MONTREAL, Sept. 18, 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 that it has received a multi-million dollar order for two (2) DROSRITE™ furnace systems (the “Systems”) from an Asian client (the “Client”); the name, and value of the contract, remain confidential for competitive reasons.
The Systems are the third and fourth commercial systems sold to date, and the first order from this new Client. Delivery of the Systems is expected to be in April 2019.
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. The system has been designed to process and recover valuable metal such as aluminum, zinc and copper from dross.
“DROSRITE™ has been many years in the making; from the original paid-for-demonstration, to the delivery and acceptance of a first commercial unit, to a reorder from the same customer,” said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis. “This order, announced today, from a new Client, positions PyroGenesis as a solid provider of industrial furnaces to the metallurgical industry; particularly to the aluminum sector. PyroGenesis’ DROSRITE™ system provides exceptional return on investment to our customers, all with a green technology that has, in our opinion, no equivalent in the market.”
The previously announced paid-for-demonstration for zinc recovery in India is about to begin, and the trials are expected to be completed within the next ten (10) weeks. In addition, previously announced tolling discussions continue with potential joint venture partners. A successful site visit was recently completed.
“This double order, from a new Client, reflects the fact that DROSRITE™ is finally gaining acceptance. The addition of the mini DROSRITE™ (500 TPY), to our original offering (5,000 TPY), together with the decision to embrace tolling opportunities, has effectively positioned PyroGenesis as a one stop shop for dross processing,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “The announcement today must be taken in the context of what we are doing; we are essentially introducing a new technology into a very conservative industry. This is not a platform where change is expected and embraced. To the contrary, the mere fact that we claim to be able to process dross without salt is viewed skeptically and, as such, is another hurdle we had to overcome. What is readily apparent to us is the value proposition DROSRITE™ offers to an industry that rarely sees improvements of such magnitude, and what that means for PyroGenesis. There is over 3,000,000 TPY1 of Aluminum dross produced, which when added to the market for processing zinc and copper dross, creates a very significant business opportunity for the Company. Given the fact that, as I said, this is a new technology we are introducing to a conservative industry, it was difficult to predict with certainty if, and when, DROSRITE™ would take hold, but there was no doubt in our mind that when it did, and it looks like this double order is the start, it would be significant and long term, creating additional value for shareholders.”
Furthermore, PyroGenesis will be presenting its DROSRITE™ solution, and exhibiting at “Aluminium 2018” being held in Düsseldorf, Germany between October 9 and 11 (Hall 11, booth G50/06). Contact us to book an appointment or meet with us there.
Separately, the Company has received conditional approval from the TSX Venture Exchange of the previously announced Normal Course Issuer Bid to purchase up to 5% of the Company’s common shares issued and outstanding over a period of twelve (12) months.
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. 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 m2manufacturing 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 Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. 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 OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
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1 AlCircle, « Aluminum Dross Processing: A Global Review », 2017.