Business
PyroGenesis Signs $5.5 Million Order for Plasma Waste Destruction System, Targets Municipal BOO Market and Projects Profitability
MONTREAL, Nov. 28, 2012 /CNW Telbec/ - PyroGenesis Canada Inc. ("PyroGenesis" or the "Compa...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, Nov. 28, 2012 /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, is proud to announce\n today that it has secured a $5.5 million reorder from a major customer\n (the \"Customer\") for one of its plasma waste destruction systems. Due\n to confidentiality provisions, Pyrogenesis is not able to disclose the\n name of the Customer or technical data related to the reorder at this\n time.\n\n\nToday, $2.1 million of the $5.5 million has been released and over the\n next 18 months, Pyrogenesis will manufacture, commission and deliver a\n plasma waste destruction system to the Customer. \"This reorder represents a commercial breakthrough for Pyrogenesis and\n plasma technology in general. It is the first time a plasma waste\n destruction system has been reordered after it has been accepted in a\n commercial setting by anyone in the world. We are truly making\n history\", says Peter Pascali, President and CEO of Pyrogenesis.\n\n\nLooking forward, and as a result of this reorder and other recent\n contracts, Management believes that Pyrogenesis is now positioned as a\n strong and credible player within both the market for plasma based\n waste destruction technologies as well as that for niche torch\n applications. The Company has successfully realigned its workforce,\n rationalized and significantly reduced its expenses, paid off all bank\n and VC debt and, is therefore ideally positioned to expand its business\n across all sectors.  As a result, Management expects to have its first\n steady state cash flow break-even quarter in early 2013 and projects to\n achieve significant growth in revenues and profitability in the\n mid-term.\n\n\n\"Given the validation provided by this reorder, PyroGenesis' technology,\n combined with recent unsolicited requests for quotation from\n municipalities as well as unsolicited interest from funds to finance\n such opportunities, PyroGenesis has decided to aggressively target the\n build-own-operate waste-to-energy municipal (high tonnage) waste\n treatment market\", says Peter Pascali, President and CEO of Pyrogenesis. \"We are proud to\n introduce our successful waste to energy solutions to this market whi...