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Message: PyroGenesis Increases Ownership in HPQ Silicon Resources Inc. to 9.6%

Dear Poetech2, 

A very good question and one that I am sure is shared by many. 

Thanks for asking it. 

I appreciate the issue and fully expected this reaction.  I would have to be a financial fool not to have… 

BUT…. 

I did it anyways…makes you wonder, no? 

I will not go into the strategy behind this decision as not all things are for public consumption, but you may want to consider the following:

  1. Pyro’s CEO is an ex-wall street banker who made his name on structuring deals that work,

  2. he is also the most aware when it comes to Pyro’s need for cash, and

  3. he does know something about what is happening on the HPQ project, no?

As such I can tell you without a doubt that this transaction has improved Pyro’s immediate cash flow outlook, and by all indications, will significantly improve its mid-to-long term outlook as well.  Let us not forget what this investment is…it is an investment in stock at a certain price, and as such I do not share your same view that this investment may come into fruition later than PYR's own projects.  The final conclusion and success might, but I think we can all agree that the stock should appreciate on the road to such success…

Let us not forget that this package has essentially

  1. secured HPQ’s commitments under this project (which was in some doubt with investors), and

  2. brought into the family a significant long term player in the form of the Quebec Government…which might indeed garner the attention of other long term players…all boding well for interest in the stock

Enough said for now.

Hope that helps, 

Peter 

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