MONTREAL, June 8, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR.V), 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, announced today that it has received a milestone payment of $385K which was due upon shipment of the first of ten powder production systems for 3D printing due under a $12.5MM contract signed last year.
As reported last July, the Company signed a contract with a major international manufacturer (the "Customer") for ten plasma-based, powder production systems for 3D printing. Under the contract, PyroGenesis is to supply ten of its unique metal powder production platforms to an Asian Customer for a total contract value of $12.5 MM. The Customer's name is withheld for competitive reasons.
"Under this contract, 9 of the 10 systems are to be built once the first system is fully installed and commissioned in Asia. With the first system being shipped, and installation and commissioning scheduled for this summer, we plan to start manufacturing the last nine systems in the fall of 2015," said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc.
Separately, PyroGenesis announced earlier today that it filed a Provisional Patent for an improved 3D Powder Production Process with higher production rates and a better distribution of powders, both highly sought after characteristics in additive manufacturing applications.
"As you can see, we at PyroGenesis are constantly improving and developing our products and processes thereby ensuring we maintain our leadership position in cutting edge industries," said Pierre Carabin, Director of Engineering.
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® clean-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: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: [email protected]