Vancouver, British Columbia--(Newsfile Corp. - December 3, 2013) - PyroGenesis Canada (TSXV: PYR), an environmental solutions company, announced a $4 million sale of its patented plasma waste to energy system, to a European entity, secured by a significant non-refundable down-payment. The 10TPD system is scheduled to be delivered in 2014, where it will be used on a commercial basis
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The company's proprietary technologies utilize the intense energy of plasma to gasify and vitrify all types of waste, without the need for pre-sorting, into useful products, such as electricity and construction material, without generating any hazardous by-products.
Customers, can in turn, generate revenues from;
the tipping fees for the waste being processed
the sales of excess electrical energy to the grid
the sale of the glassy rock by-product as construction material
the resale of recovered metals, and
the carbon credits where applicable.
P. Peter Pascali, President & CEO stated, "This sale not only expands our customer base beyond the traditional US military, but does so in a market place that is in dire need of a reliable, cost effective and sustainable waste management solution. To say the business potential for PyroGenesis in Europe is in the hundreds of millions of dollars would be an understatement."
The company's patented Plasma Arc Waste Destruction System was recently highlighted as one of the key advanced technologies featured on the USS Gerald Ford air craft carrier, christened in November. With the push of a single button, the system's green technology is able to process waste generated by 5,000 sailors. The product's design is 5 times smaller and half the weight of a conventional marine incinerator.
In late November 2012, the company announced that it had secured a $5.5 million reorder for a plasma waste destruction system to be installed on a second Ford-class carrier, which is to be delivered, and recognized into income, over the next 2 years.
The company's results for the quarter ending September 30th, 2013 show revenues of $1.39 million, an increase of 170% over revenues of $517,000 reported for the same period in 2012. On a year-to-date basis, revenues for the 9 months of fiscal 2013 increased to $3.88 million, up 84% from the $2.1 million reported in the 2012 period. Revenues in the 3rd quarter of 2013 were primarily impacted by the recognition of the revenue on the new major carrier contract.
Gross margins continued to post impressive year over year improvements on both a quarter over quarter and year to date basis. For more financial details, please refer the company's November 29th news release.
Current clients include the U.S. Airforce, U.S. Army, Northrop Grumman and Natural Resources Canada.
The company currently trades at $0.60 and with 63.5 million shares outstanding, is capitalized at $38.1 million.For a more information, please visit the company`s website at www.pyrogenesis.com, phone P. Peter Pascali, CEO at 514-937-0002 or email info@pyrogenesis.com.
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