with share-based compensation (a non-cash item in
which options vest principally over a four-year period), were
$3,371,888 representing an increase of 105% compared with
$1,641,338 reported for Q2 2020. On a year-to-date basis, SG&A
expenses before share-based expenses were $6,174,984 compared with
$2,847,063 in the same period in 2020.
The increase in SG&A expenses in Q2 2021
over the same period in 2020 is mainly attributable to the net
effect of:
- an increase of 19% in employee
compensation due primarily to additional head count,
- an increase of 164% for
professional fees, primarily due to an increase in accounting fees,
legal fees, and listing fees.
- an increase of 31% in office and
general expenses, is due to an increase in office and computer
related expenses,
- travel costs decreased by 79%, due
to a decrease in travel abroad,
- depreciation on property and
equipment increased by 736% due to higher amounts of property and
equipment being depreciated,
- depreciation on right of use assets
increased by 69% due to higher amounts of right of use assets being
depreciated,
- Investment tax credits decreased by
74% due to a decrease in qualifying projects,
- government grants decreased by 50%
due to lower levels of activities supported by such grants,
- other expenses
increased by 1,186%, primarily due to an increase in D&O
insurance expenses.
Separately, share based payments increased by
13,813% in Q2 2021 over the same period in 2020 as a result of the
stock options granted in 2020 and 2021. This was directly impacted
by the vesting structure of the stock option plan with options
vesting between 25% and 100% on the grant date requiring an
immediate recognition of that cost.
Research and Development (“R&D”)
Costs
The Company incurred $710,734 of R&D costs,
net of government grants, on internal projects in Q2 2021, an
increase of 18,479% as compared with ($3,867) in Q2 2020. The
increase in Q2 2020 is primarily related to an increase in employee
compensation, subcontracting, materials and equipment and other
expenses, $786,978 compared with $55,777 reported in Q2 2020.
During the first six months of fiscal 2021, net spending on
internal R&D was 997,041 as compared to $19,221 in 2020,
primarily due to an increase in R&D activities performed in the
six months ending June 30, 2021.
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 Q2 2021 totaled $40,086 as
compared with $276,928 for Q2 2020, representing a decrease of 86%
year-over-year. The decrease in finance costs in Q2 2020, is
primarily attributable to lower interest and accretion on lower
amounts of debt.
Strategic Investments
The adjustment to the fair market value of
strategic investments for Q2 2021 resulted in a loss of $17,884,293
compared to a gain in the amount of $5,899,465 in Q2 2020. The
decrease is primarily attributable to the decreased market share
value of common shares and warrants owned by the Company of HPQ
Silicon Resources Inc.
Net (Loss) Income and Comprehensive (Loss)
Income
The net comprehensive loss for Q2 2021 of
$20,362,205 compared to a gain of $5,228,020, in Q2 2020,
represents a decrease of 489% year-over-year. The decrease in
income of $25,590,226 in the comprehensive loss in Q2 2021 is
primarily attributable to the factors described above, which have
been summarized as follows:
- an increase in
product and service-related revenue of $6,152,118 arising in Q2
2021,
- an increase in
cost of sales and services of $2,485,231, primarily due to an
increase in employee compensation, direct materials, manufacturing
overhead & other, investment tax credits and a decrease in
subcontracting, foreign exchange charge on materials, and
amortization of intangible assets,
- an increase in
SG&A expenses of $1,730,552 arising in Q2 2021 primarily due to
an increase in employee compensation, professional fees, office and
general, depreciation in property and equipment, depreciation ROU
assets, other expenses and share based expenses, and a decrease in
travel, investment tax credits and government grants, an increase
in R&D expenses of $714,601 primarily due to an increase in
employee compensation, subcontracting, material and equipment,
other expenses and government grants and a decrease in investment
tax credits.
- a decrease in
net finance costs of $236,841 in Q2 2021 primarily due to lower
interest and accretion on lower amounts of debt and an increase of
$64,329 in accretion of royalty receivable,
- a decrease in
fair value adjustment of strategic investments of $23,546,916 in Q2
2021.
EBITDA
The EBITDA loss in Q2 2021 was $20,082,063
compared with an EBITDA gain of $5,610,023 for Q2 2020,
representing a decrease of 458% year-over-year. The $25,692,086
decrease in the EBITDA loss in Q2 2021 compared with Q2 2020 is due
to the decrease in comprehensive income of $25,590,225, an increase
in depreciation on property and equipment of $74,004, an increase
in depreciation ROU assets of $61,013, offset by a decrease in
amortization of intangible assets of $34 and a decrease in finance
charges of $236,843.
Adjusted EBITDA loss in Q2 2021 was $16,793,378
compared with an Adjusted EBITDA gain of $5,633,661 for Q2 2020.
The decrease of $22,427,039 in the Adjusted EBITDA loss in Q2 2021
is attributable to a decrease in EBITDA loss of $25,692,086 and by
an increase of $3,265,047 in share-based payments.
The Modified EBITDA gain in Q2 2021 was
$1,090,915 compared with a Modified EBITDA loss of $265,804 for Q2
2020, representing an increase of 510%. The increase of $1,356,719
in the Modified EBITDA gain in Q2 2021 is attributable to the
decrease as mentioned above in the Adjusted EBITDA of $22,427,039
and a decrease in the change of fair value of strategic investments
of $23,783,758.
Liquidity
As at June 30, 2021, the Company has cash and
cash equivalents of $18,076,539. In addition, the accounts payable
and accrued liabilities of $4,206,974 are payable within 12 months.
The Company expects that its cash position will be able to finance
its operations for the foreseeable future.
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 sustainable solutions which reduce greenhouse
gases (GHG), and are economically attractive alternatives to
conventional “dirty” processes. PyroGenesis has created
proprietary, patented and advanced plasma technologies that are
being vetted and adopted by multiple multibillion dollar industry
leaders in four massive markets: iron ore pelletization, aluminum,
waste management, and additive manufacturing. With a team of
experienced engineers, scientists and technicians working out of
its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing
facilities, PyroGenesis maintains its competitive advantage by
remaining at the forefront of technology development and
commercialization. The operations are ISO 9001:2015 and
AS9100D certified, having been ISO certified since 1997. 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.
FURTHER INFORMATION
Additional information relating to Company and
its business, including the 2020 Financial Statements, the Annual
Information Form and other filings that the Company has made and
may make in the future with applicable securities authorities, may
be found on or through SEDAR at www.sedar.com, EDGAR at
www.sec.gov, or the Company’s website at www.pyrogenesis.com.
Additional information, including directors’ and
officers’ remuneration and indebtedness, principal holders of the
Company’s securities and securities authorized for issuance under
equity compensation plans, is also contained in the Company’s most
recent management information circular for the most recent annual
meeting of shareholders of the Company.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic Business
DevelopmentPhone: (514) 937-0002, E-mail:
ir@pyrogenesis.com
RELATED LINK:
http://www.pyrogenesis.com/
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