MONTREAL, Nov. 18, 2013 /CNW Telbec/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSXV: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, announced today that it has been awarded a follow-on contract from a Multinational Oil and Gas Company ("Client"), which has requested that its name, as well as the details of the process be withheld for competitive reasons.
The positive findings from a recently completed techno-economic study has resulted in PyroGenesis being contracted by the Client to carry out engineering, testing and fabrication of a novel plasma based process that could revolutionize the oil and gas industry.
"Plasma based processes are unique in that we can achieve extremely high temperatures without the use of fossil fuels", said Gillian Holcroft, Executive Vice President- Strategic Alliance for PyroGenesis. "This flexibility allows PyroGenesis and its Client to explore cost effective, environmentally friendly and state of the art approaches for Oil and Gas processing. Once the process is proven on a pilot scale the next step will be an on-site commercial demonstration at the Client's industrial operation."
Under this contract PyroGenesis will design, deliver and test a high temperature plasma based process which eventually would be integrated into the Client's existing oil and gas process. The total value of this contract is over $500k and will be completed in approximately 6 months.
"We are proud to be associated with an organization who is recognized as a leading developer of energy resources around the world and who does so in an environmentally responsible manner. We appreciate the confidence our client has shown in our engineering team and our technology", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "This contract further demonstrates PyroGenesis' ability to leverage its core competencies to develop novel plasma-based solutions. The successful commercialization of this process will generate revenues in excess of one hundred million dollars to PyroGenesis while at the same time providing our customer with significant competitive advantages."
About PyroGenesis Canada Inc.
PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, which can be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications. 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
E-mail: [email protected]