MONTREAL, Feb. 13, 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 firm is on schedule to deliver its second commercial Marine Plasma System to Newport News Shipbuilding by Q4 2014, having already achieved 67% project completion. This PyroGenesis Marine Plasma System will be installed on the John F. Kennedy (CVN-79), US Navy's latest Ford-class aircraft carrier being built by the Huntington Ingalls Industries subsidiary based in Newport News, Virginia. This milestone demonstrates that PyroGenesis, through its commitment to operational excellence, continues to deliver state-of-the-art plasma systems on time and within budget to service one of the most demanding organizations in the world; the US Navy. The purchase order for the PyroGenesis Marine Plasma System for the John F. Kennedy aircraft carrier is valued at US$5.5 million.
PyroGenesis' first commercial Marine Plasma System was delivered on time and within budget to the Navy's subcontracted shipyard in November 2011. This first system was installed on board the Gerard R. Ford, the Navy's first Ford-class aircraft carrier, a ship which was christened in November 2013. The successful factory acceptance testing and delivery of the PyroGenesis' first commercial Marine Plasma System led to the historic re-order of the second unit for the John F. Kennedy aircraft carrier, as announced in November 2012.
"The second commercial order for the Ford-class aircraft carriers is a defacto acknowledgement of our utmost commitment to quality and customer satisfaction," said Gillian Holcroft, Executive VP, Strategic Alliances for PyroGenesis. "The Navy's acceptance and re-order of a Marine Plasma unit, coupled with its automated, inherently-safe features, has lead to a new market for our marine-based technologies; namely the mobile, land-based waste destruction of hazardous liquid and gaseous wastes."
The PyroGenesis Marine Plasma System, commercially known as the Plasma Arc Waste Destruction System (PAWDS), is a highly compact, patented technology which is 75-80% smaller than a typical marine incinerator at a 50% reduction in weight. Incorporating PyroGenesis game-changing plasma processing know-how, this cleantech solution processes sailor-generated waste, reducing its volume by 95-98% with the push of a single button. Benefitting from the unit's small footprint and ease-of-operability, the PyroGenesis Marine Plasma System technology is a recognized contributor to the $4 billion in cost reductions targeted for each Ford-class aircraft carrier.
"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 demonstration 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.
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PyroGenesis Canada Inc.
P. Peter Pascali
Chief Executive Officer