MONTREAL, July 26, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (
http://pyrogenesis.com) (TSX-V:PYR), a TSX Venture 50® high-tech company, (the "Company", the “Corporation” or "PyroGenesis") a Company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce today, further to its press release dated November 16th, 2017, that it has successfully completed the fabrication and factory acceptance test of the DROSRITE™ Furnace System (the “System” or “DROSRITE™”) ordered last November from a North American Automobile Parts Manufacturer (the “Client”); the name of which remains confidential for competitive reasons. The System is now being prepared for shipment and is scheduled to be in full operation in Q4-2018.
The fabrication of the System is now complete, has met all the requirements to operate efficiently, and has met the factory acceptance test required by the Client. As previously announced, this System is the second commercial System sold to date and represents a re-order from the Client.
As previously noted, 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 and relatively quick return on investment. The System has been designed to process and recover valuable metals such as aluminum, zinc and copper from dross.
“Additional sales, which have been described in previous press releases, are expected to be concluded and to contribute significantly to the Company’s bottom line,” said Mr. P. Peter Pascali, President & CEO of PyroGenesis. “As mentioned previously, cultural differences, time zones, political unrest, religious holidays and summer vacations have all played their part in the delays with respect to the negotiations and the conclusion of additional commercial sales.”
On a separate, but related matter, the Company announces today that it is in discussion with several smelters to provide on-site dross tolling services under long term take-or-pay contracts. As well, the Company is in active discussions with a potential partner relative to the establishment of a joint venture which could help accelerate this line of business. A tolling service arrangement is one in which a smelter provides dross to a third party to process either on or off-site. In this case, PyroGenesis would provide a tolling service using its patented DROSRITE™ System to process the dross and recover valuable metals for a fee.
“Tolling is a logical extension of being a DROSRITE™ system supplier to smelters,” said Mr. David D’Aoust, Sales Manager – DROSRITE™. “We have found that although many smelters like the idea of operating their own systems, there are quite a few who would prefer not to and, as such, would prefer to have a third party process the dross on-site. We can be that third party. The demand for PyroGenesis’ DROSRITE™ System is quickly gaining traction. Our original DROSRITE™ Systems process between 3,000-7,500 tons of dross per year. We recently announced the addition of a new mini-DROSRITE™ System which can economically process 500 tons of dross per year, which now effectively targets thousands of smaller smelters. The addition of tolling to this mix effectively positions PyroGenesis as a one stop shop for dross processing."
“Tolling is something we did not think would be an option for another 18 months”, said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “However, discussions have taken place which create an opportunity that deserves consideration at this time. Tolling is the ultimate recurring revenue stream for our DROSRITE™ business line and one which we must explore. Teaming up with a large multi-national corporation, who has the experience and organizational depth required to execute this strategy, would help accelerate our time to market.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides technical 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 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 technical services to the global marketplace. Its operations are ISO 9001 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian corporation 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 Corporation'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 Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation'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 Corporation 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
OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
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