MONTREAL, June 3, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, announced today that the Company is on schedule to deliver its second commercial Marine Plasma System to Huntington Ingalls Newport News Shipbuilding (HI-NNS) in 2014. This contract is now 80% complete. HI-NNS will be visiting the Company in June as part of this contract. In addition, PyroGenesis has been selected by the Canadian Armed Forces as one of only three Quebec companies to be visited by a contingent of sixteen Canadian Defence Attachés. These Attachés, who will be stationed internationally, have been tasked to assist in identifying defence related business opportunities for Canadian companies.
"PyroGenesis is honored at having been selected by the Canadian Armed Forces as one of a select group of companies for this strategic site visit", said P. Peter Pascali CEO and President for PyroGenesis. "This is an incredible opportunity for PyroGenesis to leverage off of both Canada's international reputation and the global reach provided by the Canadian Defence Attachés".
"Our Marine Plasma System is extremely compact, easy to operate, reliable, inherently-safe and environmental friendly. As such these unique characteristics have led to new opportunities with smaller military vessels and mobile land-based waste destruction applications. We are currently targeting near term opportunities within the Canadian and US Navies for smaller military vessels and the upcoming visit by the Canadian Defence Attachés will further strengthen this business line", said Gillian Holcroft, Executive VP Strategic Alliances for PyroGenesis. "We believe that our commitment to engineering excellence has been a key factor in ensuring our long term customer relationships and to being recognized by both the US Military and the Canadian Armed Forces as a leader in state of the art military plasma based solutions."
"PyroGenesis is accustomed to working with the US Department of Defense and their prime contractors who expect their suppliers to deliver quality products on time, meeting the most stringent and demanding military specifications. We are proud to be a key technology provider on the US Navy's most advanced technology platform," said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "With the PyroGenesis Marine Plasma System specified into all future Ford-class carriers, the retrofit market for the Nimitz-class and Enterprise aircraft carriers - potentially eleven ships in all - represents a revenue stream to PyroGenesis of approximately $50 million, not including revenues from land-based applications. Clearly, the potential sales from this new land-based market, for our accepted marine-based technology, are much greater than the $50 million projected for the US Navy."
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® 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, 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
E-mail: [email protected]