Pyrogenesis Canada Inc T.PYR

Reasons for settlement agreement

[developbc]

Because PETER had no beneficial interest in Phoenix I really believe why PETER so confident they will win and prevail 

@HARJAY 2..0 from PYROGENESIS CANADA INC. REVISED ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2019 Dated November 3, 2020

Following discussion, and after taking into consideration the merit of the claim, the potential lengthy and costly litigation procedures that could result from the claim, the negative impact the claim would have on the capacity of the Company to complete additional financings if the claim was reflected in its financial statements, and the terms of the settlement agreement, the Board unanimously approved the entering into of the settlement agreement, with P. Peter Pascali abstaining from voting.

As a result of a power of attorney signed by the Father and authorizing P. Peter Pascali, the Chief Executive Officer of the Company, to take certain actions on his behalf, Phoenix was considered “under common control” of the Father and P. Peter Pascali from an accounting perspective when the settlement agreement was entered into. P. Peter Pascali had no beneficial equity interest in and was not a director or officer of Phoenix at the time of the settlement.