MONTREAL, Feb. 19, 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 it has been awarded a fourth contract for $72k from a Global Oil & Gas Company ("Client"), whose name has been withheld for competitive reasons. To date PyroGenesis has received two separate mandates, totalling four contracts, from this Client with both projects geared towards developing novel plasma based solutions. The success of these projects will not only improve this Client's ability to expand its production capability, but will also reduce costs and enable them to incorporate sustainable plasma-based solutions within their Oil & Gas operations.
This is the fourth contract awarded to PyroGenesis in the past ten months within the Oil & Gas sector, totalling over $700,000. "PyroGenesis is confident that the results from this fourth contract, expected within the next 3 months, will lead to a full scale industrial plasma installation worth in excess of $10 million dollars", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis.
"This additional contract further highlights the importance Oil & Gas has become to PyroGenesis as the total contracts received from this sector, in the past ten months, exceeds $700K", said Gillian Holcroft, Executive Vice President (Strategic Alliances) for PyroGenesis. "PyroGenesis' strategic decision to target the Oil & Gas sector is rapidly gaining traction and it is quickly becoming a significant contributor to PyroGenesis' bottom line."
A second mandate, in which two contracts were recently awarded, also involves the development of a novel plasma based solution, but this time to enhance the Client's ability to expand its Oil & Gas production capability. The delivery of this contract, valued at over $500,000, is on schedule for completion in Q2 2014.
"The incorporation of novel plasma based technologies into the Oil & Gas Sector is a long time in the making, and PyroGenesis is proud to be a leader in introducing the advantages of plasma into this multibillion dollar industry", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis.
"Our foray into the Oil & Gas industrial sector and our success to date are a validation of PyroGenesis' strategic decision to pursue niche industrial markets such as Oil & Gas," said Gillian Holcroft, Executive VP, and Strategic Alliances for PyroGenesis. "In replicating our successes in the Defence, Environmental and Mining & Metallurgical sectors, we have once again demonstrated our ability to understand our customers' needs; to recognize our value proposition in applying our core competencies within specific markets; and to deliver viable, sustainable plasma solutions."
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