PyroGenesis Receives $667K Non-Refundable Down Payment under a Master Agreement for Multi-Year Multi-Plasma Torch Purchases
16 Januar 2024 - 1:30PM
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 that, further to
the Company’s previous disclosure in the Q3 2023 financial outlook
dated November 9, 2023 regarding ongoing negotiations for a
contract valued at over $10 million, PyroGenesis has now received a
non-refundable down payment totaling $667,252 (US$500,000) from a
US-based technology company (the “Client”). The Client’s name shall
remain anonymous for competitive and confidential reasons.
This non-refundable down payment is made
pursuant to a recently signed Master Agreement between PyroGenesis
and the Client and provides for a period of exclusivity until
February 15, 2024, during which the Client expects to secure
financing and complete a first statement of work (“SOW”) with
PyroGenesis. The Master Agreement provides that, during this
exclusivity period, PyroGenesis and the Client will work
collaboratively with the goal of finalizing and executing this
initial SOW, which would outline the terms that PyroGenesis would
design, build, and deliver five (5) high power 2MW air plasma torch
systems for an aggregate price of approximately US$13 million. The
Master Agreement contemplates additional SOWs being entered into
for the purchase of torches, related equipment, and services.
“This nonrefundable down payment is a
significant step towards concluding the first SOW under the Master
Agreement, a contract which anticipates many more SOWs to come,”
said Mr. P. Peter Pascali, President and CEO of PyroGenesis.
“Provided the Client receives adequate financing, this contract has
the potential to be a springboard from which PyroGenesis introduces
a significant number of plasma torches into the marketplace. These
direct sales would have an obvious impact on revenues and
profitability, but they would also speak to our strategy to develop
ongoing revenue streams from activities such as maintenance and
spare parts sales. As industries increasingly seek efficient
alternatives to fossil fuel-based systems, PyroGenesis’ electric
and carbon-free plasma torches continue to be proven as not just a
highly suitable alternative, but also a potentially faster and more
cost-effective solution.”
The Company’s development of plasma torches is
part of the Company’s three-tiered solution ecosystem that aligns
with economic drivers that are key to global heavy industry. The
use of plasma torches is part of the Energy Transition &
Emission Reduction tier, where fuel switching to the Company’s
electric-powered plasma torches helps heavy industry reduce fossil
fuel use and greenhouse gas emissions.
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
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