MONTREAL, June 04, 2019 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the “Corporation” or "PyroGenesis") that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, today announced, further to the Press Release dated April 29th, 2019, that it has been awarded a contract (“Contract”) of approximately $20M (first year revenues), plus a net present value (using a 5% discount rate) of all subsequent year’s revenues of $35M, giving the Contract a total value of over $55M. For competitive reasons, the client and the business line cannot be disclosed at this time, other than to say it is not military-related. However, we except that both will be announced once the Contract is signed.
What now remains is a site visit under normal due diligence, which the Company has passed on numerous occasions with other very discerning clients. Management expects this to be completed shortly.
“This is indeed a watershed moment in PyroGenesis’ history. It is the single largest contract that the Company has been awarded,” commented Mr. P. Peter Pascali, President and CEO of PyroGenesis. “With the revenues from this Contract, we do not foresee raising capital for working capital purposes in the foreseeable future as the Company, with this Contract, which is cash flow positive from the start, will be profitable.”
As previously disclosed, the Company does not need additional infrastructure or personnel to complete this Contract.
About PyroGenesis Canada Inc.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Clémence Bertrand-Bourlaud, Marketing Manager/Investor Relations, Phone: (514) 937-0002, E-mail: ir@pyrogenesis.com
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