PyroGenesis (TSX-V: PYR) (OTCQB: PYRNF), a Canadian listed company announced recently that they have signed military contracts totaling over US$1.3MM. PyroGenesis, with a head office in Montreal, designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products. They provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing, oil & gas, and environmental industries.
The most recent contract signing comes after the announcement earlier this year of five fully funded military contracts totaling approximately CDN$3.8MM, the first of which was signed for US$950,000. The money is being put to good use, with the first payment of $139k being spent to develop the Tactical Mobile Plasma System, which will be used for the destruction of chemical warfare agents
The additional contracts announced this week still need specifics to be approved by clients, so details are scarce, but expect to be updated within the next sixty days.
The remaining balance of approx. CDN$800,000 to be contracted for is expected to be signed within the next sixty days, with the total amount of CDN$3.8MM expected to be completed within Q1 2017.
Additionally, the Company announced that a separate military contract for approx. US $1MM (CDN$1.3MM) is expected to be signed within the next forty-five days, details of which will be released at that time.
“The signing of these contracts are a continued testament to the level of confidence military organizations have in PyroGenesis’ experience and expertise, and our ability to perform to such distinct military standards,” said P. Peter Pascali, President and CEO of PyroGenesis. “Furthermore, as a result, the Company has now signed, since June 30, 2016, contracts in excess of $11.2MM, and with the signing of the additional contracts noted herein, this benchmark is expected to increase, within the next 45 days, to more than CDN$13MM, or over 2x 2015 revenues.”