MONTREAL, March 3, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® 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 small contract to carry out Basic Engineering for a PyroGenesis mobile plasma-based waste destruction system for a decommissioning operation on a European NATO Base. This contract is expected to be completed by Q2 2014, and if accepted by PyroGenesis' customer, a leading European Environmental company, whose name is being withheld for competitive reasons, it is expected that 4 more systems would be immediately required; 2 military and 2 non-military resulting in additional revenues easily exceeding $10M. This customer has successfully deployed specialty waste treatment systems to NATO and has specified the need for plasma technology in order to achieve the Military Base's decommissioning targets. The customer, recognizing PyroGenesis as a leader in providing plasma based solutions to the US Military, has engaged PyroGenesis to address this problem.
"Our credentials with the US Department of Defense in providing and successfully deploying plasma waste destruction systems on time and on budget has directly led to this current mandate, and paves the way for other opportunities within the European Defence market segment", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc. "With the announcement of this second mandate in Europe in just the past four months, we can safely say that our strategic focus on Europe, whose environmental regulatory requirements are much more stringent than those in North America, is beginning to bear fruit and we fully expect such to continue Following this successful mandate, we are confident that follow on contracts, resulting in revenues in excess of $10M, will be easily achieved."
"PyroGenesis' core business has always been centered around its plasma torch technology and its exceptional multidisciplinary engineering team. These core competencies have allowed PyroGenesis to successfully deliver its plasma based solutions not only to the Defence industry but also to the Mining & Metallurgical as well as to the Oil & Gas sectors", said Gillian Holcroft, Executive Vice President- Strategic Alliances. "This contract and the potential future sales announced today is a direct result of our leveraging off of our past successes as well as focusing on our core product offerings and services."
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® company, is the world leader in the design, development, manufacturing 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, oil & gas, and environmental industries. With a team of experienced PyroClassTM engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 demonstration 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.V). 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