MONTREAL, July 23, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce that its subsidiary Drosrite International (DI) will henceforth be named PyroGenesis International. The Company’s Board of Directors is currently reviewing various locations in the United States where PyroGenesis International could be located.
As announced previously in a news release on July 8, 2024, the Company has purchased 100% control of DI, a US-based private company. DI had already been, on an accounting basis, a subsidiary of the Company, but legally a stand-alone entity. With the purchase agreement announced on July 8, the Company has acquired full control of DI.
As previously noted by Mr. P. Peter Pascali, President and CEO of PyroGenesis Canada Inc.: “Not only does this acquisition clear up, once and for all, the accounting vs. legal ambiguity surrounding the relationship between PyroGenesis and Drosrite International, but it more importantly now provides PyroGenesis with a 100%-owned US subsidiary through which we can now consider expanding our activities.”