MONTREAL, Nov. 16, 2017 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR) (OTCQB:PYRNF), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today that it has received a purchase order, in the amount of US$ 800,000 (Can$ 1.02 million), for the sale of a second (2nd) DROSRITE™ Furnace System (the “System”) to a North American automobile parts manufacturer (the “Client”).
The system is the second (2nd) commercial System sold to date and represents a re-order from the Client; the name of which remains confidential for competitive reasons. Delivery is scheduled to be in Q2-2018, and the contract calls for a fifty percent (50%) down payment and ten percent (10%) holdback.
PyroGenesis’ DROSRITE™ System is a salt-free, cost-effective, sustainable process for maximizing metal recovery from dross, a waste generated in the metallurgical industry. PyroGenesis’ patented process avoids costly loss of metal while reducing a smelter’s carbon footprint and energy consumption, providing an impressive return on investment.
“With aluminum manufacturers being subjected to increased pressure from regulatory authorities, requiring them to eliminate landfilling of hazardous salt cakes from traditional recovery operations, combined with tight operating margins, PyroGenesis’ DROSRITE™ System is able to (i) increase metal recovery from waste, without producing any hazardous by-products, while (ii) reducing operating costs,” said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis.
Additionally, as previously announced, PyroGenesis had received an unsolicited offer from a waste management company to be the sole distributor of PyroGenesis’ DROSRITE™ System within the Gulf Cooperation Council (the “GCC”). A successful DROSRITE™ demonstration was conducted at a major aluminum smelter, following which a formal visit took place at PyroGenesis’ facility in Montreal, Canada. Negotiations for the sale of DROSRITE™ Systems are currently underway.
Separately, a potential client from India has engaged PyroGenesis to perform a pilot demonstration at its manufacturer facility. The pilot system is currently being deployed to India for a demonstration scheduled in Q1-2018.
“PyroGenesis has recently hired a dedicated business development professional to address the growing demand for DROSRITE™,” said Massimo Dattilo, VP, Business Development of PyroGenesis. “Given our existing Client’s need for an additional 2 systems; combined with the continuing demand from the Middle East; and the fact that the Company’s demonstration unit is currently in-transit to India, all reflects, we believe, DROSRITE™’s success at addressing a serious need within the aluminum industry. The Company is currently targeting primary aluminum smelters in Asia and the Middle East where the market is estimated to be in excess of 1 million tonnes of dross1, as well as tertiary casting producers worldwide, all of which we expect will represent a potential requirement for DROSRITE™ systems numbering in the hundreds of units.”
“We expect DROSRITE™ to be a significant contributor to the operations of our non-additive business segments,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “It underscores the success of our strategic plan in targeting high value niche problems in various industries. The fact that we have one of the largest concentrations of plasma expertise, under one roof, gives us the unique advantage of being able to target, and address, these opportunities.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (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. Its 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. Its operations are ISO 9001:2008 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and on the 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.
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