PyroGenesis announces 4th quarter and 2012 yearend results; more than $7.5M in orders; new patent; cash on hand at yearend over $2M

About this update from Pyrogenesis Inc.

[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, May 1, 2013 /CNW Telbec/ - PyroGenesis Canada Inc.  (\"PyroGenesis\" or the \"Company\") (TSXV: PYR), an environmental\n solutions company that designs, develops and manufactures plasma\n waste-to-energy systems and plasma torch products, today announced its\n financial and operational results for the fourth quarter and the fiscal\n year ended December 31, 2012.\n\n\nHighlights\n\n\n2012 was a year during which PyroGenesis:\n\n\nReceived a $5.5 million reorder for one of its plasma waste destruction\n system;\n\n\nSigned a $2.2 million plasma torch contract;\n\n\nRepaid all third party debt;\n\n\nObtained a Patent for its Ultra Compact Waste Treatment System ideal for\n small ships and isolated communities;\n\n\nWas awarded a follow-on contract from a multinational mining and\n metallurgical company;\n\n\nClosed a second public offering for aggregate gross proceeds of\n $3,539,644 on March 29, 2012;\n\n\nShipped its plasma-based Ozone Depleting Substance Destruction System to\n Recyclage ÉcoSolutions Inc.'s facility.\n\n\nThe development by PyroGenesis of new market niches is translating into\n orders for its torches and engineering services, as evidenced by the\n level of new business activity, which validates management's belief\n that PyroGenesis is now more cost competitive, given the efforts\n undertaken in 2012 and that it is well positioned for future growth.\n\n\nFinancial Summary\n\n\nLiquidity\n\n\nAt December 31, 2012, PyroGenesis had cash on hand of $2,195,571 and\n negative working capital of $1,436,384 (negative $1,374,877 at December\n 31, 2011).\n\n\nIn January 2012, PyroGenesis repaid in full its investment tax credit\n demand facility and in March 2012, PyroGenesis paid off its Venture\n Capital loan ($1,000,000 convertible debenture from Fier Croissance\n Durable).\n\n\nRevenue\n\n\nRevenues for fiscal 2012 totaled $3,323,236 ($4,610,358: 2011), this\n decrease in revenues reflects the \"gap period\" PyroGenesis has been\n faced with, due to delays in securing a first reorder of one of its\n plasma waste treatment system from its established client base.\n Furthermore, in 2012, the Company completed its contract with the US\n Air Force and signed several other contracts. In late November 2012,\n PyroGenesis announced that it had been awarded a $5.5 million reorder\n from Newport...

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