PyroGenesis Announces Corporate Name Change of Subsidiary Drosrite International to PyroGenesis International
23 Juli 2024 - 1:00PM
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 its
subsidiary Drosrite International (DI) will henceforth be named
PyroGenesis International. The Company’s Board of Directors is
currently reviewing various locations in the United States where
PyroGenesis International could be located.
As announced previously in a news release on
July 8, 2024, the Company has purchased 100% control of DI, a
US-based private company. DI had already been, on an accounting
basis, a subsidiary of the Company, but legally a stand-alone
entity. With the purchase agreement announced on July 8, the
Company has acquired full control of DI.
As previously noted by Mr. P. Peter Pascali,
President and CEO of PyroGenesis Canada Inc.: “Not only does this
acquisition clear up, once and for all, the accounting vs. legal
ambiguity surrounding the relationship between PyroGenesis and
Drosrite International, but it more importantly now provides
PyroGenesis with a 100%-owned US subsidiary through which we can
now consider expanding our activities.”
Today’s announcement of DI’s name change to
PyroGenesis International is another key step in PyroGenesis’
continuously evolving international strategy for the Company.
“This change of DI’s name to PyroGenesis
International is part of a series of ongoing broader initiatives
that, combined, will serve to better reflect the global impact the
company is having, while allowing for certain future initiatives to
be serviced in the appropriate location,” added Mr. Pascali.
This name change does not involve any
restructuring, change of control, or other corporate
reorganization, either to PyroGenesis International or to
PyroGenesis Canada Inc.
About PyroGenesis Canada
Inc.
PyroGenesis, 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. The
Company 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.
PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX:
PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock
Exchange in Germany (FRA: 8PY). 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 PyroGenesis 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
PyroGenesis’ 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 PyroGenesis’ profile on SEDAR+ at
www.sedarplus.ca. 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. PyroGenesis 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 BD E-mail:
ir@pyrogenesis.com RELATED LINK: http://www.pyrogenesis.com/
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