PyroGenesis Secures New Contract with Global Mining and Metallurgical Company
MONTREAL, July 11, 2012 /PRNewswire/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSXV: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, announced today that it has been awarded a follow-on contract from a Multinational Mining and Metallurgical Company, which has requested that its name, as well as the details of the process be withheld for competitive reasons.
As a result of the successful piloting work carried out by PyroGenesis for this Multinational Mining and Metallurgical Company over the past several years, PyroGenesis has now been engaged to carry out engineering, testing and fabrication of plasma equipment and high temperature reactors as part of a plan to develop a novel, commercial scale plasma-powered metallurgical process.
"We are proud of the continued confidence that this global customer has shown in our technology, our team and our products", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "This contract further demonstrates PyroGenesis' ability to leverage its core competencies to develop and scale up novel plasma-based solutions which enable its customers to gain competitive advantage."
Under this contract PyroGenesis will design, deliver and test a high temperature plasma-fired furnace for a more integrated metallurgical pilot process. The total value of this three phase contract is $1.07 million over 9 months. The first phase, valued at $778,000 has been awarded. It is anticipated that the successful completion of this contract could result in several multi-million dollar follow-on contracts.
"The unique characteristics of plasma based processes is that we can achieve extremely high temperatures without the need for fossil fuels", said Gillian Holcroft, Chief Operating Officer of PyroGenesis. "In addition, because we can "select" the plasma forming gas, plasma processes can help to ensure that the "right" chemistry is taking place for cost effective advanced material production without the generation of green house gases."
"This contract, together with the receipt of an additional $1.0 million in tax credits, combined with recent discussions with the U.S. Armed Forces regarding a plasma system reorder, which would be the first time in history that a plasma waste system is reordered by a customer, management is confident that we have successfully managed the gap period between the announcements in 2011 of the acceptance of PyroGenesis' first orders by the US Navy and the US Air Force, and reorders of the Company's plasma based waste destruction systems ", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis.
About PyroGenesis Canada Inc.
PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, which can be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications. 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. 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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