PyroGenesis Announces Successful Installation of $1MM State-Of-The-Art Plasma Torch Production Equipment in New Facility; Provides 2021 First Quarter Results Release Date

Rhea-AI Summary

PyroGenesis Canada Inc. announced it will release its Q1 2021 results on May 17, 2021, before market opening. In conjunction, the company confirmed the installation of approximately $1MM in advanced plasma torch production equipment at its new Montreal facility. This upgrade aims to enhance production efficiency, reducing manufacturing time for certain components from 4 hours to just 15 minutes, which could lower costs and improve delivery times, potentially increasing profitability.

Positive

• Installation of $1MM plasma torch production equipment enhances manufacturing efficiency.
• Manufacturing time for parts reduced from 4 hours to 15 minutes, increasing production capacity.
• Potential for lower costs and improved delivery times boosts profitability prospects.

Negative

• None.

MONTREAL, May 13, 2021 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes plasma atomized metal powders, environmentally friendly plasma waste-to-energy systems and clean plasma torch products, is pleased to announce that, further to significant inquiries from shareholders, it will release its 2021 first quarter results on May 17^th, 2021, before markets open.

Separately, and further to its press release dated March 3^rd, 2021 (wherein it was disclosed that PyroGenesis almost doubled its manufacturing footprint by leasing an additional 31,632 sq. ft), the Company is now pleased to announce the successful installation of approximately $1MM in state-of-the-art plasma torch production equipment in its new facility located in Montreal, Quebec, Canada.

“The Company recently invested approximately $1MM in state-of-the-art production equipment, and we announce today its successful installation,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “This equipment has a wide range of capabilities and will significantly reduce the manufacturing time of our plasma torches. For example, parts that previously took 4 hours to manufacture will now take 15 minutes. PyroGenesis will produce parts faster and at lower cost, thereby reducing delivery times while increasing profitability.”

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m² and 2,940 m² manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com.

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 Corporation'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 Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.sec.gov. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation 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. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
Phone: (514) 937-0002, E-mail: ir@pyrogenesis.com

FAQ

When will PyroGenesis release its first quarter results for 2021?

PyroGenesis will release its Q1 2021 results on May 17, 2021, before markets open.

What recent upgrades has PyroGenesis made to its production facilities?

PyroGenesis has installed approximately $1MM in advanced plasma torch production equipment at its Montreal facility.

How has PyroGenesis improved its manufacturing process?

Manufacturing time for certain parts has been reduced from 4 hours to 15 minutes due to new production equipment.

What is the expected impact of the new production equipment on PyroGenesis' profitability?

The new equipment is expected to lower costs and improve delivery times, potentially increasing profitability.