MONTREAL, Nov. 19, 2020 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://www.pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the “Corporation” or "PyroGenesis") that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce that, further to its press release dated September 22nd, 2020, PyroGenesis’ technology successfully passed the Factory Acceptance Test (“FAT”), conducted by Drosrite International LLC (“DI”), on behalf of their client, for the first 5,000 TPY DROSRITE™ System.
“The success of this FAT testing marks an important milestone for PyroGenesis and DI,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “Once again, we are proud to see the DROSRITE™ technology being adopted successfully, this time, for use in one of the premier aluminum smelters in the world. It indeed validates PyroGenesis’ DROSRITE™ technology, as it has become the dross processing solution of choice for an extremely discerning end-user. As one might expect, we have seen a significant increase in interest in our DROSRITE™ technology given that the DI contract, with its client, was awarded primarily based on the DROSRITE™ technology.”
The testing was held at DI’s supplier’s manufacturing facility, in the United States of America (“USA”), where the end user evaluated the equipment during, and after, the assembly process. The end user verified that the 5,000 TPY DROSRITE™ System was manufactured and operated in accordance with, amongst other things, design specifications. Based on this successful testing, the end user decided to forego performing an additional FAT test on the second 5,000 TPY DROSRITE™ System. Both Systems are expected to be shipped from the USA to the Middle East, within the next four (4) weeks, and are expected to arrive approx. two (2) months thereafter.
Before shipping, PyroGenesis is expected to receive an additional ~$2.6MM from DI (representing total receipt from DI to date of over $10MM under the previously disclosed +$25MM DROSRITE™ contract to deliver five (5) 5,000 TPY DROSRITE™ Systems, plus two (2) 10,000 TPY DROSRITE™ Systems).