MONTREAL, Nov. 18, 2013 /CNW Telbec/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSXV: PYR), an environmental
solutions company that designs, develops and manufactures plasma
waste-to-energy systems and plasma torch products, announced today that
it has been awarded a follow-on contract from a Multinational Oil and
Gas Company ("Client"), which has requested that its name, as well as
the details of the process be withheld for competitive reasons.
The positive findings from a recently completed techno-economic study
has resulted in PyroGenesis being contracted by the Client to carry out
engineering, testing and fabrication of a novel plasma based process
that could revolutionize the oil and gas industry.
"Plasma based processes are unique in that we can achieve extremely high
temperatures without the use of fossil fuels", said Gillian Holcroft,
Executive Vice President- Strategic Alliance for PyroGenesis. "This
flexibility allows PyroGenesis and its Client to explore cost
effective, environmentally friendly and state of the art approaches for
Oil and Gas processing. Once the process is proven on a pilot scale
the next step will be an on-site commercial demonstration at the
Client's industrial operation."
Under this contract PyroGenesis will design, deliver and test a high
temperature plasma based process which eventually would be integrated
into the Client's existing oil and gas process. The total value of this
contract is over $500k and will be completed in approximately 6 months.
"We are proud to be associated with an organization who is recognized as
a leading developer of energy resources around the world and who does
so in an environmentally responsible manner. We appreciate the
confidence our client has shown in our engineering team and our
technology", said P. Peter Pascali, President and Chief Executive
Officer of PyroGenesis. "This contract further demonstrates
PyroGenesis' ability to leverage its core competencies to develop novel
plasma-based solutions. The successful commercialization of this
process will generate revenues in excess of one hundred million dollars
to PyroGenesis while at the same time providing our customer with
significant competitive advantages."
About PyroGenesis Canada Inc.
PyroGenesis Canada is an environmental solutions company that designs,
develops and manufactures plasma waste-to-energy systems and plasma
torch products. PyroGenesis' proprietary plasma technologies utilize
the intense energy of plasma to gasify and vitrify virtually any type
of waste without producing hazardous by-products. PyroGenesis' patented
gasification and vitrification technology is different from
incineration because it produces a clean synthetic gas from waste,
which can be used for power generation. PyroGenesis' technology can
also turn waste into a glassy rock that can be utilized as construction
material. PyroGenesis has marquee defense industry and civilian
customers that are using its technology in marine and land-based
applications. 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
Company'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 Company with respect to future events and are subject to certain
risks and uncertainties and other risks detailed from time-to-time in
the Company's ongoing filings with the securities regulatory
authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers
are cautioned not to place undue reliance on these forward-looking
statements. The Company 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 nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PyroGenesis Canada Inc.
For further information:
PyroGenesis Canada Inc.
P. Peter Pascali
Chief Executive Officer