RE:RE:New Press Release - PyroGenesis Announces Purchase of US-Based Drosrite InternationalGreat post from @helloween from ceo:
@helloween Yes Drosrite international was founded in December 2018 for the purpose of getting the contract with Radian Oil in Saudi. In the wake of Saudi/Canada feud over Badawi imprisonment in 2018, Saudi had put a ban on new trades and investments from Canada, making it impossible for Pyrogenesis to deal directly with any Saudi company. So with Drosrite International they could get around this problem but they had to build their Drosrite on American soil. When PYR begun trade on the NASDAQ, they had to clarify their business relations with Drosrite international as a subsidiary on an accounting basis thus making their ties ambiguous. Since Saudi/Canada relations has completely returned to normal in may 2023, there is no more interest in keeping Drosrite has a stand alone entity and now with a fully owned american company it's even more relevant now to delete the "Canada" in Pyrogenesis' name. BCONTVentures wrote: Excellent, from the NR:
“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.”