MONTREAL, QUEBEC–(Marketwired – Oct. 3, 2016) – PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, is pleased to announce today that, further to its press release of July 25, 2016, wherein the Company announced that the first (1st) of five (5) fully funded military contracts totaling approx.CDN$3.8MM had been signed for US $950,000, has now signed additional military contracts totaling over US $1.3MM (approx. CDN$1.7MM). The Company will provide further details on these additional contracts in a future press release once the specifics have been approved by the client, which approval is expected within the next sixty (60) days.
The remaining balance of approx. CDN$800,000 to be contracted for is expected to be signed within the next sixty (60) days, with the total amount of CDN$3.8MM expected to be completed within Q1 2017.
The Company has already commenced work on these contracts.
Additionally, the Company announces today that a separate military contract for approx. US $1MM (CDN$1.3MM) is expected to be signed within the next forty-five (45) days, details of which will be released at that time.
“The signing of these contracts are a continued testament to the level of confidence military organizations have in PyroGenesis’ experience and expertise, and our ability to perform to such distinct military standards,” said P. Peter Pascali, President and CEO of PyroGenesis. “Furthermore, as a result, the Company has now signed, since June 30, 2016, contracts in excess of $11.2MM, and with the signing of the additional contracts noted herein, this benchmark is expected to increase, within the next 45 days, to more than CDN$13MM, or over 2x 2015 revenues.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and onthe OTCQB Marketplace (Ticker Symbol: PYRNF). 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 Company’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 Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company 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 TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
