MONTREAL, Jan. 7, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), an environmental solutions company that designs, develops
and manufactures plasma waste-to-energy systems and plasma torch
products, today announced that it has signed an agreement with Canada's
leading end-of-life refrigerator and freezer recycler ("Client") to
provide them with additional equipment and services (including onsite
optimization) for PyroGenesis' patented SPARC technology. As part of
this agreement, the Client will commercialize the SPARC technology on
an exclusive basis within Canada. This agreement, totalling up to
$1.5M, includes several options for follow-on service contracts, all of
which are expected to be executed within 2014.
PyroGenesis' environmentally friendly and cost-effective Steam Plasma
Arc (SPARC) Destruction System allows clients to safely destroy
ozone-depleting substances (ODS) which can generate as much as 10,000
times more Green House Gases when compared to CO2 emissions. "The successful introduction of this technology within
Canada is the first step to expanding the commercialization of
PyroGenesis' patented SPARC technology on an international scale", said
Gillian Holcroft, Executive Vice President, Strategic Alliances for
PyroGenesis.
As previously reported, PyroGenesis' SPARC technology achieved an
unprecedented 10x greater destruction efficiency as compared to current
requirements. Conservative estimates show that there are at least
25,000 tons per year of ODS that require destruction. This represents
over $100 million of business potential to PyroGenesis with no apparent
competition at these destruction efficiencies.
"Our Client intends to incorporate PyroGenesis' SPARC technology into
its existing appliance recycling business. As part of this Agreement,
PyroGenesis will also be the exclusive supplier of after-sales service
and support. The operation of PyroGenesis' patented SPARC technology at
the Client's new industrial facility will demonstrate to the world the
environmental and economic benefits of safe and effective ODS
destruction", said Gillian Holcroft, Executive Vice President,
Strategic Alliances for PyroGenesis.
"With this agreement in place, and with only one week into the New Year,
PyroGenesis' 2014 backlog already exceeds its 2013 revenues by more
than 50% while maintaining our recently improved gross margins, as
reflected in our most recent Q3 financial results and MD&A", said P.
Peter Pascali, President and Chief Executive Officer of PyroGenesis.
"Our continued success with traditional market sectors, combined with
our penetration into key markets such as Oil & Gas and Mining &
Metallurgy, is yielding significant results, and we expect this trend
to continue into the foreseeable future."
About PyroGenesis Canada Inc. (www.pyrogenesis.com)
PyroGenesis Canada is an environmental solutions company that designs,
develops and manufactures plasma waste-to-energy systems and plasma
torch products. PyroGenesis' proprietary plasma technologies utilize
the intense energy of plasma to gasify and vitrify virtually any type
of waste without producing hazardous by-products. PyroGenesis' patented
gasification and vitrification technology is different from
incineration because it produces a clean synthetic gas from waste,
which can be used for power generation. PyroGenesis' technology can
also turn waste into a glassy rock that can be utilized as construction
material. PyroGenesis has marquee defense industry and civilian
customers that are using its technology in marine and land-based
applications.
This press release contains certain forward-looking statements,
including, without limitation, statements containing the words "may",
"plan", "will", "estimate", "continue", "anticipate", "intend",
"expect", "in the process" and other similar expressions which
constitute "forward-looking information" within the meaning of
applicable securities laws. Forward-looking statements reflect the
Company's current expectation and assumptions, and are subject to a
number of risks and uncertainties that could cause actual results to
differ materially from those anticipated. These forward-looking
statements involve risks and uncertainties including, but not limited
to, our expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current views
of the Company with respect to future events and are subject to certain
risks and uncertainties and other risks detailed from time-to-time in
the Company's ongoing filings with the securities regulatory
authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers
are cautioned not to place undue reliance on these forward-looking
statements. The Company undertakes no obligation to publicly update or
revise any forward-looking statements either as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE PyroGenesis Canada Inc.
