MONTREAL, QUEBEC--(Marketwired - April 25, 2016) - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR) (OTCQB:PYRNF), a TSX Venture clean-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 successfully completed the factory acceptance test of six (6) plasma torches under its previously announced contract with Asian-based client (the "Client") for the design, manufacture and delivery of a fully automated plasma torch system (the "Contract"). The testing was conducting at PyroGenesis' facilities in Montreal in the presence of the Client and provided for the completion of the second phase of the Contract. The Client's name and origin remain confidential for competitive reasons.
As previously noted, this US$2.2M Contract is for the delivery of a fully automated plasma torch system comprised of eight (8) air plasma torches to be used at the Client's waste-to-energy plant in Asia. PyroGenesis has received full payment for this second phase of the Contract, which includes the delivery of the remaining six (6) plasma torches and accessory equipment, with shipment of these units to be expected by the end of the current month.
During the visit, PyroGenesis was asked to support the System start-up at its Client's plant in Asia and to supply additional spare parts and consumables. Furthermore, the Client expressed an immediate need for three (3) new multi-torch systems, with delivery expected as early as next year.
According to BioEnergy Consult, a consulting and advisory organization specialized in biomass energy and waste-to-energy, the global market for biological and thermochemical waste-to-energy technologies is expected to reach US$29.2 billion by 2022.1 The global waste-to-energy market, according to Transparency Market Research analysts, is anticipated to grow at a rate of 8.1 percent annually until 2019, with the Asia Pacific region now accounting for the largest part of the world market at 40%.2
"With increased urbanisation in this part of the world, the need for sustainable waste management technologies is rapidly growing," said P. Peter Pascali, President & CEO of PyroGenesis. "In our efforts to meet the exact requirements of the US Navy, PyroGenesis succeeded in developing a robust, easy-to-operate plasma torch with an electrode life amongst some of the longest in the industry, and it is my belief that our proprietary plasma torch will serve as the backbone for next generation waste-to-energy systems for hazardous, industrial and municipal solid waste worldwide. This order and the anticipated re-orders from our Client are but a first step in this evolution."
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.
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1 http://www.bioenergyconsult.com/trends-in-waste-to-energy-industry/
2 https://www.rwlwater.com/global-waste-to-energy-market-growth-expected/
Contact Information:
P. Peter Pascali
Chief Executive Officer
(514) 937-0002
ir@pyrogenesis.com