MONTREAL, Dec. 8, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® high-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 has obtained phase 2 funding for the fabrication of a Tactical Mobile Plasma System for the Destruction of Chemical Warfare Agents, such as those being dealt with in Syria.
As previously announced this year, whereas the destruction of massive amounts of chemical weapons is being addressed by a US Army developed technology, 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. It is expected that PyroGenesis' proposed solution will meet these requirements with the push of a single button.
This phase 2 funding initiates the procurement and fabrication phase of the system; the last of a 2 phase project. The system will be entirely fabricated and assembled at PyroGenesis, and will consist of two pre-assembled lightweight trailers which will be readily deployable into emergency situations or "hot zones".
"We are happy to see that phase 2 of this project is finally underway, after a short delay. As we had previously mentioned, given the international and complex nature of such projects, funding delays such as this should be expected," said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada.
The system is now scheduled to be delivered to the clients in the first half of 2015 for testing using simulated and actual chemical warfare agents. The clients will spend over $100 million on testing alone.
"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 Mr. Pascali.
This contract is another example of PyroGenesis' success in delivering its plasma based solutions to niche markets. These markets have expanded over the last 18 months to include 3D printing, Oil and Gas, Mining and Metallurgy, as well as the traditional environmental/military applications PyroGenesis is known for. As PyroGenesis implements its strategy of introducing its core business to niche markets, the company has seen a significant increase in signed contracts. Backlog is now approaching $18.5MM (Sept 30: $16.5MM), all of which is expected to be completed by 2015 year end. "Our strategy is clearly bearing fruit," said Mr. Pascali, "and we expect to continue this trend with 2015 being a banner year."
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® high-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]