192 0 Kommentare PyroGenesis Comments on Recent Trading Activity; Provides Military Update

MONTREAL, July 09, 2020 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the “Corporation” or "PyroGenesis") that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, issues this press release in response to recent trading activity in its shares, and sudden decline in its stock price.

The Company does not usually opine on stock price and trading activity, however, given the recent decline, and inquiries from investors, the Company confirms the following:

Everything material has been disclosed by the Company in either its press releases or financial reports. PyroGenesis further confirms that none of the contracts press released are at risk. Last but not least, the Company wishes to reassure PyroGenesis’ shareholders that we remain on track with our current and prospective projects.

Of note, further to previous announcements, the Company is pleased to confirm that all terms and conditions for two PyroGenesis waste destruction systems, for the US Navy’s two-ship build, have been agreed to for approx. $11.5M. The formal agreement is expected to be signed within the next 2-3 weeks, and includes a first payment (“Down Payment”) of approx. $4M. This project should be completed within 18 months. With this additional contract in hand, the resulting backlog is expected to be in excess of $40M.

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“Investors can take comfort from the fact that PyroGenesis has never been on more solid ground,” said Mr. P. Peter Pascali, CEO and President of PyroGenesis. “The backlog is increasing to record levels, the pipeline is growing exponentially, and our balance sheet has been cleaned up with unexpected cash flow being generated from the early conversion of warrants. In fact, since April, PyroGenesis has been an active purchaser of over one million of its shares in the market. There is nothing, with respect to PyroGenesis’ business, that has changed to justify the sudden decline in the stock price over the past 24 hours. In short, investors can rest assured that the future has never looked better.”

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