PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a TSX30 and a Deloitte Canada Clean
Technology Fast 50™ 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), is pleased to announce today that, further
to its press release dated February 6, 2023, it has received a
milestone payment of $445,200 associated with the engineering phase
for its SPARC™ refrigerant waste destruction system, from
the government-mandated organization known as
Cool-Safe (the “Client”).
The engineering phase of the SPARC™ refrigerant
waste destruction system has reached a crucial milestone,
triggering the subject payment. With the engineering phase nearing
completion, PyroGenesis is on track as previously estimated and has
already begun the fabrication process. The company expects to
complete the fabrication phase by the first quarter of 2024.
“We are very pleased with the progress to date
and look forward to the completion of the fabrication phase,” said
Mr. Pierre Carabin, CTO of PyroGenesis. “We firmly believe that the
SPARC™ system will be instrumental in driving forwards the client's
national initiative for the destruction of hazardous refrigerants
in New Zealand, and we remain committed to providing
state-of-the-art waste destruction systems that contribute to a
cleaner, more sustainable environment.”
As previously announced, PyroGenesis has been
contracted to design and build the SPARC™ refrigerant waste
destruction system, and will also supervise and support contractors
in the system installation within a new facility being built by the
Cool-Safe organization. Cool-Safe, previously known as The Trust
for the Destruction of Synthetic Refrigerants, is a product
stewardship organization (PSO) established by the New Zealand
government in 1993. Cool-Safe’s mandate is to be a significant
factor in the government of New Zealand’s stated goal to reduce
their greenhouse gas emissions by 2035 by at least 35%. This will
be achieved by implementing their own 90% reduction target for
hazardous refrigerants.
PyroGenesis’ proprietary SPARC™ system uses
inexpensive steam as the plasma-forming gas to generate a
hydrolysis reaction which efficiently destroys refrigerants and
ozone-depleting substances. It offers a cost-effective and
environmentally friendly solution for the safe disposal of
hazardous waste materials. The SPARC™ plasma-based system offers a
substantial reduction in the operator's carbon footprint, while
effectively eliminating ozone-depleting substances. Its versatility
extends beyond solid waste, as it can also effectively destroy a
variety of other chemicals, including CFCs, HCFCs, HFCs, halons and
PFCs.
The Company’s involvement in the destruction of
ozone depleting refrigerant substances using its patented SPARC™
system is part of PyroGenesis’ three-tiered solution
ecosystem that aligns with economic drivers that are key to
global heavy industry. Solid and hazardous waste destruction is
part of the Company’s Waste Remediation tier,
where it ensures a safe destruction of hazardous materials, and the
recovery and valorization of underlying substances such as
chemicals and minerals.
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 greenhouse gases 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 3,800 m2
and 2,940 m2 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.sedar.com, or at www.sec.gov. 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 NASDAQ Stock
Market, LLC 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 Phone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
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