PyroGenesis Announces Receipt of $1.5 Million as Settlement in Legal Proceedings

Rhea-AI Summary

PyroGenesis Canada announces the receipt of $1.5 million as a settlement in legal proceedings involving its subsidiary, Pyro Green-Gas Inc., and Gas RNG Systems.

The settlement, concluded on a no-fault basis, results in the payment of US$1.1 million (approximately CAN$1.5 million) to Pyro Green-Gas Inc. and related parties, with all parties providing full and final releases. Details of the legal proceedings are available in the company’s annual information form.

Positive

• PyroGenesis received $1.5 million (CAN) as a settlement.
• Settlement was concluded on a no-fault basis, avoiding admission of guilt.
• All parties involved in the legal proceedings provided full and final releases.

Negative

• The announcement lacks details on the impact of the settlement on future operations or financial outlook.
• No information provided on the initial cause or specifics of the legal dispute, potentially raising concerns about underlying issues.

MONTREAL, May 21, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce that its wholly-owned subsidiary Pyro Green-Gas Inc. and certain related persons (collectively, the “PGG Parties”) have settled all ongoing legal proceedings involving Gas RNG Systems Inc. and certain related persons. The two proceedings directly involving Pyro Green-Gas Inc. are described in detail in the “Legal Proceedings” section of the Company’s most recent annual information form available for download at http://www.sedarplus.ca. The settlement was concluded on a no-fault basis and results in the payment of US$1.1 million (approximately CAN$1.5 million) to the PGG Parties, with all parties to the proceedings providing full and final releases.

About Pyro Green-Gas Inc.

Pyro Green-Gas Inc., a Montreal-based company, offers technologies, equipment, and expertise in the area of biogas upgrading, as well as air pollution controls. Pyro Green-Gas designs and builds: (i) gas upgrading systems to convert biogas to renewable natural gas (RNG); (ii) pyrolysis-gas purification; (iii) biogas & landfill-gas flares and thermal oxidizers; and (iv) purification of coke-oven gas (COG) (a by-product in the primary steel industry arising from the conversion of coal into coke) into high purity hydrogen, which is in high demand across the industry. Pyro Green-Gas is also known for its line of landfill gas flares which reduce greenhouse gas (GHG) emissions specifically from landfills.

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. 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 operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. For more information, please visit: www.pyrogenesis.com.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect the Company. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, 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 OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com

FAQ

What is the recent settlement involving PyroGenesis (PYRGF)?

PyroGenesis recently received $1.5 million (CAN) as a settlement for legal proceedings involving its subsidiary Pyro Green-Gas Inc. and Gas RNG Systems.

How much did PyroGenesis receive in the recent settlement?

PyroGenesis received US$1.1 million (approximately CAN$1.5 million) in the settlement.

What was the basis of the settlement for PyroGenesis (PYRGF)?

The settlement was concluded on a no-fault basis, with all parties providing full and final releases.

Were the legal proceedings involving Pyro Green-Gas Inc. resolved?

Yes, the legal proceedings involving Pyro Green-Gas Inc. and Gas RNG Systems have been settled, with full and final releases from all parties.