PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes plasma atomized metal powders,
environmentally friendly plasma waste-to-energy systems and clean
plasma torch products, is pleased to announce today the
appointments of Ms. Nannette Ramsey, as an independent director to
the Board of Directors (the “Board”) and, separately, Mr. Ben Simo
as Chief Financial Officer (CFO) of the Company.
Ms. Ramsey holds undergraduate degrees in
Economics, Engineering and an MBA. She brings manufacturing
experience from Caterpillar Tractor Company, J.I. Case and more
recently served as the Site Manager and Associate Director of
Engineering for Edgewood Chemical Biological Center’s site at the
Rock Island Arsenal in Illinois. She was responsible for
strategic planning, budgeting, engineering support and testing,
quality assurance and information technology solutions to a variety
of customers. The Company has granted Ms. Ramsey stock options to
acquire 200,000 common shares of the Company with an exercise price
of $6.59 per common share, and which are exercisable over a period
of five (5) years. The options are granted in accordance with the
Company’s stock option plan.
“Ms. Ramsey’s extensive manufacturing experience
is a valuable addition to the Board. I am pleased to welcome her on
behalf of the Board as an independent director,” said Mr. P.
Peter Pascali, CEO and Chair of PyroGenesis. “Her
strong experience combined with her extensive engineering expertise
also fits well with the Company’s next stage of growth. We
are looking forward to Ms. Ramsey’s insights and
perspectives during this exciting time in the Company's
evolution.”
The appointment of Ms. Ramsey remains subject to
regulatory and exchange approval.
Mr. Simo has more than 20-years of experience in
finance with manufacturing and high-tech companies, including
publicly traded companies, in Canada. He holds an MBA as well as
Canadian-based professional accountant designations. Mr. Simo
brings his extensive experience in corporate finance, operational
finance, accounting, taxation and financial reporting to the
Company as he will be overseeing the finance/accounting departments
while contributing to the execution of the Company’s strategic
plan.
“I am also pleased to welcome Ben as
PyroGenesis’ CFO,” added Mr. P. Peter Pascali. “His broad financial
expertise, combined with his experience in manufacturing and
high-tech companies, is a welcome addition to the PyroGenesis
family. Ben will help us execute, and further develop, our growth
strategies. As the Company will no longer need an interim CFO, Mr.
Michael Blank will be stepping down from his role at PyroGenesis.
The Company and its Board of Directors thank him for his
contributions, and wish him all the best in his future
endeavors.”
Separately, the Company announces today that the
Board of Directors (the “Board”) has appointed Raymond Chabot Grant
Thornton LLP (the “Successor Auditor”) as the Company’s new
auditor, replacing KPMG LLP (the “Former Auditor”), effective May
21st, 2021.
The Company confirms that there have been no
modified opinions in the Former Auditor's reports for the two most
recently completed financial years or for any period subsequent to
the most recently completed period for which an audit report was
issued and preceding May 21st, 2021; the Company's Board and
Audit Committee each approved the resignation of the Former Auditor
and the appointment of the Successor Auditor in place of the Former
Auditor; there were no reportable events (as defined in National
Instrument 51-102) in connection with each of the Former Auditor's
audit of the Company which occurred prior to their resignation as
auditors of the Company; and the Notice of Change of Auditor was
approved by the Company's Board.
“The decision to ask KPMG for their resignation
was based solely on a strategy to better match our needs with the
cost of services provided,” said Mr. P. Peter Pascali. “We believe
this change reflects a better alignment of those elements.”
In accordance with NI 51-102, the notice of
change of auditor, together with the required letters from the
Former Auditor and the Successor Auditor, have been reviewed by the
Board of the Company and filed on SEDAR and EDGAR.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a leader in the design, development, manufacture and
commercialization of advanced plasma processes and products. The
Company provides its engineering and manufacturing expertise and
its turnkey process equipment packages to customers in the defense,
metallurgical, mining, advanced materials (including 3D printing),
and environmental industries. With a team of experienced engineers,
scientists and technicians working out of its Montreal office and
its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis
maintains its competitive advantage by remaining at the forefront
of technology development and commercialization. The Company’s core
competencies allow PyroGenesis to provide innovative plasma
torches, plasma waste processes, high-temperature metallurgical
processes, and engineering services to the global marketplace.
PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified.
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.sec.gov. 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 Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the NASDAQ Stock
Market, LLC accepts responsibility for the adequacy or accuracy of
this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
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