PyroGenesis Provides Clarification on Company's General Business Update and Background
Nov 05, 2015, 04:00 ET
MONTREAL, Nov. 5, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR) (OTCQB: PYRNF), 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, announces today that at the request of IIROC, it wishes to clarify certain disclosures and statements made in its October 26, 2015 news release (the "Press Release"), which was intended to provide a general update about the Company and its background.
Given the length of the Press Release and the details contained therein, one might expect the need for a subsequent press release in order to elaborate on certain statements that require further understanding. The Company wishes to do so through the following news release.
In the October 26th Press Release, the President and CEO of the Company, Mr. P. Peter Pascali, issued a Q&A format to elaborate on the success and progress of the Company, the obstacles it currently faces, and the corporate strategy going forward. The Press Release focused primarily on the industries the Company is involved in, particularly additive manufacturing (3D Printing), environmental, oil and gas, and mining and metallurgy. Regarding the Company's involvement in the mining industry, particularly its engagement to evaluate the feasibility of using plasma for the purpose of refining ore into pure metal, more particularly silicon metal, the Company made the following statement, "the world consumption of silicon metal in 2014 exceeded US$ 6B," which it wishes to clarify was sourced from Roskill: Silicon and Ferrosilicon: Global Industry Markets & Outlook report1.
Additionally, the Press Release provided some background on the Company's progress and success to date, particularly regarding the Company's recent and future contracts. The Company wishes to note that certain material contracts referenced in the Press Release contain confidential information which disclosure would be detrimental to the operations of the Company and therefore the Company is in the process of applying to the securities regulator for an exemption to file such documents on SEDAR.
The Company further notes that the reference made to "Visibility from Back Log", a term described in the Press Release as "a unique PyroGenesis indicator, referring to a very specific subset of our pipeline, which is defined as: unsigned contracts, under discussion, with existing clients," is not an industry accepted measure and as it cannot be used to compare PyroGenesis to other companies, PyroGenesis will refrain from using this term in the future and as such, retracts this disclosure. The Company also hereby retracts disclosure of the following statement: (i) "with a total investment of $1.7MM, PyroGenesis could be producing powders within nine (9) months. It is estimated that PyroGenesis could generate over $10MM profit/year/System from powder sale alone," and (ii) "with pilot plant testing successfully concluded in October 2015, the results confirmed that for an initial investment of approximately $20MM in a PyroGenesis system, the client could save over $40MM per year in disposal costs and value from recovered metal."
Overall, the Company intended through the Press Release to provide a very clear and up-to-date view of the Company, its successes and its progress. We encourage investors to contact Mr. Pascali or Ms. Sophy Cesar for more information about the Company.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company, is the world leader in the design, development, manufacture 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 engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing 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) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). 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, or at www.otcmarkets.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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
1 Roskill: Silicon and Ferrosilicon: Global Industry Markets & Outlook report (2014).
SOURCE PyroGenesis Canada Inc.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: [email protected]
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