Business
PyroGenesis Announces Receipt of USD $917,532 as Final Payment for Asian Plasma Torch Contract
MONTREAL , July 28, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. ( http://pyrogenesis.co...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\nMONTREAL, July 28, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR), a TSX Venture 50® clean-tech company (the \"Company\" or \"PyroGenesis\") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today that it has received USD $917,532 as final payment for the second, and final, phase of the $2.2 million plasma torch contract (the \"Contract\") previously announced to an Asian company (the \"Client\"). The Client's name and origin remain confidential for competitive reasons.\n\nThis Contract is for the design, manufacture and delivery of a fully automated plasma torch system comprised of eight (8) air plasma torches to be used for waste gasification. The first phase of this Contract was successfully completed and shipped last year. The payment announced today represents the final payment for the last phase of the Contract which is expected to be completed within eight (8) months. \n\n\"This project uses our standard APT™ torches which have been used for plasma waste gasification by PyroGenesis and its clients for many years,\" said Pierre Carabin, Director of Engineering of PyroGenesis. \"Having an additional client use our torches is a testimony to both our torches' reliability and superior performance level.\"\n\n\"This announcement highlights the success we are having penetrating the Asian market,\" added P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. \"Having plasma torches operational in Asia will offer the Company an additional opportunity to showcase our capabilities in this rapidly expanding market.\"\n\nIn an unrelated matter, the Company announces that it has granted stock options to acquire up to 100,000 common shares of the Company (the \"Common Shares\") to Ms. Sophy Cesar, Vice-President, Investor Relations and Corporate Communications. The stock options have an exercise price of $0.36 per Common Share and are exercisable over a period of five (5) years. The options are granted in accordance with the Company's stock option plan and remain subject to regulatory and Exchange approval. \n\nAbout PyroGenesis Canada Inc. \n\nPyroGenesis Canada Inc., a TSX Venture 50® clean-tech company, is the world leader in the design, development, manufacture and commercialization ...