PyroGenesis Inc T.PYR

New Press Release - PyroGenesis Receives $2.8 Million Payment Under Existing Drosrite(TM) Contract with Saudi Client

MONTREAL, Nov. 26, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (https://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce...read article.

[BCONTVentures]

Excellent news!  Note from the NR that the remaining four DROSRITE systems have already been manufactured and are ready to be shipped to the Client's location. Also, from a previous NR, "PyroGenesis DROSRITE systems have been working exceptionally well".

[Mostlyserious]

They have been manufactured and sitting in storage for more than a year and likely more than two. Just clarification on the item you are highlighting.

[dalesio_98]

Congrats on the interim payment. BCONTVentures, If you are going to quote from the press release, do so accurately! The remaining four Drosrite™ systems under the contract have already been manufactured and are expected to be delivered to the end client’s operations in Saudi Arabia. Note no time frame was provided, June 26, 2024 PR indicated It is expected that all 7 systems will be up

[Mostlyserious]

Dalesio, that is indeed an important clarification for the upcoming payment.  The June 26th NR says that all 7 will be up and running before year-end.  Payment will be precede them running so there should be another announcement on the collection of at least $2 million by the end of December.  As this is according to the negotiated payment schedule, it should happen.  If it

[Mostlyserious]

Interesting how much space 3P takes to try to validate his own business acumen.  Hey, how about them iron ore pelletization torch contracts? Not one, but several? Needless to say any dollar collected from clients is much needed so this is a decent chunk. $2 million more to be collected by year-end and then then sometime afterwards storage fees and the remaining parts.