Plasma Arc Chemical Warfare Agents Destruction System for the US/UK Special Operations
Message: PyroGenesis Announces First Order for 3D Printing Powders from a Multinational Conglomerate; Down Payment Received; Interest Exceeds Expectations
MONTREAL, QUEBEC--(Marketwired - April 25, 2017) - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX VENTURE:PYR)(OTCQB:PYRNF), a high-tech company (the "Company" or "PyroGenesis") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, is pleased to announce today that, further to its press release dated March 30, 2017, it has signed its first contract, and received the down payment, for an order of titanium powder (Ti-6Al-4V) and Inconel from a multinational conglomerate (the "Client"), the name and origin of which will not be disclosed for competitive reasons. Note, this order was placed during the ramp-up phase of the Company's powder production system (the "System").
"As previously announced on March 30, 2017, we did not expect this type of interest before ramp-up was complete, and we would have considered any sample orders (i.e. up to 500kg) made before such time to be very significant as this further validates our strategic decision to enter into powder production," said P. Peter Pascali, President and CEO of PyroGenesis. "This order is a sample order and is most significant in terms of timing and who the Client is, rather than the dollar value itself. The fact that a multinational conglomerate has taken the time to sample our powders before the ramp-up phase is complete is extremely noteworthy. We believe that the contract announced today is just one of many to come. We are very pleased with these developments which we believe underscore the interest in the marketplace for PyroGenesis' products and unique expertise."
PyroGenesis' System uses Plasma Atomization to make small, uniform, fully dense and spherical metal powders that flow like water, and which are highly sought after in the Additive Manufacturing ("AM") industry.
PyroGenesis is the inventor of Plasma Atomization. The Company first began producing powders using this technology for the biomedical industry between 2001-2004. In 2015, PyroGenesis invested approximately $2MM in improving both the production rate and particle size distribution, which not only led to a patent pending, but also to PyroGenesis' decision to re-enter the market and produce powders for the AM industry. The System is the first of many PyroGenesis expects to make to address an increasing need for metal powders in the AM industry.1
Additionally, PyroGenesis announces today that it has signed a number of agreements with significant and potential players in the AM industry, wherein the Company is in discussions regarding the possibility of concluding certain business relationships or transactions related to AM, most notably geared to the production of powders.
"These are very exciting times for PyroGenesis," said Mr. Pascali. "These events seem to further validate our decision to enter the additive manufacturing industry, and although noteworthy, we caution concluding that anything of significance will happen quickly. Discussions take time and we are still in the early phases."
"The ramp-up phase will continue through the remainder of the second quarter of 2017, of which we note that the operational performance and progress to date far exceed our expectations," said Pierre Carabin, Chief Technology Officer of PyroGenesis. "Our team remains focused and dedicated to our commitments to deliver high quality powders to the additive manufacturing industry, while continuing to innovate and improve our process which is arguably, already, the gold standard for the industry."
Finally, as previously announced, the metal powders produced during the ramp-up phase are available for sale. The initial focus is on producing commercially pure Titanium (CP Ti) and Ti-6Al-4V powders; however PyroGenesis is receiving interest for other metal powders as well which it is also attending to.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (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. Its 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. Its operations are ISO 9001:2008 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). 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. 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, 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 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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
1 Wohlers Report 2016 (ISBN 978-0-9913332-2-6)
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