MONTREAL, Nov. 18, 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 contracted for an additional study under a Master Services Agreement with a global oil and gas company (the "Client") for $788,300.
As previously reported, results to date have confirmed that significant amounts of valuable metals can be recovered by the plasma processing of oil and gas waste streams. It was noted that PyroGenesis had not only proven that plasma processing of these waste streams can recover valuable metals, but that 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. "The value of the metal extraction alone is more than the current disposal costs", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "Results so far have exceeded our expectations, and we fully expect that the results from this pilot plant will be no different."
This contract involves the adaptation of an existing plant at PyroGenesis' facility which will be used to test and further demonstrate the economics of PyroGenesis' proprietary technology. Of note, this process forms part of the Company's current patent portfolio. It is expected that this project will be completed in the second half of 2015 with full commercialization possible shortly thereafter.
"We are excited to see that this project is moving forward as planned." said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "This is one more milestone on the path to full commercial operation and yet another example of how PyroGenesis is providing innovative solutions to problems in niche markets."
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.
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: PyroGenesis Canada Inc., P. Peter Pascali, Chief Executive Officer, Phone: 514.937.0002, E-mail: [email protected]