MONTREAL, June 5, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (https://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 to engineer a Tactical Mobile Plasma System for the Destruction of Chemical Warfare Agents such as those being dealt with in Syria. This has been the successful result of extensive discussions with specialty military groups over the past 18 months.
Whereas the destruction of massive amounts of chemical weapons is being addressed by a US Army developed technology, the situation in Syria has highlighted the urgent need for a tactical mobile unit that can be readily deployed, have rapid destruction capabilities and generate no toxic by-products. "PyroGenesis' proposed solution will meet these requirements with the push of a single button", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc..
"Delivering a technology that can be dropped off the back of a plane in the harshest environment to instantaneously destroy some of the most dangerous substances known to man has significant commercial ramifications. The system is scalable and, as such, larger units can be delivered for the in situ destruction of both hazardous chemicals and biological threats. The risk and expense of moving toxic substances will soon be avoided through the deployment of a PyroGenesis Tactical Unit", said Gillian Holcroft, Executive Vice President, Strategic Alliances.
This mission is comprised of two phases, the first of which has been contracted and under which PyroGenesis is currently working. Funds for the second phase have been allocated but have not yet been contracted for. Delivery of this Tactical Plasma System is expected to be completed in 2014 for total revenues of approximately $1.5 Million.
PyroGenesis' reputation of providing unique high performing plasma based solutions, combined with its long standing relationship with the US Navy to provide easy to operate and reliable plasma based waste destruction systems, made PyroGenesis an obvious choice for this mission. As currently envisioned, PyroGenesis is the only technology being considered as a tactical mobile unit by its client. Under this contract, PyroGenesis is to engineer a self-contained mobile tactical unit as part of Phase 1; Phase 2 will include the fabrication and delivery of the plasma unit to a consortium that will test it using simulated and actual chemical warfare agents.
"We are confident that we will receive funds for Phase 2, but given the international and complex nature of the project and the constantly changing situational landscape, although unlikely, it should be noted that Phase 2 could be delayed or cancelled" said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada.
"We can feel proud that PyroGenesis has been recognized by some of the most discerning members of the international community as a Company that can provide the technology, and to whom they have turned to, to help resolve this problem that has received global attention", said Gillian Holcroft, Executive Vice President, Strategic Alliances.
"This opportunity arose as a natural extension of PyroGenesis' strategy to focus on niche high value markets that leverage off of PyroGenesis' core competency of being leaders in plasma based solutions," said P. Peter Pascali, President & Chief Executive Officer of PyroGenesis Canada., "and, as such, we expect to continue to be involved in discussions with the military as the problem of chemical weapon destruction is debated and evolves."
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® company, is the world leader in the design, development, manufacturing and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials, oil & gas, and environmental industries. With a team of experienced PyroClassTM engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 production facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol PYR.V). 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.
For further information:
PyroGenesis Canada Inc.
P. Peter Pascali
Chief Executive Officer
Phone: 514.937.0002
E-mail: investors@pyrogenesis.com
CO: PyroGenesis Canada Inc.