PyroGenesis Announces Receipt of US$ 515,000 Order from Military Consortium for Preliminary Testing of Mobile Plasma System for the Destruction of Chemical Warfare Agents
05 Nov, 2015, 06:55 ET
MONTREAL, Nov. 5, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR) (OTCQB: PYRNF), 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 received an order for US$ 515,271 to, amongst other things, commence testing of a Tactical Mobile Plasma System used for the Destruction of Chemical Warfare Agents (the "Order").
As previously announced, PyroGenesis was first engaged by a multi-national military consortium (together the "Client") to develop a first of its kind Tactical Mobile Plasma System to be used for the destruction of Chemical Warfare Agents (the "System"), such as those being dealt with in Syria.
PyroGenesis was contracted under a two (2) phase project, with the System expected to be delivered to the Client for testing by the end of Q3-2015. Testing of the System was originally to be completed by the Client at their site at a cost exceeding US$ 100MM. After inspection by the Client in early September, PyroGenesis has now been engaged to do the preliminary testing at its facilities in Montreal, Canada, with a portion of the initial testing budget allocated to PyroGenesis.
This new Order will fund a detailed testing program aimed at demonstrating the technical capabilities of PyroGenesis' System. Additionally, the Company was engaged to perform engineering services to enhance the System's capabilities and performance.
"The receipt of this Order involving the performance of a testing program underscores the Client's satisfaction to date and highlights the potential of this technology," said Philippe Beaulieu, Senior Project Manager at PyroGenesis.
Work on this Order is expected to start during Q4-2015 and be completed by end of Q2-2016 at PyroGenesis' facilities. PyroGenesis' Client is planning to spend an additional US$ 100MM for further testing of the System, and should all requirements be met, the Company estimates that commercial orders may be placed during the 2nd half 2016.
"This new Order demonstrates the Client's confidence in PyroGenesis' technology and expertise and confirms the Company's leadership role as both an innovator of plasma solutions and a supplier of unique plasma based systems to some of the most discerning customers in the world," said P. Peter Pascali, President and CEO of PyroGenesis.
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) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). 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, or at www.otcmarkets.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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: [email protected]
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