“The Company will welcome its day in court where we are confident the truth will prevail and the motives behind those who supported this outcome will be exposed.” Based on prior AMF proceedings, these proceedings will likely take years to conclude. In the interim, investors can take comfort from the fact that after several years of investigation in which events occurring over a period of over 12 years were thoroughly reviewed, all allegations are in connection with only the 2018 Phoenix Transactions. Separately, investors should be reassured by the fact that the administrative penalties being sought against the Company are limited to $550,000, with the vast majority of the financial penalties and costs sought against Mr. Pascali. Management expects to be less distracted by these proceedings compared to the investigation process over the past several years. Management is committed to continue to operate PyroGenesis in the ordinary course with unwavering dedication to our clients and pursuing our shared goals.
Each of Mr. Pascali, Mr. Curleigh and the Company denies the allegations against him/it, believes they are without merit, and will vigorously defend himself/itself. The operations of the Company continue as usual. The Company, Mr. Pascali and Mr. Curleigh will continue to cooperate with the AMF, if and as requested, consistent with their practice to always cooperate with regulatory authorities.