MONTREAL, Jan 11, 2016 /CNW Telbec/ - PyroGenesis Canada
Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF), a
TSX Venture 50® clean-tech company (the "Company" or "PyroGenesis")
that designs, develops, manufactures and commercializes plasma
waste-to-energy systems and plasma torch products, announced today
that its DROSRITETM Furnace System (the "System" or
"DROSRITETM") has successfully passed inspection by its
client, a North American automobile parts manufacturer (the
"Client"), and has been shipped for installation at the Client's
facilities. A milestone payment of $203,700 has been received by PyroGenesis. The
Client wishes to remain confidential for competitive reasons.
DROSRITE™ is a salt-free, cost-effective, sustainable process
for maximizing metal recovery from dross, a waste generated in the
metallurgical industry. DROSRITE™ avoids costly loss of metal while
reducing a smelter's carbon footprint and energy consumption,
providing an impressive return on investment. PyroGenesis' patented
DROSRITE™ process increases aluminum alloy recovery from dross and
reduces operating costs while at the same time producing no
hazardous by-products. In contrast, competing processes have
significantly higher operating costs and produce a hazardous waste
that has to be disposed of at additional cost. PyroGenesis filed a
patent for DROSRITE™ in 2012.
As previously announced, the Company entered into an agreement
with its Client to deliver a commercial System by the end of 2015.
The Client recently conducted an on-site visit and after a
successful inspection, the System was shipped and is now ready for
installation at the Client's facilities. Commissioning is
expected to commence shortly with final acceptance within Q1
2016.
"The acceptance of this system marks the first commercial sale
of a DROSRITETM system world-wide and underscores the
Company's ability to successfully identify, address, and solve
problems which have wide ranging impact," stated P. Peter Pascali, President and CEO of
PyroGenesis. "Once this system is
successfully commissioned and its performance
demonstrated, we will be able to market DROSRITETM to
other automobile parts manufacturers as well as target larger
markets such as the primary and secondary aluminum smelters."
In an unrelated matter, the Company wishes to clarify that
pursuant to its recently completed private placement, the Company
granted 91,000 finder's options (the "Options") along with the
previously announced finder's fee of $18,200. Each Option entitles the holder to
acquire a Common Share of the Company at a price of $0.50 for a period of 24 months following the
closing date.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company,
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 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.
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.