Business
PyroGenesis Announces that it has Passed Initial Inspection and has Received Second Payment Due Under a $12.5MM Contract for the Sale of Ten Powder Production Systems for 3D Printing
MONTREAL , Oct. 28, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. ( http://pyrogenesis.com ...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\nMONTREAL, Oct. 28, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® high-tech company (the \"Company\" or \"PyroGenesis\") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announced today that it has passed initial inspection of the first of ten powder production systems by its Asian customer, and as a result has received the  second payment due under the previously announced $12.5 MM contract with a major Asian based international manufacturer (the 'Customer'). As previously announced the contract is for ten, plasma based, powder production systems for 3D printing all of which are to be delivered in 2015. The construction of the first unit is well advanced and is expected to be completed in the current quarter.  The Customer's name is being withheld for competitive reasons.\n\n\"As previously mentioned, we are experiencing a tremendous, and unexpected, market pull for our plasma atomization process.  With our recent sales and marketing hires we are aggressively pursuing this opportunity.  In just the past month, we have quoted sales of our Powder Production Systems for 3D Printing to five different key players in Europe and Asia.\" said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc. \"We are also in very early discussions with respect to joint ventures and licensing agreements concerning this product line, but we do not expect anything definitive in this regard before Q2 2015.\"\n\nAbout PyroGenesis Canada Inc.\n\nPyroGenesis Canada, a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacturing and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced PyroClassTM engineers, scientists and technicians working out of our Montreal office and our 3,800 m2  production facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competenc...