PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX:
PYRGF) (FRA: 8PY), a high-tech company (the “Company” or
“PyroGenesis”) that designs, develops, manufactures and
commercializes advanced plasma processes and sustainable solutions
which are geared to reduce greenhouse gases (GHG) and address
environmental pollutants, is pleased to announce that the Company
has purchased 100% control of Drosrite International, a US-based
private company, for CAD$1.00. Drosrite International had already
been, on an accounting basis, a subsidiary of the Company, but
legally a stand-alone entity.
An exclusive agreement was entered into between
PyroGenesis and Drosrite International on August 29, 2019, under
which Drosrite International received the required rights from
PyroGenesis to manufacture, market, sell and distribute Drosrite™
systems and technology to the Kingdom of Saudi Arabia, and certain
other countries in the Middle East.
With the purchase agreement announced today, the
Company acquires full control of Drosrite International.
“Not only does this acquisition clear up, once
and for all, the accounting vs. legal ambiguity surrounding the
relationship between PyroGenesis and Drosrite International, but it
more importantly now provides PyroGenesis with a 100%-owned US
subsidiary through which we can now consider expanding our
activities,” said Mr. P. Peter Pascali, President and CEO of
PyroGenesis Canada Inc. “This is an important first step within our
continually evolving international strategy for the Company.”
PyroGenesis’ involvement in aluminum dross
processing is part of PyroGenesis’ three-tiered solution
ecosystem that aligns with economic drivers that are key to
global heavy industry. Drosrite™ systems are part of PyroGenesis’
Commodity Security & Optimization tier, where the recovery of
viable metals and the optimization of production to increase output
helps to maximize raw materials and improve the availability of
critical minerals.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a proud leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG) and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. 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 operations are ISO
9001:2015 and AS9100D certified, having been ISO certified since
1997. For more information, please visit: www.pyrogenesis.com.
About Drosrite International
LLC
Drosrite International (DI) is a US based
private company duly constituted and existing under the laws of the
State of Delaware, providing state-of-the-art waste management
technologies to the aluminum industry. DI is duly licensed by
PyroGenesis to manufacture, market, sell and distribute Drosrite™
systems and technology to the Kingdom of Saudi Arabia, and certain
other countries in the Middle East, on an exclusive basis. All
Drosrite™ systems supplied by DI are manufactured in the USA. DI is
considered to be a separate entity from a legal standpoint, but is
controlled by PyroGenesis for accounting purposes and as such is
consolidated into PyroGenesis’ financial statements.
Cautionary and Forward-Looking
Statements
This press release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by the Company as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in the
Company’s latest annual information form, and in other periodic
filings that the Company has made and may make in the future with
the securities commissions or similar regulatory authorities, all
of which are available under the Company’s profile on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect the Company.
However, such risk factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, 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 OTCQX Best Market
accepts responsibility for the adequacy or accuracy of this press
release.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BD E-mail:
ir@pyrogenesis.com RELATED LINK: http://www.pyrogenesis.com/
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