PyroGenesis Signs $5.5 Million Order for Plasma Waste Destruction System, Targets Municipal BOO Market and Projects Profitability
MONTREAL, Nov. 28, 2012 /PRNewswire/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSXV: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, is proud to announce today that it has secured a $5.5 million reorder from a major customer (the "Customer") for one of its plasma waste destruction systems. Due to confidentiality provisions, Pyrogenesis is not able to disclose the name of the Customer or technical data related to the reorder at this time.
Today, $2.1 million of the $5.5 million has been released and over the next 18 months, Pyrogenesis will manufacture, commission and deliver a plasma waste destruction system to the Customer. "This reorder represents a commercial breakthrough for Pyrogenesis and plasma technology in general. It is the first time a plasma waste destruction system has been reordered after it has been accepted in a commercial setting by anyone in the world. We are truly making history", says Peter Pascali, President and CEO of Pyrogenesis.
Looking forward, and as a result of this reorder and other recent contracts, Management believes that Pyrogenesis is now positioned as a strong and credible player within both the market for plasma based waste destruction technologies as well as that for niche torch applications. The Company has successfully realigned its workforce, rationalized and significantly reduced its expenses, paid off all bank and VC debt and, is therefore ideally positioned to expand its business across all sectors. As a result, Management expects to have its first steady state cash flow break-even quarter in early 2013 and projects to achieve significant growth in revenues and profitability in the mid-term.
"Given the validation provided by this reorder, PyroGenesis' technology, combined with recent unsolicited requests for quotation from municipalities as well as unsolicited interest from funds to finance such opportunities, PyroGenesis has decided to aggressively target the build-own-operate waste-to-energy municipal (high tonnage) waste treatment market", says Peter Pascali, President and CEO of Pyrogenesis. "We are proud to introduce our successful waste to energy solutions to this market which has for some time been looking for a credible and reliable plasma based waste to energy solution".
About PyroGenesis Canada Inc.
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. 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.
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SOURCE PyroGenesis Canada Inc.