PyroGenesis Secures Additional Contract from Global Oil & Gas Company
MONTREAL, Jan. 21, 2014 /PRNewswire/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, announced today that it has been awarded a contract from a Global Oil & Gas Company ("Client"), whose name has been withheld for competitive reasons. This contract will determine the cost benefit of integrating PyroGenesis' plasma based technology within the Client's existing industrial operation. This is the third contract awarded to PyroGenesis in the past nine months within the Oil & Gas sector; all of which have been geared towards finding novel plasma based solutions to problems that have been challenging this industry.
PyroGenesis is a leader in introducing novel plasma solutions into high value niche markets. Recent successes include an order and re-order from the US Navy for a PyroGenesis Plasma Waste Destruction System, the acceptance of PyroGenesis' Plasma Waste to Energy System by the US Air Force, the sale of PyroGenesis' Plasma Waste to Energy System in Europe, the introduction of a Steam Plasma System for the destruction of ozone depleting substances within the appliance recycling sector and the demonstration of advanced material production in the Mining & Metallurgical industry using plasma.
"The incorporation of novel plasma based technologies into the Oil & Gas Sector is a long time in the making, and PyroGenesis is proud to be a leader in introducing the advantages of plasma into this multibillion dollar industry", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "PyroGenesis is confident that a positive economic outcome from this contract, which will be completed in the next few months, will ultimately result in a full scale industrial plasma installation worth several million dollars."
"PyroGenesis has found that the Oil & Gas sector is highly receptive to cutting edge technologies, and are willing to invest in technologies, such as PyroGenesis' patented plasma based solutions, which can have a significant impact on their current and future profitability", said Gillian Holcroft, Executive Vice President- Strategic Alliance for PyroGenesis , "PyroGenesis' strategic decision to target the Oil & Gas sector is rapidly gaining traction and it seems that this industrial sector will quickly become a significant contributor to PyroGenesis' bottom line."
About PyroGenesis Canada Inc.
PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, which can be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications. 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. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PyroGenesis Canada Inc.
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