Yahoo Finance PyroGenesis Announces Receipt of Two Separate Milestone Payments Totaling $970,000
MONTREAL, April 25, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce today that it has received two separate project milestone payments totaling $970,000.
Further to its press releases dated September 12, 2023 and November 20, 2023, PyroGenesis has received the next milestone payment of approximately $550,000 (US$406,000) for the sale of a plasma torch system to a U.S. corporation, which is developing a system geared to destroy perfluoroalkyl and polyfluoroalkyl substances (“PFAS”). The client’s name shall remain anonymous for competitive and confidentiality reasons.
PFAS are a set of more than 15,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, amongst others, for many decades. Research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels, and immune system effects.
Separately, the Company confirms continued progress of, and recent receipt of a project milestone payment in the amount of approximately $420,000 (US$313,000) for the previously announced project dated August, 1 2023, with a U.S. aeronautics and defense entity for the development of a high-powered 4.5MW plasma torch system. This client, who shall remain anonymous for confidentiality reasons, regularly serves as a prime contractor for the U.S. government as well as for public and private customers in the aeronautics and related industries.
The Company’s development of plasma torches for use in the safe destruction of hazardous chemicals such as PFAS, and for novel ultra-high temperature applications, are part of the Company’s three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches as a waste destruction application are an important part of the Company’s Waste Remediation tier, encompassing the safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals, while plasma torches for novel high and ultra-high temperature applications are part of the Company’s Energy Transition & Emissions Reduction tier, where fuel switching to the Company’s electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce GHG and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800m2 and 2,940m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. For more information, please visit: www.pyrogenesis.com.
Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect the Company. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.
For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com
