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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  PyroGenesis Canada Inc    PYR   CA74734T1049

PYROGENESIS CANADA INC (PYR)
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PyroGenesis Canada : Announces Receipt of Payment of $561,600 from HPQ; Assembly Phase of Pilot Equipment Commences

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09/17/2018 | 01:13pm CET

MONTREAL - PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX-V:PYR), a TSX Venture 50 high-tech company (the 'Company', the 'Corporation' or 'PyroGenesis'), a Company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce today that it has received a milestone payment of $561,600 from HPQ Silicon Resources ('HPQ').

Furthermore, the recent delivery of the Gen3 PUREVAP furnace marks the start of the assembly phase of the pilot plant (the 'Plant') in a dedicated area within the production facility at PyroGenesis. The Plant is expected to be completed and operational by mid-year 2019.

The Plant will have an output capacity of 50 tonnes per year, or 1,000 kg of material per week. This step in the program is the single largest scaling up step and, once successful, will pave the way for an order from HPQ for the first commercial production unit, expected in 2020.

'We're glad to have reached this new milestone for the project,' said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis. 'We are looking forward to the doors it opens and the opportunities it provides.'

'We are very excited to move to this final stage of the PUREVAP Quartz Reduction Reactor testing program. Now that we have closed all necessary financings, we can focus efforts on the process improvements, scalability, seeking customers, and preparing for commercialization,' said Mr. Bernard J. Tourillon, Chairman, President and CEO of HPQ Silicon. 'With these financings closed, our objective going forward will be delivering on the Gen3 PUREVAP pilot plant phase with our 'Solar Silicon Team' as well as building market awareness of our progress, plans and success.'

About HPQ Silicon

HPQ Silicon Resources Inc. is a TSX-V listed resource company planning to become a vertically integrated and diversified High Purity, Solar Grade Silicon Metal (SoG Si) producer and a manufacturer of multi and monocrystalline solar cells of the P and N types, required for production of high performance photovoltaic conversion. HPQ goal is to develop, in collaboration with industry leaders, PyroGenesis TSX: PYR and Apollon Solar, that are experts in their fields of interest, the innovative metallurgical PUREVAPTM 'Quartz Reduction Reactors (QRR)' process (patent pending), which will permit the transformation and purification of quartz (SiO2) into high purity silicon metal (Si) in one step and reduce by a factor of at least two-third (2/3) the steps required to transform quartz (SiO2) into SoG Si. The pilot plant equipment that will validate the commercial potential of the process is on schedule for mid-2019 start.

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a TSX Venture 50 high-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 Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace.

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 Corporation'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 Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation 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.

Contact:

Tel: (514) 937-0002

Email: ir@pyrogenesis.com

(C) 2018 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HPQ SILICON RESOURCES INC -14.29% 0.06 End-of-day quote.-45.45%
PYROGENESIS CANADA INC -3.45% 0.56 Delayed Quote.-7.94%
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Managers
NameTitle
Photis Peter Pascali President, CEO & Non-Independent Director
Alan Robert Curleigh Chairman & Chief Financial Officer
Pierre Carabin Chief Technology Officer
Robert M. Radin Independent Director
Christopher Twigge-Molecey Independent Director
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