MONTREAL, Aug. 25, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® plasma solutions company that designs,
develops and manufactures plasma waste-to-energy systems and plasma
torch systems, announced today that it has received the first down
payment of $440,000 of the previously announced $12.5 MM contract with
a major Asian based international manufacturer (the 'Customer'). The
contract is for ten plasma-based, powder production systems for 3D
printing all of which are to be delivered over the next 18 months. The
construction of the first unit is under way and the project is on
schedule. No working capital is required as the project is cash flow
positive throughout the schedule. The Customer's name is being withheld
for competitive reasons.
As previously disclosed, one of the limiting factors in the full
commercialization of 3D printing for metal products is the availability
of high-quality, high-purity metal powder, and PyroGenesis' patented
platform can produce these powders effortlessly.
"PyroGenesis is capable of producing very small, uniform, spherical
powders from a wire using a unique patented plasma process" said P.
Peter Pascali, President and Chief Executive Officer of PyroGenesis
Canada Inc. "powders with such characteristics are in high demand
within the 3D printing industry as there is a need in their processes
for powders that "flow like water". Our powders flow like water and
there is a severe lack of quality powders such as the type we can
make".
The customer is looking to PyroGenesis and its plasma-based technology
to ensure a strategic and continuous supply of metal powder feedstock
for their own internal 3D printing production use.
"This contract highlights the success PyroGenesis is having with the
focused business development strategy implemented last year; the
effects of which we are only now beginning to see," noted Mr. Pascali,
"we only began introducing our 3D capability into our product mix last
October and in less than a year we have closed a $12.5MM contract for
10 systems. We believe this is only the tip of the potential for
PyroGenesis plasma processes within the 3D printing industry as we have
in less than 1 year identified over 50 other potential sales of the
same product line within the 3D printing market. This once again
underscores the success PyroGenesis is having in deploying its core
plasma technology to niche, high-margin applications."
According to World 3D Printing (Additive Manufacturing), a report issued by the Freedonia Group in December 2013, world demand
for 3D printers, materials and software will rise 21 percent yearly to
US$5 billion in 2017. This report also highlights faster growth
projections for metals, as well as rapid gains in markets such as
aerospace.
About PyroGenesis Canada Inc.
PyroGenesis Canada, a TSX Venture 50® company, is the world leader in
the design, development, manufacturing and commercialization of
advanced plasma processes. We provide engineering and manufacturing
expertise, cutting-edge contract research, as well as turnkey process
equipment packages to the defense, metallurgical, mining, advanced
materials, oil & gas, and environmental industries. With a team of
experienced PyroClassTM engineers, scientists and technicians working out of our Montreal office
and our 3,800 m2 production facility, PyroGenesis maintains its competitive advantage by
remaining at the forefront of technology development and
commercialization. Our core competencies allow PyroGenesis to lead the
way in providing innovative plasma torches, plasma waste processes,
high-temperature metallurgical processes, and engineering services to
the global marketplace. Our operations are ISO 9001:2008 certified, and
have been since 1997. PyroGenesis is a publicly-traded Canadian company
on the TSX Venture Exchange (Ticker Symbol PYR.V). For more
information, please visit www.pyrogenesis.com
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.
