RE:RE:Drosrite International LLC – Alex Pascali This was already explained, discussed, debated, bashed, and hailed ad nauseum, it's always been a subsidiary. It was structured as a separate legal entity (owned by Pyro) to gain access to clients that are out of reach geopolitically from Canada.
FYI, this is not unique, Peter is a great CEO and pretty smart but I can't give him credit for "inventing" a new way of doing business, companies are and have been doing this for centuries (maybe longer)... it's business nothing more nothing less.
stay safe!
developbc wrote: Nothing of concern..AMF/Regulatory obviously wanted clarity in this regard.
Key point is the money is indeed flowing back to PyroGenesis NOT to Pete.
They are separate legal entities regardless of the accounting and label.
Its very late now....post question on Agoracom if need more clarity instead of calling and shady label.
Long and strong PYROGENESIS!!
OTChawk wrote: Summary of Material Change
This material change report is filed to clarify and provide additional disclosure on matters that have previously been disclosed by the Company and update the Company’s continuous disclosure documents...
Full Description of Material Change
On October 9, 2019, PyroGenesis announced that the business line behind a $20 million contract, plus subsequent years revenue, is DROSRITE, and the client is Drosrite International LLC (“Drosrite International”), a US-based private company. However, Drosrite International is, on an accounting basis, a subsidiary of the Company and not a client, as under applicable accounting standards the Company is considered to effectively control Drosrite International. The sole director, officer and shareholder of Drosrite International is Alex Pascali, an employee of the Company and the son of P. Peter Pascali, Chief Executive Officer of the Company....
https://www.sedar.com/GetFile.do?lang=EN&docClass=14&issuerNo=00031955&issuerType=03&projectNo=03130016&docId=4825032
Drosrite International LLC was never a "client" but a subsidiary. Drosrite´s sole director is Alex Pascali, Peter´s son. That matter has been previously disclosed by Pyrogenesis. Why? It looks like behind that $20mil deal is actually Peter himself. I don´t know why Peter didin´t provide additional disclosure before. Maybe it doesn´t matter? I would like to know more about that agreement, it looks a bit shady right now.
Call me a short, idgaf. I think this is a topic that needs to be discussed.