PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as 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 its financial and operational
results for the fourth quarter and the fiscal year ended December
31st, 2021.
“We are happy to be announcing our 2021
financial results, which includes both our exceptional organic
growth plus the results of our recent acquisition, Pyro Green-Gas,
(formerly AirScience Technologies Inc.). We have posted a series of
record numbers for the company, which includes record revenues for
a Q4 of $7.2MM – a revenue figure that alone surpasses the
full-year revenue of every previous year aside from 2020 – and
yearly revenues of $31.1MM, which is the highest revenue we have
ever posted for any full year. This is representative of our
successful advancement and delivery of the backlog of signed
contracts, and the benefit of the biogas upgrading projects from
Pyro Green-Gas” said Mr. P. Peter Pascali, CEO and Chair of
PyroGenesis. “The board and I see the record success of 2021 as
both a validation of 2020s breakout results, and a new, stronger
platform from which years of continued high growth will stem.”
2021 results reflect the following
highlights:
- Record revenues of $31,068,350, an increase of 75% from
$17,775,029 year-over-year,
- Revenues of $6,800,090 from the recent acquisition of Pyro
Green-Gas, formerly known as “AirScience Technologies”,
- Gross margin profit of $12,431,811 or 40% of revenue,
- Second highest ever year-end cash and cash equivalents at
December 31, 2021 of $12,202,513
- All-time-high backlog of signed and/or awarded contracts of
$47.7MM
- Repurchased and cancelled $4.2M of the Company’s common
shares,
- 23% increase year-over-year in Headcount
- Capital expenditures, $1.5M, an increase of 114% from $700K
year-over-year
- Best 4th Quarter in the company’s history, at $7.2MM,
demonstrating further strength and stability of the company as a
consistent, year-round revenue producer.
- Milestone new market entry sales, including for the destruction
of polyfluoroalkyl substances
OUTLOOK
PyroGenesis completed 2021 having achieved many
important accomplishments and milestones. Most importantly, we
maintained the accelerated business momentum of the past 18 months
despite the challenges of the global marketplace due to Covid, and
even introduced new markets and opportunities to provide a broader,
stronger platform for 2022 and beyond.
Overall Strategy
Building on its strategy to offer technology
solutions that provide benefits from greenhouse gas (“GHG”)
emissions reduction, the Company increased its offerings in this
regard through a series of adjustments, such as internal capacity
scaling, diversified sales channel targeting, and external vision –
resulting in, most notably, the doubling of production staff,
contract wins in new sectors, and the acquisition of AirScience
Technologies and its subsequent re-launch as Pyro Green-Gas.
While we had previously considered our strategy
to be timely, as many governments are stimulating their respective
economies by promoting and funding both environmental technologies
and infrastructure projects, 2021 proved an even greater
affirmation of this approach, as major industries and organizations
targeted by the Company not only recommitted to their targets, but
in some cases raised them significantly. For instance, in the iron
ore and steel-making sector, in October 2021, Rio Tinto unveiled
new targets to reduce its scope 1 & 2 emissions by 50 per cent
by 2030, more than tripling its previous targets.1
As stated, many times, most of PyroGenesis’
product lines do not depend on environmental incentives (tax
credits GHG certificates, environmental subsidies, etc.) to be
economically viable; with the increased commitments by industry to
carbon reduction, it is anticipated that the Company’s growth
drivers will expand, and shareholders will see increased value.
Furthermore, the experience gained over the past
two years as we, and our prospective clients, manoeuvred through
both the lengthy modelling and business-case development processes,
and the government incentive and procurement system, has provided
immeasurable insights into various bureaucratic and government
processes – affording a much clearer understanding of the process,
enhancing our ability to respond to future situations, and giving
us better vision and a rebalance of expectations regarding timeline
control. This knowledge will only serve to enhance what management
has defined as government incentive-related tailwinds into an
already strong pipeline, all with a positive impact on revenues and
shareholder value.
The Company is not immune to the negative impact
that COVID-19 and other external factors brought on businesses,
specifically related to the workforce and, more importantly, the
supply chain. However, Management believes that the Company is
better situated than most, and through various mitigation measures
these challenges continue to be dealt with in an effective manner.
The Company expects even greater improvements as the impact of
COVID-19 and other external factors continues to recede after Q2
2022.
Organic Growth
Organic growth will be spurred on by (i) the
natural growth of our existing offerings, which continue to be
accelerated given our strong balance sheet (ii) leveraging off our
“Golden Ticket” advantage that allows us to see first-hand some of
the additional and peripheral needs of our customers, and (iii)
exploring new ways scientifically (and corresponding markets
laterally) to provide unique solutions and value that helps
industries deal with some of the most pressing environmental,
engineering, and energy problems.
We have described in the past our Golden Ticket
advantage as one which occurs when one sells directly, or is
engaged directly, with the end user and, as a result, is regularly
on-site in the customer’s operations – “inside the fence”. A Golden
Ticket provides the opportunity to either, (i) cross sell other
products or, ideally, (ii) identify new areas of concern that can
be addressed uniquely by PyroGenesis.
Over the past several years, PyroGenesis has
successfully positioned each of its business lines for rapid growth
by strategically partnering with multi-billion-dollar entities.
These entities have identified PyroGenesis’ offerings to be unique,
in demand, and of such a commercial nature as to warrant such
unique relationships. We expect that these relationships are now
positioned to transition into significant revenue streams.
Regarding how new scientific efforts lead to new
markets, in 2021 the Company transitioned its knowledge in waste
destruction to consider solving some of the challenges related to
polyfluoroalkyl (PFAS), the hazardous “forever chemicals” the EPA
has defined as an emerging event requiring fast attention. After
winning an initial competitive bidding process to provide a $9.2MM
system, the Company sees continued momentum in this area in 2022
and beyond.
Aluminum Industry Process
Improvement
Momentum with PyroGenesis’ Aluminum Industry
strategy and offering continues to not just bear fruit, but to
explode in opportunity in several different directions.
In 2021, the Company concluded a joint venture
and a license agreement with an existing and proven technology
provider. The technology is geared to uniquely handle the residues
resulting from the processing of dross in the aluminum industry. We
had previously announced our intention to secure this technology
and would not only make our traditional DROSRITE™ offering more
appealing but could also be offered as a stand-alone product. We
believe that valorizing the residues and producing high end
products will further define us as the go-to company for all dross
related processing. This is a prime example of our “Coffee &
Donuts” strategy in play. The joint venture will only relate to the
new technology and, as such, PyroGenesis will not have to vet in
any assets or IP (specifically not the DROSRITE™ technology).
Overall, the Company is now one of the largest
and certainly the fastest growing dross recovery solutions in the
world, with 13 large DROSRITE™ systems in use or slated for
delivery to markets around the world. The Company also continue to
increase the price and the efficiency of its systems, and is
pitching several more contracts as of the writing of this
document.
Steel Industry Process
Improvement
With steelmaking one of the most carbon-emission
intensive industries in the world, estimated to be responsible for
between 7 to 12 per cent of all global fossil fuel and greenhouse
gas emissions, that industry continues to be under intense
pressure, including huge financial penalties, to find emission
reductions.
This pressure on the steel-making industry
allows PyroGenesis to expect demand for its upstream, iron ore
pelletization solution to increase significantly, as steel-makers
look to all aspects of the production lifecycle for carbon
reduction opportunities.
Serious consideration is being given to
replacing large numbers of the fossil fuel burners in iron ore
pelletization with PyroGenesis’ proprietary and patented plasma
torches. To date, everything is proceeding as expected. Initial
discussions with potential customers have evolved into confirmation
stages, computer simulations, business case development, and
initial torch orders for in-factory testing with two of the largest
steel-making and mining companies in the world. As these torches
are tested in live settings over the coming months, the company
expects a resulting roll-out program to replace many, if not all,
fossil fuel burners with PyroGenesis’ plasma torches in the
customers’ iron ore pelletization furnaces – a technology process
for which PyroGenesis, as the patent holder, commands a significant
competitive advantage.
PyroGenesis expects that the previously
mentioned government initiatives, geared to stimulating their
respective economies by promoting and funding environmental
technologies and infrastructure projects, will only serve to
increase interest in PyroGenesis’ plasma torch offerings to other
companies in this space. While potential clients seeking government
support for large initiatives may draw out the onset of large
contracts, the sheer number of potential customers, and the fact
that the Company will engage with many of them in different stages
at different times, will help to ensure a long, overlapping
pipeline of potential projects.
In addition, PyroGenesis is proactively
targeting other industries which are experiencing significant
pressure to reduce GHGs, and which utilize fossil fuel burners as
well, such as the cement, aluminum, and automotive industries.
Plasma Torches for Emerging / Niche
Markets
Separately, the Company also offers plasma
torches to emerging / niche markets where there is a high
probability of on-going sales from successful implementation.
One such example is in land-based waste
destruction applications, more specifically for medical waste. The
Company signed a contract in August 2021 to supply two Air Plasma
Torch systems to an existing client to be used in the destruction
of such medical waste.
Another example is the previously announced
contract with a technology startup to produce a plasma torch ideal
for tunneling. PyroGenesis has reason to believe that the real
plasma-based tunneling opportunity may lie outside of the scope of
the current agreement. As a result, PyroGenesis terminated this
arrangement and this project with this client has ended.
PyroGenesis is evaluating, and intends to pursue, plasma based
tunneling opportunities, specifically those identified to be
outside of the scope of the current agreement at a later date.
For each new market, the Company will also
benefit from providing proprietary spare parts and service, which
generates significant recurring revenue, thus complementing the
Company’s long-term strategy to build a recurring revenue
model.
Additive Manufacturing (Metal Powders
for 3D Printing)
With respect to additive manufacturing, we
continue to expect to see significant year over year improvements
in our 3D metal powders offering as our NexGen™ facility, which
incorporates all the previously disclosed benefits (increased
production rates and lower capital & operating expenditures),
is now officially on-line and operational.
Of note, a major tier-one global aerospace
company has already entered into an agreement with the Company to
formally qualify its powder, at considerable expense to the global
aerospace company, with a view towards having the Company become a
supplier.
There are additional major top tier aerospace
companies and OEMs, in both Europe and North America, eagerly
awaiting powders from this new state-of-the-art production line,
and we are currently in the process of supplying sample powders to
them for analysis.
The Company expects that such developments will
continue and will translate into significant improvements in
contributions to revenue by this segment in the mid-long term.
HPQ/PUREVAP™
With respect to HPQ, the goal is to continue to
expand our role as HPQ’s technology provider for the game changing
family of silicon processes which we are developing exclusively for
HPQ and its wholly owned subsidiaries HPQ Nano Silicon Powders Inc.
and HPQ Silica Polvere Inc., namely:
- The PUREVAP™ “Quartz Reduction
Reactors” (QRR), an innovative process (patent pending), which
should permit the one step transformation of lower purity quartz
(SiO2) than any traditional processes can handle into a silicon
(Si) of a higher purity level (2N-4N) that can be produced by any
traditional smelter, at reduced costs, energy input, and carbon
footprint. The unique capabilities of this process could position
HPQ as a leading provider of the specialised silicon material
needed to propagate its considerable renewable energy potential;
and
- The PUREVAP™ Nano Silicon Reactor
(NSiR), which, if successful, could position itself as a new
proprietary low-cost process that can transform the silicon (Si)
made by the PUREVAP™ QRR into the nano-silicon materials (spherical
silicon powders and silicon nanowires) sought after by energy
storage, batteries, electric vehicle manufactures and clean
hydrogen sectors participants. The aim of the ongoing work is to
position HPQ NANO as the first to market with a commercial scale
low-cost nanoparticle production system.
- A new plasma-based process that
could convert Silica (Quartz, SiO2) into fumed silica (Pyrogenic
Silica) in one step. This new process could be a low-cost and
environmentally friendly option that combines HPQ Silicon High
Purity Quartz initiatives with PyroGenesis’ industry leading
know-how in the development of commercial plasma processes. It is
envisioned that the process will eliminate harmful chemicals
presently generated by traditional methods. This new process could
revolutionize the manufacturing of fumed silica, while repatriating
production back to North America.
Government participation in a $5.3MM funding of
the fumed silica project confirms our expectation that 2021 should
be a year in which significant developments occur on all these
fronts.
Land Based
Units/Environmental
The Company did not previously aggressively
target the Company’s land-based/environmental solutions during the
period where the Company’s other offerings, such as in steel-making
and aluminum industry process improvement, were accelerating.
However, during 2021, interest in the Company’s
capabilities in this arena was renewed. Besides the interest in
niche torch applications mentioned above (ex. medical waste),
PyroGenesis’ plasma-based solutions have generated interest in
processing a waste stream that has recently been classified as
hazardous. Management believes that, in a current bidding process,
its solution is the technology of choice. If successful, this will
represent a significant positioning of PyroGenesis plasma-based
solutions not only for this specific product line but, when taken
in conjunction with the historic success with its offering on US
Aircraft carriers, the land based/environmental segment in
general.
Growth through Synergistic Mergers and
Acquisitions
As previously disclosed, the Company is
conservatively considering synergistic merger and acquisition
strategies to augment its growth, and the Company has been very
actively involved in pursuing several opportunities to support this
strategy. In so doing, the focus has been on private companies
exclusively which (i) primarily leverage the Company’s Golden
Ticket advantage, or (ii) could uniquely benefit from the Company’s
engineering advantage and/or international relationships.
During 2021, the Company acquired AirScience
Technologies Inc. (“AST”), a company with experience in biogas
upgrading. PyroGenesis believes that AST’s experience in biogas
upgrading, combined with PyroGenesis’ engineering and
multidisciplinary skills, as well as its proven record of meeting
the exacting demands of multibillion-dollar companies and the US
military, positions the combination well to address the
opportunities arising from this growing need to generate renewable
natural gas.
The acquisition of AST also provides potential
synergies with PyroGenesis’ land-based waste destruction offerings
which, if successful, will significantly increase their value to
the market. AST’s technology complements PyroGenesis’ existing
offerings and further strengthens PyroGenesis’ position as an
emerging leader in GHG solutions for sustainable long-term
growth.
Our objective is to strengthen AST’s operations
and quality control systems, over the course of the next 12-18
months, while at the same time increasing the backlog of signed
contracts and successfully delivering on existing contracts thus
positioning AST as a significant and credible player in the
marketplace. Once established, we will evaluate our options to
accelerate the rollout of these solutions.
Additional Opportunities - Plasma
Torches:
Within the Plasma Torch line of business, the
Company continues to consider options to leverage its plasma
expertise and continue to review torch technologies that could
complement existing offerings, leverage off their unique
relationships, or explore new opportunities. In early stage
discussion across many sectors and many potential customers, no
additional details are available at this time.
CONCLUSION
In conclusion, PyroGenesis sees 2022 as a
platform from which decades of exponential growth will stem.
The Company plans to take advantage of its
unique position in its main business offerings to accelerate
growth, with a particular emphasis on offerings geared to
aggressively reducing GHG emissions and the world’s carbon
footprint, while finding and offering solutions to pressing
environmental, engineering, and energy challenges.
Financial Summary
Revenues
PyroGenesis recorded revenues of $31,068,350 for
the year ended December 31, 2021, representing an increase of 75%
compared to $17,775,029 recorded in 2020.
Revenues recorded in fiscal 2021 were generated
primarily from:
|
(i) |
PUREVAP™ related sales of $6,138,111 (2020 - $4,163,059) |
|
(ii) |
DROSRITE™ related sales of $7,940,771 (2020 - $9,976,696) |
|
(iii) |
support services related to systems supplied to the US Navy
$7,522,809 (2020 - $1,425,883) |
|
(iv) |
torch related sales of $2,084,511 (2020 - $1,452,455) |
|
(v) |
biogas upgrading & pollution controls of $6,800,090 (2020 -
$Nil) |
|
(vi) |
other sales and services $582,058 (2020 - $756,936) |
PUREVAP™ related sales includes revenue from the
sale of technologies in the amount of $3,300,000. See note 6 to the
2021 consolidated Financial Statements.
Cost of Sales and Services and Gross
Margins
Cost of sales and services before amortization
of intangible assets was $18,170,626 in 2021, representing an
increase of 144% compared to $7,445,171 in 2020, primarily due to
the additional costs to complete the Pyro Green-Gas contracts
following the acquisition. Increases in employee compensation
$2,650,739 (2020 - $1,379,637), direct materials $14,252,205 (2020
- $4,147,704), manufacturing overhead & other $1,111,975 (2020
- $507,217), were offset by a decrease in subcontracting $872,933
(2020 - $1,281,472), foreign exchange charge on materials
($568,531) (2020 - $147,561) and an increase in investment tax
credits ($148,695) (2020 – ($18,420)).
In 2021, employee compensation, direct
materials, manufacturing overhead & other increased to
$18,014,919 (2020 - $6,034,558), primarily due to the increased
amount of contract values in the Company and in the Pyro Green-Gas
subsidiaries. Of note, the Company in 2020 applied for an amount of
$775,967 in wage subsidy from the Government of Canada under the
CEWS “Canada Emergency Wage Subsidy” program. From this amount,
$118,416 was applied to employee compensation under cost of sales
and services. Subcontracting and foreign exchange charge on
materials decreased to $304,402 (2020 - $1,429,033).
The gross margin for 2021 was $12,431,811 or 40%
of revenue compared to a gross margin of $10,302,668 or 58% of
revenue for 2020. As a result of the type of contracts being
executed, the nature of the project activity, as well as the
composition of the cost of sales and services, the mix between
labour, materials and subcontracts may be significantly different.
The cost of sales and services for 2021 and 2020 are in line with
management’s expectations.
Investment tax credits recorded against cost of
sales are related to projects that qualify for tax credits from the
provincial government of Quebec. Qualifying tax credits increased
to $148,695 in 2021, compared to $18,420 in 2020. The increase is
primarily related to more contracts being eligible for qualifying
tax credits.
The amortization of intangible assets of
$465,913 in 2021 compared to $27,190 for 2020 relates mainly to the
intangible assets in connection with the Pyro Green-Gas
acquisition, patents and deferred development costs. These expenses
are non-cash items and will be amortized over the duration of the
patent lives.
Selling, General and Administrative
Expenses
Included within Selling, General and
Administrative expenses (“SG&A”) are costs associated with
corporate administration, business development, project proposals,
operations administration, investor relations and employee
training.
SG&A expenses for 2021 excluding the costs
associated with share-based compensation (a non-cash item in which
the option expense is amortized over the vesting period) were
$17,474,390 representing an increase of 116% compared to $8,089,945
reported for 2020.
The SG&A expenses, which now include those
of Pyro Green-Gas since the acquisition date, increased in 2021
over the same period in 2020 and the net effect is as follows:
|
(i) |
an increase of 53% in employee compensation primarily due to
additional head count, an increased in commissions and
bonuses, |
|
(ii) |
an increase of 198% for professional fees, primarily due to an
increase in consulting fees, accounting and audit fees, legal fees,
investor relation fees and public listing fees, |
|
(iii) |
an increase of 72% in office and general expenses, is primarily due
to computer, and information technology expenses, |
|
(iv) |
travel costs increased by 11%, due to an increase in travel
abroad, |
|
(v) |
depreciation on property and equipment increased by 464% due to
higher amounts of property and equipment being depreciated, |
|
(vi) |
depreciation on right of use assets increased by 40% due to higher
amounts of right of use assets being depreciated, |
|
(vii) |
investment tax credits increased by 8% to 32,486, |
|
(viii) |
government grants increased by 42%, due to higher levels of
activities supported by such grants, |
|
(ix) |
other expenses increased by 1,051%, primarily due to an increase
in, D&O insurance expense. |
Separately, share-based payments increased by
$5,518,137 in 2021 over the same period in 2020 as a result of the
stock options granted in 2021. This was directly impacted by the
vesting structure of the stock option plan with options vesting
between 10% and 100% on the grant date requiring an immediate
recognition of that cost.
Research and Development (“R&D”)
Costs
The Company incurred $2,535,987 of R&D
expenses, net of government grants, on internal projects in 2021,
an increase of 447% compared to ($731,077) in 2020. The increase in
2021 is due to an increase in R&D activities, the type of
contracts being executed, the nature of the project activity, and
an increase in employee compensation, subcontracting, materials and
equipment and other expenses of $2,000,853 compared to $775,824 and
a decrease in investment tax credits of 684,709 compared to
(1,141,468) reported in 2020.
In addition to internally funded R&D
projects, the Company also incurred R&D expenditures during the
execution of client funded projects. These expenses are eligible
for Scientific Research and Experimental Development (“SR&ED”)
tax credits. SR&ED tax credits on client funded projects are
applied against cost of sales and services (see “Cost of Sales”
above).
Financial Expenses
Finance expenses for 2021 totaled $404,370 as
compared with $524,074 for 2020, representing a decrease of 23%
year-over-year. The decrease in finance costs, is primarily
attributable to the extinguishment of term loans, other loans, and
convertible debentures in 2020.
Strategic Investments
The adjustment to the fair market value of
strategic investments in 2021 resulted in a loss of $21,426,218
compared to a gain in the amount of $44,626,698 in 2020,
representing a decrease of $66,052,916. The decrease is primarily
attributable to the decreased market share value of common shares
and warrants owned by the Company of HPQ Silicon Resources Inc.
Comprehensive (Loss) Income
The comprehensive loss for 2021 of $38,428,495
compared to an income of $41,768,404, in 2020, represents a
decrease of 192% year-over-year. The variation of $80,196,899 in
the comprehensive income (loss) in 2021 is primarily attributable
to the factors described above, which have been summarized as
follows, and includes the profit and loss items of Pyro Green-Gas
since the acquisition date:
(i) |
an increase in product and service-related revenue of $13,293,321
arising in 2021, |
(ii) |
an increase in cost of sales and services of $11,164,178, primarily
due to an increase in employee compensation, direct materials,
manufacturing overhead & other, and amortization of intangible
assets, |
(iii) |
an increase in SG&A expenses not including share-based expenses
of $9,384,445 arising in 2021 primarily due to an increase in
employee compensations, professional fees, office & general,
travel, depreciation of property and equipment, depreciation of ROU
assets and other expenses, |
(iv) |
an increase in R&D expenses of $3,267,064 primarily related to
the increase in employee compensation, subcontracting, materials
and equipment, and other expenses and a decrease in investment tax
credits, recognition of investment tax credits in 2020 and prior
years in the amount of $1,141,468 which include amounts that reduce
Canadian income taxes payable in 2020 and an amount of $365,433 in
government grants, |
(v) |
an increase in share-based expense of $5,518,137, |
(vi) |
a decrease in changes in fair market value of strategic investments
and net finance costs of $65,933,212, |
(vii) |
a decrease in income taxes of $1,773,372. |
EBITDA
The EBITDA in 2021 was a $37,371,658 loss
compared to an EBITDA gain of $43,824,533 for 2020, representing a
decrease of 185% year-over-year. The decrease in the EBITDA in 2021
compared to 2020 is due to the decrease in net earnings and
comprehensive income of $80,196,899, offset by an increase in
depreciation on property and equipment of $292,985, an increase in
depreciation on right-of-use assets of $162,076, an increase in
amortization of intangible assets of $438,723, a decrease in
finance charges of $119,704 and a decrease in income taxes of
$1,773,372.
Adjusted EBITDA in 2021 was a $27,608,913 loss
compared to an Adjusted EBITDA gain of $48,069,141 for 2020. The
decrease of $75,678,054 in the Adjusted EBITDA in 2021 is
attributable to a decrease in EBITDA of $81,196,191, and an
increase of $5,518,137 in share-based payments.
The Modified EBITDA in 2021 was a $6,182,695
loss compared to a Modified EBITDA gain of $3,442,443 for 2020,
representing a decrease of 280%. The decrease in the Modified
EBITDA loss in 2021 is attributable to the decrease as mentioned
above in the Adjusted EBITDA loss of $75,678,054 and an increase in
change of fair value of investments of $66,052,916.
Liquidity
As at December 31, 2021, the Company has cash
and cash equivalents of $12,202,513. In addition, the accounts
payable and accrued liabilities of $10,069,177 are payable within
12 months. The Company expects that its cash position will be able
to finance its operations for the foreseeable future.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a 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.
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 Corporation'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 Corporation with respect to future events and are
subject to certain risks and uncertainties and other risks detailed
from time-to-time in the Corporation's ongoing filings with the
securities regulatory authorities, which filings can be found at
www.sedar.com, or at www.sec.gov. Actual results, events, and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Corporation 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 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.
FURTHER INFORMATION
Additional information relating to Company and
its business, including the 2021 Financial Statements, the Annual
Information Form and other filings that the Company has made and
may make in the future with applicable securities authorities, may
be found on or through SEDAR at www.sedar.com, EDGAR at www.sec.gov
or the Company’s website at www.pyrogenesis.com.
Additional information, including directors’ and
officers’ remuneration and indebtedness, principal holders of the
Company’s securities and securities authorized for issuance under
equity compensation plans, is also contained in the Company’s most
recent management information circular for the most recent annual
meeting of shareholders of the Company.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, VP IR/Comms & Strategic BDPhone: (514) 937-0002, E-mail:
ir@pyrogenesis.com RELATED LINKS: http://www.pyrogenesis.com/
1
https://www.riotinto.com/news/releases/2021/Rio-Tinto-to-strengthen-performance-decarbonise-and-grow
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