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- Ozone depleting substance destruction system proceeding ahead of schedule and under budget -
MONTREAL, Oct. 31, 2011 /CNW/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Company") (TSX-V: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, today announced that its joint venture with Recyclage ÉcoSolutions Inc. ("RES") to design, build and deliver an ozone depleting substance (ODS) destruction system, is proceeding ahead of schedule and under budget.
The agreement, signed in May, 2011, will generate $2.65 million in revenue for PyroGenesis. The project is part of a larger $4.0 million ODS destruction program initiated by RES, involving multiple suppliers.
Pyrogenesis' technology will allow RES to safely destroy ozone depleting substances, specifically halocarbons, at RES' state-of-the-art, Laval appliance dismantling and recycling plant. Presently, halocarbons extracted during the recycling process are shipped to remote offsite locations for disposal.
The project moved into a second phase of development when PyroGenesis demonstrated to RES that its plasma waste destruction system could successfully achieve 99.9999% halocarbon destruction efficiency. The Company expects that its portion of the project will be completed during the second quarter of 2012. The Company also anticipates that it will file for patent protection for its torch, which is a key component of ODS system, due to the unique nature of the product.
"We are excited to be advancing our partnership with Recyclage ÉcoSolutions, an established recycling leader," said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "This partnership has given us the opportunity to validate our technology's efficacy and economic value in halocarbon waste management, an area with substantial potential for our Company going forward. In addition, the modifications we have made to our existing technology for the purposes of this partnership should broaden the applicability of our plasma waste destruction technology into other industrial sectors."
Alain Boisvert, President of Recyclage ÉcoSolutions Inc., commented, "The leading-edge technology we are investing in positions RES to offer an integrated service to our clients and respond to an urgent need for a safe and sound halocarbon disposal option in Canada and emerging countries."
According to RES, 2009 Canadian sales of refrigerators, freezers and air conditioners exceeded 2.1 million units, adding to the 6.2 million sold prior to 1995, and to the 23.6 million units sold since 1995. More than 950, 000 units are disposed of yearly, which represents more than 2 million tons of CO2 equivalent that can potentially be captured through the optimal removal and management of the halocarbons.
About Recyclage ÉcoSolutions Inc. (www.recyclageeco.com)
Recyclage ÉcoSolutions is a Québec-based and the largest Canadian recycler of household refrigeration and air conditioning appliances. Environmentally harmful materials such as ozone-depleting substances, mercury and oil are recovered through the first North-American recycling plant that optimally extracts and recovers halocarbons contained in the insulation foam of used appliances. The company processes appliances recovered from utility programs in four (4) Canadian provinces (Saskatchewan, Manitoba, Quebec and Nova Scotia) and serves public and private utilities in the North-Eastern United States, with its US partner JACO Environmental Inc.
RES's appliance recycling technology that recovers and extracts ODS and Greenhouse Gas (GHG)producing substances from the insulated foam, is located in Laval, Quebec. RES and Jaco Environmental also have recycling plants in Regina (SK), Winnipeg (MB), Syracuse (NY), East Brunswick (NJ), and Franklin (MA).
About PyroGenesis Canada Inc. (www.pyrogenesis.com)
PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, whichcan be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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