MONTREAL, Aug. 4, 2015 /CNW Telbec/ - PyroGenesis Canada
Inc. (http://pyrogenesis.com) (TSX-V: PYR), a TSX Venture 50®
clean-tech company (the "Company" or "PyroGenesis") that designs,
develops, manufactures and commercializes plasma waste-to-energy
systems and plasma torch products, announces today that it has
reached a mutual agreement with a customer, who wishes to remain
unnamed, to terminate their Development Use and Commercialization
Agreement related to PyroGenesis' SPARC™ Technology (the
"Technology"). The SPARC™ technology is a patented
PyroGenesis process designed to destroy ozone depleting substances
such as end-of-life refrigerants like CFCs, HCFs, and HFCs, which
have high global warming potential ("GWP").
The reason for this decision was based on their common intention
to pursue the development of solutions for the destruction of ozone
depleting substances independently. The terms of the mutual
agreement include, amongst other things, the purchase by
PyroGenesis of this customer's exclusive rights in a Pilot
System (the "Pilot System") for Cdn $300,000, and an undertaking by PyroGenesis not
to destroy ozone depleting substances in Canada before July 7,
2017, unless for research and development purposes.
Separately, PyroGenesis maintains all intellectual property rights
in the Technology. This customer cannot henceforth commercialize
the Technology.
"The Pilot System, full ownership of which PyroGenesis has now
acquired, is designed to operate at full commercial capacity, and
is patent protected," said Pierre
Carabin, Director of Engineering of PyroGenesis. "The SPARC™
technology is currently protected by two patents in the United States, one for the process and one
for the apparatus. Additional patent applications have been
filed in Europe, Japan, India
and China."
"PyroGenesis has been in discussions to redeploy the Pilot
System in a fully commercial environment, either in Asia or with an international oil and gas
company in the United States"
added P. Peter Pascali, President
and Chief Executive Officer of PyroGenesis. "The fact that we
have a system that is ready to be deployed has been instrumental in
our ability to move these discussions along quickly. There is a
demand for this system and we expect to be in a position to close a
contract, with respect to the Pilot System, as early as
September."
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company,
is the world leader in the design, development, manufacture 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 (including 3D
printing), oil & gas, and environmental industries. With a team
of experienced engineers, scientists and technicians working out of
our Montreal office and our 3,800
m2 manufacturing 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). 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. Such statements include but are not limited to
statements about the benefits of trading on the OTCQB, the timing
for approval of the trading of the Company's common shares on the
OTCQB and the possibility that the Company will be accepted for
trading on the OTCQB. 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.