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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 84,831,729
Close 2015-07-31 C$ 0.39
Market Cap C$ 33,084,374
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PyroGenesis, customer cancel SPARC technology agreement

2015-08-04 09:52 ET - News Release

Mr. P. Peter Pascali reports

PYROGENESIS ANNOUNCES TERMINATION OF DEVELOPMENT USE AND COMMERCIALIZATION AGREEMENT WITH CUSTOMER FOR PYROGENESIS' PATENTED SPARC(TM) TECHNOLOGY, PAVING THE WAY FOR COMMERCIAL OPPORTUNITIES WITH INTERNATIONAL OIL AND GAS COMPANY

PyroGenesis Canada Inc. has reached a mutual agreement with a customer, which wishes to remain unnamed, to terminate its development use and commercialization agreement related to PyroGenesis's SPARC technology. The SPARC technology is a patented PyroGenesis process, designed to destroy ozone-depleting substances such as end-of-life refrigerants like chlorofluorocarbons, hydrochlorofluorocarbons and hydrofluorocarbons, which have high global warming potential.

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 for $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."

We seek Safe Harbor.

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