MONTREAL, March 12, 2015 /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 completed the fabrication of its second commercial Marine Plasma System for the US Navy (the "System"). This System is to be installed on the aircraft carrier John F. Kennedy (CVN 79).
Of note, PyroGenesis' client, Newport News Shipbuilding, a division of Huntington Ingalls Industries, visited PyroGenesis three times this past fall, not only to perform quality inspections of the System before accepting delivery, but also to discuss future onboard support services with PyroGenesis. "Our relationship with the US Navy is expanding beyond providing waste destruction systems, installation support, commissioning and testing," said Philippe Beaulieu, Project Manager of PyroGenesis. "We are also in discussions to provide technical support and spare parts over the ships' 50-year life, as well as developing an ongoing educational/certification program in system operations. This speaks to our internal goal of being cash flow positive from recurring revenues alone by 2017."
"We should all be proud of having our waste destruction system chosen by such a discerning customer; a customer who has all the technologies in the world to choose from, and has chosen to place PyroGenesis' plasma-based system on such a high tech platform. Having PyroGenesis, a Canadian company, as the environmental solution is an accomplishment all Canadians can be proud of; akin to having the Canadian Space Arm as part of the International Space Station," said P. Peter Pascali, President and CEO of PyroGenesis.
"Although one would not build a business solely on procurements based on aircraft carrier builds, it does provide a cornerstone of credibility. Being accepted by the US Navy and chosen to be in the design of these "next generation" aircraft carriers, demonstrates a level of credibility in our abilities that no one in our space can boast of," added Pierre Carabin, Director of Engineering of PyroGenesis.
Alongside these promising developments, PyroGenesis has realized a gross margin in excess of 90% on the disposition of equipment which was part of its Inventory for Resale. This equipment sold for $415,000 and the net proceeds will be used for working capital purposes.
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]