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MONTREAL, QUEBEC–(Marketwired – Sept. 29, 2017) – PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and plasma torch products, announces today that due to recent stock trading activity, and decrease in stock price, the Company contacted IIROC. Based on this conversation, and advice, PyroGenesis wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for this activity. Management knows of no reason that would give rise to such unusual trading and has no significant information to disclose which could lead to such activity. The Company is current on all its regular quarterly filings, has made (in advance) its third quarter interest payment due under its previously completed convertible debenture, and plans to report its third quarter results in November as required by the TSX Venture Exchange.
“We wish to reassure all of our stakeholders, and market participants, that the fundamentals of PyroGenesis, in terms of activities previously reported on, as well as the progress being made thereon, are not only sound but are moving forward as expected” said P. Peter Pascali, President and CEO of PyroGenesis. “As such, we wish to provide the following Company snapshot.”
- Additive Manufacturing:
- Ramp-up on schedule
- Patent applications progressing as expected
- Exclusive distributorship under negotiation in Asia
- Two Non-Disclosure Agreements (NDAs) being negotiated with end-users (competitors to GE) at their request
- Middle Eastern visit took place and contract currently being negotiated
- Separately, re-order being negotiated with current client
- Demonstration system currently being deployed to India
- Chemical Warfare Agent Destruction System:
- Initial testing at UK site, with simulants, demonstrated better destruction rates than tests performed in Montreal
- Tests with actual chemical warfare reagents has been rescheduled to a future date (TBD). As mentioned, in a previous press release, the testing schedule is out of PyroGenesis’ control
- Moving ahead as previously disclosed. Of note, nothing has taken place technically to challenge our original goal, notwithstanding normal challenges for a project of this nature
- No changes. Additional order for new aircraft carrier expected in 2018
“We would not have normally provided a Company overview of this nature,” said Mr. Pascali. “In fact, we would have preferred to have provided this update at a time when the events reviewed herein had further matured but, given the circumstances noted herein, we felt it best to depart from normal practices and provide the Company snapshot above. We trust this provides the clarity needed at this time, and would like to reassure all concerned that should any material event transpire, we would immediately disclose such”.
Additional information on the Company is available on SEDAR at www.sedar.com.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (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. Its 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. Its operations are ISO 9001:2008 certified, and have been ISO certified 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 OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.