MONTREAL, QUEBEC--(Marketwired - Oct. 3, 2016) -PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a company (the "Company" or "PyroGenesis") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, is pleased to announce today that, further to its press release of July 25, 2016, wherein the Company announced that the first (1st) of five (5) fully funded military contracts totaling approx.CDN$3.8MM had been signed for US $950,000, has now signed additional military contracts totaling over US $1.3MM (approx. CDN$1.7MM). The Company will provide further details on these additional contracts in a future press release once the specifics have been approved by the client, which approval is expected within the next sixty (60) days.
The remaining balance of approx. CDN$800,000 to be contracted for is expected to be signed within the next sixty (60) days, with the total amount of CDN$3.8MM expected to be completed within Q1 2017.
The Company has already commenced work on these contracts.
Additionally, the Company announces today that a separate military contract for approx. US $1MM (CDN$1.3MM) is expected to be signed within the next forty-five (45) days, details of which will be released at that time.
"The signing of these contracts are a continued testament to the level of confidence military organizations have in PyroGenesis' experience and expertise, and our ability to perform to such distinct military standards," said P. Peter Pascali, President and CEO of PyroGenesis. "Furthermore, as a result, the Company has now signed, since June 30, 2016, contracts in excess of $11.2MM, and with the signing of the additional contracts noted herein, this benchmark is expected to increase, within the next 45 days, to more than CDN$13MM, or over 2x 2015 revenues."
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