PyroGenesis Provides Update on Payment Terms with Drosrite International LLC
February 26 2020 - 12:15PM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR)
(OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the
“Corporation” or "PyroGenesis") that designs, develops,
manufactures and commercializes plasma atomized metal powder,
plasma waste-to-energy systems and plasma torch products, announces
today that, further to its press release dated October 9th, 2019,
the payment terms noted therein have been adjusted pro rata to
mirror Drosrite International LLC’s (“DI” or the “Client”) cash
flow as outlined in their press release1 dated January 27th,
2020.
“With this announcement, I am happy to also
report that it seems all impediments to the payment process have
been addressed,” said Mr. P. Peter Pascali, President and CEO of
PyroGenesis. “We look forward to having the DROSRITE™ technology
installed in one of the premier facilities in the world.”
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
the world leader in the design, development, manufacture and
commercialization of advanced plasma processes and products. 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 and AS9100D
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:
Rodayna Kafal, Vice President Investors
Relations and Strategic Business DevelopmentPhone: (514) 937-0002,
E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com/
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