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,
further to its press release dated September 12, 2023,
it has received the second milestone payment of approximately
$520,000 (US $378,900). This payment is associated with the
engineering phase, of the plasma torch contract with a U.S.
corporation (the “Client”), geared to destroy Perfluoroalkyl and
Polyfluoroalkyl Substances (“PFAS”). The name of the Client will
remain anonymous for confidentiality reasons.
The engineering phase is nearing completion
representing a key milestone in PyroGenesis' development of a
state-of-the-art plasma torch technology suitable for PFAS removal.
PyroGenesis is on track to begin the manufacturing process over the
coming weeks. The Company expects to complete the manufacturing
phase by the end of the second quarter of 2024.
“We are very pleased with the progress to date
in developing this new state-of-the-art plasma torch, and look
forward to the upcoming completion of the manufacturing phase,”
said Mr. P. Peter Pascali of PyroGenesis. “The eventual completion
of the manufacturing phase will mark an important milestone in
PyroGenesis' stated goal to advance PFAS eradication using
state-of-the-art plasma torch technology. Today brings us one step
closer to delivering a PyroGenesis based solution that addresses
critical environmental challenges, reinforcing our unwavering
commitment to sustainable innovation.”
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. As previously
mentioned, research suggests exposure to some PFAS might result in
harmful health outcomes, including cancer, increased cholesterol
levels, and immune system effects1. Products that may contain PFAS
include nonstick cookware, stain resistant coatings used on
carpets, upholstery, and other fabrics, water resistant clothing,
cleaning products, personal care and cosmetics products and any
other products that resist grease, water and oil2. Because of
their widespread use and strong chemical bonds and properties,
which account for their persistence in the environment, PFAS are
proving to be persistent pollutants that affect humans and
wildlife, as they are likely to be exposed to these chemicals by
consuming contaminated water or food, using products made with
PFAS, or breathing air containing PFAS.
The Company’s development of plasma torches for
use in the safe destruction of hazardous chemicals such as PFAS 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 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.
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 3,800 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.ca, or at www.otcmarkets.com. 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 BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
1
https://www.cdc.gov/niosh/topics/pfas/default.html2
https://www.atsdr.cdc.gov/pfas/health-effects/exposure.html
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