Hi Peter,

I sincerely appreciate you getting back to me. I have a few more inquiries and then I will leave you be (I've responded in black under your red):

1.

“Do you even know what you are talking about?

Let’s break out what you are saying1st: You state “…While the $60k base rent is on par with the rental listings for other suites in your building ($18/sqft according to https://commercia.ca/en/i/200350/office-for-rent-1744-rue-william-montreal-qc-h3j-1r4-canada),...)Response: how much space do you think we rent?   You said we pay a reasonable $60,000 and you assume it is at $18/sqft.  That would mean we rent $60,000/18 = 3,333 sq ft… What can we do with 3,333 sq ft?We rent 13,706 sq feet at $15.88 a foot which is under the average for the building of the reasonable rent you said was $18/sqft.  PYROGENESIS HAS ALWAYS PAID SIGNIFICANTLY LESS THAN MARKET FOR THAT SPACE.

2nd: You state: “…PyroGenesis has been paying around $200k in taxes for the past 4(+) years. This is a far cry from the advertised tax rate of $3.85/sqft. According to the listing, PYR should be paying around $4,000 in taxes annually for its lease…”.

Response: So, you take the $4,000 in taxes you say we should be paying and divide by the rate of $3.85 you say is advertised, to get 1,038 sq ft…make up your mind do we rent 1,038 square feet or 3,333 sq feet from question 1 above (both are wrong).  What can I do with 70 people in 1,038 square feet let alone 3,333 sq feet?  As I said we rent 13,706 sq feet and pay $3.85 in taxes which is $52,768 in taxes per year…or yes…$211,072 over 4 years….which is close to the only correct number you referred to: “…PyroGenesis has been paying around $200k in taxes for the past 4(+) years….”

Perhaps the majority of this first point could have been avoided with more effective auditing. Specifically, if the company had accurately put these figures in their correct “respective” order:

“An amount including rent and property taxes of $68,687 and $205,420 were paid to a trust whose beneficiary is the controlling shareholder and CEO of the Company ($66,740 and $199,842 were respectively charged in 2019).”(Source: https://sec.report/otc/financial-report/264922 Note 18) This is also widely repeated on various other filings. When it's widely and officially listed as "property taxes" in the financials, how is anyone supposed to know that it's not actually "property taxes". 

Also, the estimated sqft discrepancy originates from a lack of awareness that PYR apparently has 70 employees working at the (as late as November 2020) PYR-signage free “Corporate Office” HQ at 1744 William St Suite 200. Are these all white-collar employees or does the company perform any “non-office” work at this address? How many employees work at the “Production Facility” at 5655 Philippe-Turcot on a day-to-day basis? PYR only lists a total of 71 employees.

2.

“LOL

You clearly do not know how straight up we are.
First, I do not respect your thinly disguised attempt to degradate my father, but I will answer you anyways.

My father lives abroad, and he chose an offshore account to hold his investments.  He chose BVI because it was cheap…$400 I think to set up. He did it because he was allowed to, and it was part of structure that made sense given his situation. In the USA you deduct mortgage interest on your taxes, no?  Well, same idea.

He never hid the fact that he was owner.

I never hid the fact that he was owner.

All our filings reflect he was owner and that we were related.

With respect to finder’s fee…what are you saying?  The facts are that we did non-brokered private placements with 3rd parties who charged finders fees for the total transaction. In these fees there is usually a carve out for friends and family where the broker would charge less/no fees.  My friends and family (remember my Dad is family) would invest under this carve out of lower/no fee depending on the transaction.  For the record, my Dad did not invest much in any given private placement…it was not like he was 75% of the total.  Plus, the fee was paid to a 3rd party…don’t you think we would negotiate that to as close as zero as possible?
Case closed.”

I’m not attempting to “degradate (not a word) your father”. I’m not attempting to personally degrade him either. However, while he may be your father, the cold hard fact of the matter is that this is a publicly traded company and as such, all business dealings may and should be met with intense scrutiny from shareholders. You say he set up his BVI entity because it was “cheap… maybe $400”, but can you clear this up a little bit? As recently as 2018, a U.K.-based “PyroGenesis Plc.” was assigning patents to Hong-Kong-based “Phoenix Haute Technologies” (Source: https://www.plainsite.org/patents/assignment.html?id=8805930). What’s up with all the obfuscated foreign entities?

Also, were you ever the President of an NJ-based “Phoenix & Associates” in the early thru mid-1990s? While your current bio states that you “were recruited to” DeGeorge in 1989 (https://www.pyrogenesis.com/about/board-members/), SEC filings from the once-troubled DeGeorge Financial (which was later re-named Miles Homes before its eventual insolvency) state that you only joined them as a Director beginning in 1993, and that you were President of N.J.-based entity “Phoenix & Associates” beginning in 1990 (and up until at least 1996 based on later filings). (Source: https://sec.report/Document/0000912057-97-011440/). What’s up with these discrepancies?

3.

“I refer to our press releases referring to the transaction that states the relationship between all three parties….https://www.pyrogenesis.com/wp-content/uploads/2018/10/20110912-US-Navy-Milestone.pdf

Please also refer to this video at the 6 min mark which explains in great detail the relationship and contract evidence to support our claims:

https://www.youtube.com/watch?v=HUX3hVC3Bvo

Case closed.

I’m willing to give you case closed on this one. However, according to the source of the Wiki given by DHOD himself earlier, PYR has been working in conjunction with other companies on USS Gerald Ford’s since all the way back in 1999. (Source: https://web.archive.org/web/20121201202200/http://www.dtic.mil/cgi-bin/GetTRDoc?Location=U2&doc=GetTRDoc.pdf&AD=ADA519815).

If I am in any way misinformed let me know. I am not a short, I don't know anyone currently shorting the company (or anyone who ever has), and I/no one I know stands to gain anything financially from any material drops in the share price. In fact, as it stands today, I am still a (albeit small by most people's standards) shareholder and have been since February. 

All the best,

HPQAnon (Muck)