PyroGenesis Announces Receipt of an LOI for Three 10-Ton DROSRITE™ Systems from an Existing Client
June 07 2021 - 3:05PM
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 that it has
received a Letter of Intent (LOI) from an existing client, to
purchase three 10-ton DROSRITE™ systems. The contract, if
finalized, is expected to be in the range of $10-15 Million. The
Client’s name shall remain anonymous for competitive and
confidential reasons.
As a result of an existing client’s decision to
expand its aluminum processing facilities, a need to process an
additional 30 tons of dross is anticipated. At this stage three
10-ton DROSRITE™ systems are projected to be needed, but this may
change to a combination of 5-ton and 10-ton DROSRITE™ systems.
“This is indeed a very interesting development,
and one which we did not expect,” said P. Peter Pascali, CEO and
Chair of PyroGenesis. “Today’s announcement is confirmation of the
rapid adoption of our environmental technologies within the
aluminum industry. Our Drosrite™ offering enables smelters to
operate in a more economical and environmentally friendly
fashion.”
“Aside from the three systems disclosed today,
PyroGenesis now has eleven (11) commercial Drosrite™ systems either
in full operation, delivered or in the process of being delivered,”
added Mr. Pascali. “Once all eleven systems are in operation, the
Company expects to benefit from a recurring revenue stream, from
spare sparts alone, in excess of $4 Million per year.”
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’ process avoids costly loss of metal while reducing a
smelter’s carbon footprint and energy consumption, providing an
impressive return on investment.
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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