Steven,

I understand that this question has ben addressed to some degree in another forum, but I would like to take a moment and shed some light on how we do things at PyroGenesis and that may shed some additional light on your questions.

First, in my humble opinion, and please take that for what it is…just a humble opinion and any inference that it is investment advice is wrong.  In my humble opinion, if a bus load of analysts taken by bus for a site visit and then subsequently are not allowed off the bus then everyone, and their grandmother, should be running for the hills.  If that story is true, then there seems to be, ironically, full transparency: the Company did something very strange, apparently to the shock of the occupants of the bus, in full view of the analysts and everybody went along for the ride (excuse the pun)?  Transparency wasn’t the problem my friend.  What was in the bus was….in my humble opinion.

Regretfully we cannot manage our business to the lowest common denominator.  We cannot manage our affairs to the loudest complainer, loneliest blogger, or some aspiring Warren Buffett (or better still Carl Ichan) who hasn’t been, nor ever will be, discovered…no matter how hard he tries to find the smoking gun.  I think you would agree that managing to the lowest common noise maker is not the best way to manage a company both in terms of money or time.  We cannot be hosting tours or engage 3rd parties to verify everything we announce just because some investors got burnt because they did not have the sense to question why they were invited for a bus ride that did not allow them to get off.  

What we do, and can do, is have some of the best accountants audit us (KPMG).  What we do and can do is engage the best patent attorneys.  What we do and can do is perform over a long history and with very discerning clients (US armed forces for example) who do not tolerate any of the issues that concern you.  What we do and can do is announce what we have accomplished and why and, as best as we can, put it in the context of our goals.  What we do and can do is share with you 3rd party analysis which we have engaged for our own needs…not investors needs (it may surprise you that many of the purity tests we perform are for our internal purposes alone, and have nothing to do with investors, but we share that when we can).

I like to believe that when an investor invests with us they understand our business, our goals, our morals, our customers, our history and last, but not least, the level of transparency we have and that only once they are comfortable with the package do they invest.  We are not about to change our method of operations to cater to the various whims of investors who suffer night chills from past misgivings…I am sure you would agree that there is therapy for that.

As a last note, as you did not want me to think that your comments were based on a mistrust of management, I likewise do not want you to think that I consider your concerns and comments as being misguided; far from me to propose that.  I just wanted you to feel comfortable that, once you take a pause from the rush of the crowds and consider what’s under the hood, you might see you have found what you have been looking for.

Have a great day.

Happy hunting,

Peter Pascali

CEO

PyroGenesis Canada Inc.