- PyroGenesis Canada (PYR) has received a payment of approx. $682,000 under the exclusivity contract with Drosrite International LLC
- PyroGenesis expects to receive further payments, the timing of which has been scheduled to match the end user’s cash flow
- Drosrite International LLC provides waste management technologies to the aluminum industry
- PyroGenesis Canada focuses on advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis Canada Inc. (PYR) opened trading at C$1.56
PyroGenesis Canada (PYR) has received a payment of approx. $682,000 under the exclusivity contract with Drosrite International LLC.
In addition to the payment received today, PyroGenesis expects to receive further payments, the timing of which has been scheduled to match the end user’s cash flow.
“The payment announced today was made in accordance with a revised payment schedule to better align with the end user’s operating cash flows,” said P. Peter Pascali, CEO and Chair of PyroGenesis.
“As the company has previously disclosed, delays and payments were made with our full support as it better positions the end-user for success. This revision was made to address certain local delays associated with recent opportunities as well as challenges presented by COVID and supply chain issues. It should also be noted that additional payments are being processed and are expected to be made shortly as part of the strategic agreement with the end-user.”
Drosrite International LLC is a US-based private company providing state-of-the-art waste management technologies to the aluminum industry. DI is duly licensed by PyroGenesis to manufacture, market, sell and distribute DROSRITE systems and technology to the Kingdom of Saudi Arabia, and certain other countries in the Middle East, on an exclusive basis.
PyroGenesis Canada Inc is engaged in the design, development, manufacture, and commercialization of advanced plasma processes and systems. The company provides technical & manufacturing expertise, cutting-edge contract research, and turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (including 3D printing), oil & gas, and environmental industries.
PyroGenesis Canada Inc. (PYR) opened trading at C$1.56.