MONTREAL, March 2, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR.V), 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, announced today that it recently held a successful kick-off meeting at its offices to officially start production of a first of its kind Tactical Mobile Plasma System for the Destruction of Chemical Warfare Agents (the "System"), such as those being dealt with in Syria. This kick-off meeting involved key individuals from the defence departments of the different countries which took part in the previously announced international consortium.
As previously announced, PyroGenesis entered into a two (2) phase project to develop a plasma-based system capable of destroying chemical warfare agents (the "Project"). The first phase of the Project, wherein PyroGenesis designed the System, has been successfully completed, allowing the Company to effectively move to Phase 2 of the Project. This second phase entails fabrication and assembly by PyroGenesis, and testing of the System by the client.
PyroGenesis is currently in the procurement stage for the long lead items of Phase 2, with assembly planned to be initiated in the first half of 2015. The System is scheduled to be delivered to its clients for testing, using simulated and actual chemical warfare agents, by the third quarter of 2015. As previously announced, the clients will invest over $100 million on testing alone.
During the kick-off meeting, discussions also focused on PyroGenesis' ability to provide additional services such as training, maintenance, spare parts, and onsite support services.
The destruction of massive amounts of chemical weapons is presently being addressed by a US Army developed technology however the situation in Syria has highlighted the urgent need for a tactical mobile unit that can be readily deployed, have rapid destruction capabilities and generate no toxic by-products; PyroGenesis' System is expected to meet such requirements, all with the push of a single button.
"Although we are not privy to the timing of commercial orders, or the number of units that may be ordered upon successful testing, we are lead to believe that given the nature of the project, and the funds being allocated to testing, there is an immediate need for multiple systems", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis.
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® clean-tech 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 (including 3D printing), 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 production 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.
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SOURCE PyroGenesis Canada Inc.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: [email protected]