MONTREAL, Aug. 30, 2012 /PRNewswire/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSXV: PYR), announced today that it has been awarded a plasma torch system contract by an Asian company (the "Client"), the name and origin of which may not be disclosed for competitive reasons.
This ten (10) month, two phase contract, with a value of $2.2 million will require PyroGenesis to design, manufacture and deliver a fully automated plasma torch system comprised of eight (8) air plasma torches. The contract is projected to begin September 23rd 2012.
"This contract is a direct result of management's decision to strategically develop its core competencies into new market niches which complement PyroGenesis' plasma waste-to-energy systems", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "This decision has resulted in new business earlier than expected and is a direct consequence of our marketing efforts combined with our superior product line performance. As such we expect this sector to be an even bigger bottom line contributor than originally anticipated."
"We are very proud of having been selected as the plasma torch provider for this project; this not only is a great opportunity for PyroGenesis but also offers the Company the opportunity to cross-sell its other products into the Asian market", said Gillian Holcroft, Chief Operating Officer of PyroGenesis.
"This contract underscores the difference between Pyrogenesis and all other plasma waste-to-energy companies; plasma torch and plasma torch development is our core competency", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "We have been developing and commercializing plasma torches for over 20 years".
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.
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SOURCE PyroGenesis Canada Inc.