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 and
sustainable solutions to reduce greenhouse gases (GHG) and address
environmental pollutants, announces today that, further to its
press release dated October 28, 2021, the negotiation for the
land-based system to destroy Perfluoroalkyl and Polyfluoroalkyl
Substances (“PFAS”) contract has been suspended and discontinued.
On October 28, 2021, it was announced that
PyroGenesis, after a competitive bidding process, had been selected
to provide its plasma based thermal process equipment in a
two-phase project geared to providing a land-based system to
destroy PFAS. The first phase was to provide pilot testing. The
second phase was geared to a full fabrication, furbishing and
commissioning of a fully commercial land-based system.
“This decision was made because we remained firm
in our decision to not compromise nor hand over, to the Client, the
intellectual property (IP) which we would have developed in Phase
1,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis.
“Furthermore, after continuous negotiations, it became clear that
there was no guarantee that we would be granted Phase 2.
Essentially, if we agreed to the Client’s demand, all the IP we
developed in Phase 1 could be used by someone else in Phase 2. As a
company who has invested decades in building its intellectual
capital and assembling a team of world-leading experts, this was
unacceptable to us on many levels, and not in the best interest of
shareholders. It must be clear that we will always stand by our
investors, and will not jeopardize long term benefits of the
Company, no matter how good it might at first seem in the short
term.”
PFAS are man-made chemicals that have been
widely used in consumer products in various industries, such as
aerospace, automotive, construction, amongst others, for many
decades. Products that may contain PFAS include nonstick cookware,
stain resistant coatings used on carpets, upholstery, and other
fabrics, water resistant clothing, cleaning products, personal care
and cosmetics products and any other product that resist grease,
water and oil1. Because of their widespread use and strong
chemical bonds and properties, which account for their persistence
in the environment, PFAS are proving to be persistent pollutants
that affect humans and wildlife, as they are likely to be exposed
to these chemicals by consuming contaminated water or food, using
products made with PFAS, or breathing air containing PFAS.
“As disappointing as it may seem, the fact
remains that PyroGenesis’ technology and expertise won a very
competitive bid to destroy PFAS,” added Mr. Pascali. “Nothing can
change that. The take-a-way is that it seems that using
PyroGenesis’ plasma technology has a place in the destruction of
PFAS. Sadly, we will not prove it out on this project, but rest
assured, we are, as we speak, pursuing similar opportunities in the
USA.”
1
https://www.atsdr.cdc.gov/pfas/health-effects/exposure.html
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.
SOURCE PyroGenesis Canada Inc.
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/
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