PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY) a high-tech company (“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 the receipt of an
initial contract valued at 250,000 € (approximately CA$360,000)
(the “Contract”) from a European engineering services firm (the
“Client”) undertaking the discovery and safe destruction of
chemical warfare agents with the European Union. The contract
includes a 45% upfront payment of the total contract value, or
112,500 € (approximately CA$160,000), which has already been
received.
Under this agreement, as part of a potential
three-phase project PyroGenesis will first provide a lab-scale size
plasma arc chemical warfare agent destruction system (the
“PACWADS”) as part of a multi-partner project aimed at identifying,
extracting, and disposing of chemical munitions and chemical
warfare agents residing in active marine passageways and corridors.
The second phase will consist of testing the system to validate its
efficiency, performance and capacity. The eventual goal is to
develop a full-scale system once results from the lab-scale system
are reviewed.
The mobility of the PACWADS was key to ensure
the applicability of this type of the project, as safe destruction
at sea is fundamental to the initiative’s goals of protecting the
marine environment and reducing further potential damage caused by
transportation of the toxic chemicals to land for processing.
The Client, a provider of geotechnical and
geophysical services, is one of several participant companies
(including teams from national Naval units) involved in the
project, while the over-arching initiative is being funded by
various regional development funds and government programs within
the European Union.
“This important initiative will help maintain
safe waters for marine transit and for the safe development of
offshore projects such as wind farms that require contact with the
seabed,” said Mr. P. Peter Pascali, President & CEO of
PyroGenesis. “Our clean plasma-based waste destruction systems have
been proven both on land and at sea, most notably with the US Navy,
where our systems are in use on the USS Gerald R. Ford, the largest
aircraft carrier ever built, in addition to three additional
systems which have already been purchased for installation on US
aircraft carriers under development.”
PyroGenesis’ PACWADS is a safe, versatile, and
efficient mobile destruction system, that uses high temperature
electric plasma to eliminate a variety of dangerous chemical and
biological warfare agents, including sarin, mustard gas, soman, and
VX. With a 99.9999% (or 6N) destruction efficiency, the PACWADS
leaves only a non-toxic salt effluent that can be safely released
at sea. These systems are typically designed for use in the field
or near conflict zones, and they serve several key purposes,
including protecting human lives, environmental preservation,
compliance with international treaties, operational efficiency, and
mobility.
The Company’s development of plasma torches for
use in the safe destruction of hazardous chemicals such as toxic
chemical warfare agents is 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 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.
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 (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 3,800 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.sedarplus.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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