Business
PyroGenesis Announces that it has Received First Down Payment of $440,000 of a $12.5MM Contract for the Sale of Powder Production Systems for 3D Printing with an International Large-Scale Manufacturer; Construction of First Unit is Under Way and on Schedule
MONTREAL , Aug. 25, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. ( http://pyrogenesis.com...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\n\nMONTREAL, Aug. 25, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® plasma solutions company that designs,\n develops and manufactures plasma waste-to-energy systems and plasma\n torch systems, announced today that it has received the first down\n payment of $440,000 of the previously announced $12.5 MM contract with\n a major Asian based international manufacturer (the 'Customer').  The\n contract is for ten plasma-based, powder production systems for 3D\n printing all of which are to be delivered over the next 18 months. The\n construction of the first unit is under way and the project is on\n schedule.  No working capital is required as the project is cash flow\n positive throughout the schedule. The Customer's name is being withheld\n for competitive reasons.\n\n\nAs previously disclosed, one of the limiting factors in the full\n commercialization of 3D printing for metal products is the availability\n of high-quality, high-purity metal powder, and PyroGenesis' patented\n platform can produce these powders effortlessly.\n\n\n\"PyroGenesis is capable of producing very small, uniform, spherical\n powders from a wire using a unique patented plasma process\" said P.\n Peter Pascali, President and Chief Executive Officer of PyroGenesis\n Canada Inc. \"powders with such characteristics are in high demand\n within the 3D printing industry as there is a need in their processes\n for powders that \"flow like water\".  Our powders flow like water and\n there is a severe lack of quality powders such as the type we can\n make\".\n\n\nThe customer is looking to PyroGenesis and its plasma-based technology\n to ensure a strategic and continuous supply of metal powder feedstock\n for their own internal 3D printing production use.\n\n\n\"This contract highlights the success PyroGenesis is having with the\n focused business development strategy implemented last year; the\n effects of which we are only now beginning to see,\" noted Mr. Pascali,\n \"we only began introducing our 3D capability into our product mix last\n October and in less than a year we have closed a $12.5MM contract for\n 10 systems.  We believe this is only the tip of the potential for\n PyroGenesis plasma processes within the 3D printing industry as we have\n in less than 1 year identified ove...