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.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: ir@pyrogenesis.com