MONTREAL, Oct. 28, 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 passed initial inspection of the first of ten powder production systems by its Asian customer, and as a result has received the second payment due under the previously announced $12.5 MM contract with a major Asian based international manufacturer (the 'Customer'). As previously announced the contract is for ten, plasma based, powder production systems for 3D printing all of which are to be delivered in 2015. The construction of the first unit is well advanced and is expected to be completed in the current quarter. The Customer's name is being withheld for competitive reasons.
"As previously mentioned, we are experiencing a tremendous, and unexpected, market pull for our plasma atomization process. With our recent sales and marketing hires we are aggressively pursuing this opportunity. In just the past month, we have quoted sales of our Powder Production Systems for 3D Printing to five different key players in Europe and Asia." said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc. "We are also in very early discussions with respect to joint ventures and licensing agreements concerning this product line, but we do not expect anything definitive in this regard before Q2 2015."
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: PyroGenesis Canada Inc., P. Peter Pascali, Chief Executive Officer, Phone: 514.937.0002, E-mail: [email protected]