PyroGenesis Confirms Additional $682,000 Payment Under $25M+ DROSRITE™ Contract
October 04 2022 - 06:30AM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes, high
quality plasma atomized metal powder for 3D printing and additive
manufacturing, and sustainable solutions which are geared to reduce
greenhouse gases (GHG), is pleased to confirm today that, in
response to additional inquiries with respect to the subject
matter, the Company has received a payment of approx. $682,000
under the exclusivity contract with Drosrite International LLC
(“DI”).
In addition to the payment received today,
PyroGenesis expects to receive further payments, the timing of
which has been scheduled to match the end user’s cash flow.
“The payment announced today was made in
accordance with a revised payment schedule to better align with the
end-user’s operating cash flows,” said Mr. P. Peter Pascali, CEO
and Chair of PyroGenesis. “As the Company has previously disclosed,
delays and payments were made with our full support as it better
positions the end-user for success. This revision was made to
address certain local delays associated with recent opportunities
as well as challenges presented by COVID and supply chain issues.
It should also be noted that additional payments are being
processed and are expected to be made shortly as part of the
strategic agreement with the end-user.”
About Drosrite International
LLC
DI is a US based private company duly
constituted and existing under the laws of the State of Delaware,
providing state-of-the-art waste management technologies to the
aluminum industry. DI is duly licensed by PyroGenesis to
manufacture, market, sell and distribute DROSRITE™ systems and
technology to the Kingdom of Saudi Arabia, and certain other
countries in the Middle East, on an exclusive basis. All DROSRITE™
systems supplied by DI are manufactured in the USA.
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.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
PyroGenesis Canada (TSX:PYR)
Historical Stock Chart
From Feb 2024 to Mar 2024
PyroGenesis Canada (TSX:PYR)
Historical Stock Chart
From Mar 2023 to Mar 2024