CEO Comments on Recent SEDI Filings PyroGenesis’ CEO Comments on Recent SEDI Filings
GlobeNewswire•December 10, 2018
MONTREAL, Dec. 10, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (PYR.V) (PYRNF), a TSX Venture 50® high-tech company, (the "Company", the “Corporation” or "PyroGenesis") a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products today responds to investor inquiries regarding recent insider reports filed on the System for Electronic Disclosure by Insiders (“SEDI”).
SEDI is Canada's on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations.
Last Friday, insider reports were filed on SEDI reflecting the sale of 80,500 common shares by the Chairman of PyroGenesis’ Board. This amounts to less than 0.7% of all outstanding shares and was done outside of any black-out period for the sale of shares.
“These shares were sold by our Chairman for purely personal requirements and had nothing to do with his confidence in, or the state of, the Company. Nor does it reflect any change, or impending change, in his status with the Company. We are happy and proud to have Mr. Curleigh as the Chairman of our Board,” said P. Peter Pascali, CEO of PyroGenesis Canada Inc. “We normally do not comment on such filings but given the unusual number of investor inquiries with respect to these filings, and considering our recent press releases, we thought it prudent to provide some additional context. On that note, and with respect to the insight provided in our recent press releases, I can confirm that what was disclosed in those press releases is truer now than when it was written.”
“Regretfully, the option to have other Board members purchase these shares was not a possibility at this time, otherwise we would have,” added Mr. Pascali.
Of note, three other board members bought shares recently. An entity related to Mr. Pascali bought 3,448,276 common shares for $2MM which was at a significant premium (>30%) to the market price at the time of purchase. Two other Board members exercised options with the intent to hold. No shares were sold to cover the exercise of these options.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes and products. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing 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 9001:2015 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com