MONTREAL, Feb. 18, 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, announced today that all of its Oil and Gas projects are on budget and on schedule and have not been affected by the current crisis facing the industry.
"Given the recent challenges facing the Oil and Gas Industry, we thought it prudent to let our shareholders, and followers, know that our oil and gas projects have not been affected by cutbacks taking hold of the industry, and this, due primarily to the advanced stage of our projects" said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis."In fact, we are finding that there is increased interest in projects such as ours which have proven to help lower overall production costs, thereby, to some degree, mitigating the lower price/barrel of oil, and helping the industry maintain their margins. This is where our projects resonate; both have the potential to significantly reduce production costs for our customer."
So far the Company has proven that the plasma processing of certain waste streams can not only recover valuable metals from the waste stream, but there is also a significant 50:1 volume reduction which decreases disposal costs by more than 90%. At this point, data indicates that a $20MM PyroGenesis system could save the client over $40MM/year in disposal costs and value from recovered metal.
Separately, PyroGenesis is engaged on a project to develop a plasma-based process designed to enhance and accelerate oil extraction from oil fields. This patent pending process costs less than 20% of that currently used, and is a clean, zero emissions technology utilizing electricity as its only heat source.
"Our projects within the Oil and Gas Industry are definitely getting attention. We seem to be addressing the current concerns and our success to date is quite topical. Right now everything is moving in the right direction and our earlier estimates with respect to economics are still good," added Pierre Carabin, Director of Engineering of PyroGenesis. "Also, our previously announced pilot plant project continues to be on target to be completed in the second half of 2015."
"That is not to say that we are being complacent about the challenges facing the industry", said P. Peter Pascali. "Although we have not been affected to date by these challenges and our projects seem to address the current concerns, it is definitely not business as usual. The industry is taking steps to reduce costs across the board and we recognize that we are not immune to the effects that a lower price/barrel of oil brings with it. As such, we are taking steps to mitigate this exposure by expanding our customer base within the industry, all while focusing on other non oil and gas related niche markets for plasma processes. We expect to be reporting on this success in the very near future."
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® clean-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: firstname.lastname@example.org