MONTREAL, Sept. 4, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: 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, is issuing this press release in response to yesterday's unusual trading activity in its shares.
On Thursday September 3rd, a significant number of Company shares were offered for sale within a very short period of time creating significant downward pressure on the stock. As a result, by the end of the day, over 1.3 million shares were traded and PyroGenesis' stock closed down 6.5 cents to 25.5 cents after rebounding from a daily low of 24 cents.
On Wednesday September 2nd, PyroGenesis was contacted by a large bank requesting assistance in finding a buyer for a significant number of company shares. The Company was once again contacted Thursday September 3rd by the same bank with the same request, but, notwithstanding the Company's attempts to assist in this matter, a significant number of shares were offered at increasingly lower prices throughout the balance of the day.
The Company wishes to advise that the unusual selling pressure experienced yesterday seems to have been largely due to one seller, and that this selling was a result of unique issues faced by the seller, as opposed to any material change suffered by PyroGenesis.
"It is not my position to opine on the trading practices of investors," said P. Peter Pascali, President & CEO of PyroGenesis. "However, it is important to note that nothing has transpired at the company over the last 48 hours, or that has not been disclosed, which would warrant such a rapid sell off. Since a more orderly disposition of these shares would have likely netted the seller additional income, we can only assume that there were significant internal pressures on the seller which would have resulted in such an action; pressures unrelated to PyroGenesis itself. Last but not least, we wish to assure PyroGenesis' shareholders that we remain on track with our current and prospective projects, and that, moreover, we expect to be cash flow positive by 4th quarter 2015."
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). 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PyroGenesis Canada Inc.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: firstname.lastname@example.org