MONTREAL, July 28, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR), a TSX Venture 50® clean-tech company (the "Company" or "PyroGenesis") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today that it has received USD $917,532 as final payment for the second, and final, phase of the $2.2 million plasma torch contract (the "Contract") previously announced to an Asian company (the "Client"). The Client's name and origin remain confidential for competitive reasons.
This Contract is for the design, manufacture and delivery of a fully automated plasma torch system comprised of eight (8) air plasma torches to be used for waste gasification. The first phase of this Contract was successfully completed and shipped last year. The payment announced today represents the final payment for the last phase of the Contract which is expected to be completed within eight (8) months.
"This project uses our standard APT™ torches which have been used for plasma waste gasification by PyroGenesis and its clients for many years," said Pierre Carabin, Director of Engineering of PyroGenesis. "Having an additional client use our torches is a testimony to both our torches' reliability and superior performance level."
"This announcement highlights the success we are having penetrating the Asian market," added P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "Having plasma torches operational in Asia will offer the Company an additional opportunity to showcase our capabilities in this rapidly expanding market."
In an unrelated matter, the Company announces that it has granted stock options to acquire up to 100,000 common shares of the Company (the "Common Shares") to Ms. Sophy Cesar, Vice-President, Investor Relations and Corporate Communications. The stock options have an exercise price of $0.36 per Common Share and are exercisable over a period of five (5) years. The options are granted in accordance with the Company's stock option plan and remain subject to regulatory and Exchange approval.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. 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 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR). 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. Such statements include but are not limited to statements about the benefits of trading on the OTCQB, the timing for approval of the trading of the Company's common shares on the OTCQB and the possibility that the Company will be accepted for trading on the OTCQB. 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: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: firstname.lastname@example.org